Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Retirement Investing

Retirement, Investment Sales Help N.Y. Life Results

Your article was successfully shared with the contacts you provided.

NU Online News Service, March 16, 2004, 1:53 p.m. EST – Strong investment sales helped New York Life Insurance Company, New York, overcome modest growth in domestic life sales in 2003.[@@]

The policyholder-owned mutual insurer is reporting $1.1 billion in net income for 2003 on $15 billion in revenue, up from $1 billion in net income on $13.7 billion in revenue for 2002.

The company notes that its surplus and asset valuation reserve grew to $10.8 billion, from $8.8 billion.

Sales of advanced markets products and individual U.S. life products increased only 3%, but “special markets” products adjusted operating revenue increased 13%, to $1 billion. The special markets unit sells long term care insurance. The unit also sells life policies through AARP, Washington, and U.S. professional association insurance programs.

Domestic retirement product sales were up 50% at the New York Life Investment Management unit and assets were up 14%. That helped increase investment management adjusted operating revenue 9%, to $779 million, New York Life says.

New York Life International is reporting 8% growth in adjusted earnings, to $14 million, and 10% growth in adjusted operating revenue, to $1.3 billion. The unit intentionally cut sales in Taiwan, where interest rates were very low, but sales in other markets, such as Thailand and China, grew rapidly, New York Life says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.