New York Life Insurance Company’s just-released 2010 financial results show record operating earnings for the year as well as new company records in sales of insurance and investment products.
“The company’s operations continued to generate strong growth in 2010,” says Ted Mathas, the company’s chairman and CEO. “Most notably, our U.S. life insurance operations, the core of the New York Life franchise for 166 years, produced life sales growth of 26% at a time when the industry struggled for a modest single-digit increase.”
Some highlights from the 2010 results:
- Total insurance sales surpassed $3 billion, an increase of 15% over 2009, setting a new record, with U.S. life insurance leading the way with a 26% increase.
- The company’s surplus and asset valuation reserve increased by $1.8 billion, or 12%, to a record high of $16.8 billion.
- Operating earnings of $1.4 billion increased 21% from 2009, exceeding the record result set in 2008.