New York Life disclosed today record sales of life insurance by agents through the second quarter of 2016, as well as solid growth in sales of income and fixed annuities, and long-term care insurance.
The mutual life insurance company reported a three percent rise in individual recurring premium life insurance sales through agents, compared with the first half of 2015, and an 11 percent jump in whole life sales.
“Recent market volatility is a continual reminder of the lessons learned following the Great Recession: lifetime savings can quickly be put in jeopardy, deeply impacting and threatening financial futures. These are the types of worries our more than 12,000 agents hear from families and businesses every day.
“While many players in the industry are facing turmoil and working to change their business model or make bolt-on acquisitions, our agent force remains focused on one thing: addressing and responding to the needs of consumers looking for insurance and financial guidance,” says New York Life Senior Vice President and Head of Agency Mark Madgett in a press statement. “That dedication and commitment is giving New York Life momentum in categories that some of our competitors do not have.”
New York Life already has hired more than 1,500 new agents through the first half of 2016, 68 percent of which are women or individuals who represent cultural communities. The company is on pace to mark its tenth consecutive year of hiring more than 3,200 agents.
Sales of income annuities — single premium immediate annuities and deferred income annuities — are up 22 percent and fixed deferred annuities are up 12 percent compared to the same period last year.
A 2016 LIMRA report pegs New York Life’s market share of single-premium immediate annuities (SPIAs) at 28 percent and deferred income annuities at 33 percent. LIMRA also ranks the mutual insurer as the third largest individual long-term care provider by market share, having placed $12.7 million of new premium in the first half of 2016, a 62 percent year-over-year growth rate when compared to the same period in 2015.