New York Life Insurance Company enjoyed a double-digit increase in profits last year, the company disclosed today in its 2012 financial results.
Operating earnings, the company’s measure to track profitability from ongoing operations, grew 18.4 percent in 2012 to $1.6 billion from 1.3 billion in 2011. This marks the fifth of the last six years where earnings rose to a historical high.
“Our earnings benefited from strong performance of our investments business, which provides a diversified earnings stream that supports our financial strength,” said New York Life Chairman and CEO Ted Mathas. “[Earnings also benefited] from steps we took to reduce our operating costs by $100 million annually.”
In 2012, New York Life’s surplus and asset valuation reserve — a primary measure of financial strength — also rose 10 percent to a record high of $19.6 billion, up from $17.9 billion in 2011.
Individual recurring premium life insurance sales through agents grew 4 percent over 2011, while annuity sales through agents were up 9 percent.