New York Life Insurance Company increased its financial surplus by 12% last year, according to the company.
New York Life, New York, reported this increase in the company’s 2010 financial results. The numbers released on Thursday included a breakdown of the company’s finances compared to 2009.
The surplus and asset valuation reserve totaled $16.7 billion in 2010, compared to $15 billion in the previous year.
Insurance sales for the company increased to $3 billion in 2010 from $2.6 billion in 2009. Investment sales increased to $35 billion in 2010, up from $32 billion in 2009.
Operating earnings grew 21% to $1.4 billion last year, rising from $1.1 billion in 2009. Operating revenue went to $15.4 billion from $14.3 billion.
Assets under management earned $316 billion in 2010 topping 2009 earnings of $286 billion. And Individual life insurance in force rose to $858 billion in 2010 from $816 billion in 2009.