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April 04, 2002 at 07:00 PM
NU Online News Service, April 4, 10:08 a.m. – New York Life Insurance Company, New York, is reporting $1.1 billion in net income for 2001 on $13 billion in operating revenue, compared with $1.2 billion in net income on $12 billion in revenue for 2000.
Total life and annuity revenue increased 12%, to $10 billion, with sales of new life insurance policies increasing 41% and sales of new annuities increasing 6%, the company says. New York Life attributed some of the growth in life sales to the success of its new Pinnacle Series estate-planning products and its single-premium variable universal life product.
The New York Life agency system increased life sales 17%, to $707 million, and long-term care insurance operating revenue 18%, to $60 million.
