The investment management unit of New York Life Insurance Company is using its parent’s financial strength to introduce a new group annuity product.
New York Life Investments, Parsippany, N.J., has started selling a Guaranteed Interest Account group annuity to defined contribution plan programs, intermediaries, and other outside entities through a “defined contribution investment only” program.
New York Life also sells an older stable value group annuity, the New York Life Insurance Company Anchor Account product, to outside parties. The Anchor product is a separate account product that invests mainly in fixed-income securities.
The New York Life Investments fixed income investors group advises the Anchor Account product separate accounts and also manages New York Life’s general account.
New York Life Investments is in the process of adding 4 DCIO sales professionals, the company says.
New York Life Investments now has about $2.3 billion in DCIO assets under management.