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N.Y. Life Reports Higher Net Income

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NU Online News Service, March 22, 2005, 2:59 p.m. EST

The largest U.S. mutual life insurer says new sales increased faster than revenue in 2004.[@@]

The insurer, New York Life Insurance Company, New York, is reporting $1.3 billion in net income for 2004 on $10 billion in operating revenue, up from $1.1 billion in net income on $9.6 billion in operating revenue for 2003.

Although overall revenue increased only 7.8%, new sales of U.S. life and annuity products increased 22%, to $7.5 billion, New York Life sales.

Bank sales of New York Life annuities climbed to $2.5 billion, up from $1.2 billion in 2003.