New York Life, a mutual life insurer, announced first half gains in sales of insurance, annuities and mutual funds and growth in agent recruitment.
In a release on August 21, the company said its insurance sales continue to grow with individual recurring premium life insurance sales through agents up 4 percent through the second quarter, over the first half last year. More specifically, New York Life agents recorded an increase of 18 percent in sales of recurring premium whole life insurance for the same time period. In addition, New York Life generated a 17 percent increase in long-term care insurance sales over the first six months of 2012.
"Our strong insurance sales - and in particular whole life - reflect the consumer's desire for protection and safety in today's economic environment, coupled with a desire to speak with a knowledgeable financial professional. Our agents have become adept at conveying the New York Life value proposition of safety and soundness, delivered by an institution with a 167-year record of fulfilling on our promises," said Mark Pfaff, EVP in charge of Agency for New York Life.
The company's annuity sales are up 17 percent and mutual fund sales also rose 17 percent over the first half of 2011. Annuity sales are being propelled by income annuity sales which increased 11 percent in the first half compared to the first half in 2011. Mutual fund sales are being driven by consistent investment performance from the company's investment boutiques in both income oriented and capital appreciation funds, which remain in high demand from customers.
New York Life's recruitment of agents is the best six-month start in agency history, with an increase of 14 percent over the first half of 2011, with 1,763 new agents hired so far in 2012. The full year 2012 goal for agent recruitment is 3,700.
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