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New York Life Reports Lower 2001 Net Income

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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.

A unit that sells group life insurance through AARP, Washington, increased its operating revenue 14%, to $262 million.

Because New York Life is a policyholder-owned mutual insurer, rather than a shareholder-owned stock company, it follows different conventions for reporting its performance. Information about its investment performance and its earnings for the fourth quarter of 2001 was not included in the company’s latest earnings release.