NEW YORK--(BUSINESS WIRE)--New York Life, America’s largest mutual life insurer, today announced strong sales of life insurance for the first half of 2015, compared with the same period last year, continuing at a sizzling pace that began last summer.
- Individual recurring premium life insurance sales through agents are up 13 percent compared to the first half of 2014.
- On a rolling 12-month basis, since July 1 of 2014, individual recurring premium life insurance sales through agents are up an impressive 16 percent.
- Collectively, the company’s 12,000 licensed agents in cities and towns across America generated the best month on record for recurring premium life sales, up more than 30 percent in June.
Successes Underscore the Dedication of Our Agents
“This level of performance reflects the commitment and expertise of our agents. I want to commend our agents and thank them for their dedication to helping Americans make good financial decisions. Their work is vitally important to millions of people, especially at a time when finding a responsible company you can trust is so important,” said Mark Pfaff, executive vice president in charge of Agency.
“The success we are seeing with whole life and universal life underscores our core value proposition,” added Mr. Pfaff. “We provide a solid foundation for those building their financial future, while at the same time giving people a flexible way to meet their ever-changing financial demands as they head closer into retirement.”
Career Agency System Helps Consumers Choose Best Solutions
As a leading employer across the country, New York Life already has hired more than 1,500 new agents through the first half of 2015. The company is on pace to mark its ninth consecutive year of hiring more than 3,200 agents. In addition, the size of New York Life’s productive agent force has grown this year by approximately six percent, driven by agents serving the women and cultural markets. Since 2005, the company has seen its productive agent force grow by 42 percent.
Additional Sales Milestones
- The solid growth of recurring life insurance premium came from the company’s suite of permanent products – whole life (up 15 percent), universal life (up 34 percent), and variable universal life (up 12 percent);*
- The number of life insurance policies sold through agents continued to rise, up 5.6 percent through the second quarter of 2015, indicating strong interest from consumers in protection products;
- Year-to-date growth in recurring premium life insurance, the number of new policies and productive agents were up country-wide, in all four of the company’s national regions;
- The company is also seeing exceptional growth in various cultural markets, with 51 percent of the company’s new life insurance policies produced by agents serving the African American, Asian Indian/South Asian, Chinese, Korean, Latino and Vietnamese markets in the United States;
- Sales through New York Life Direct, which includes the AARP Operation**, increased by nine percent over the same period last year, led by strong life insurance sales; and
- New York Life’s operation in Mexico, Seguros Monterrey New York Life, had a strong first half with nine percent sales growth compared with the same period last year. In addition, growth in productive agents rose seven percent over the first half of last year.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States*** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).**** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments***** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Variable products are offered through properly licensed Registered Representatives of NYLIFE Securities LLC (member FINRA/SIPC), a Licensed Insurance Agency and a wholly owned subsidiary of New York Life Insurance Company.
**AARP Operation is the exclusive provider of life insurance and lifetime income annuities to AARP members.
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
****Individual independent rating agency commentary as of 7/1/15.
*****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.