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New York Life posts sales gains in first quarter

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New York Life has recorded gains in sales of life insurance, income annuities and mutual funds in its first quarter financial results.

For the period ending March 31, the New York-based mutual life insurance company has posted a 20 percent increase in individual recurring premium life insurance sales compared to the first quarter of 2012.

The company also enjoyed during the quarter a six percent rise in the number of life insurance policies sold through agents, signifying “strong interest in protection products, with 45 percent of the company’s new life insurance policies produced by agents serving the cultural markets,” the company states in its earnings release.  New York Life’s cultural markets include African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese.

New York Life also reports a 14 percent rise in the first quarter in sales of guaranteed income annuity products, including single premium immediate annuities and the company’s deferred income annuity, Guaranteed Future Income Annuity.

Sales of New York Life’s mutual funds (including the company’s MainStay family of funds) increased by a 24 percent over the first quarter a year ago.  The company attributes the strong mutual fund sales to “consistent investment performance from the company’s investment boutiques in both income oriented and capital appreciation funds, which remain in high demand from customers.”