New York Life said today that it was the largest seller of new life insurance in 2011, with 10.7 percent market share through the fourth quarter, according to LIMRA numbers. New York Life's individual life insurance sales also increased in 2011, up 12 percent over 2010.
Chris Blunt, head of New York Life's Insurance Group, said in a statement that with "some 1,000 life insurers operating in the United States today, it is remarkable that any one company has a double-digit market share."
Mark Pfaff, head of the company's agency operations, credited growth to "continual efforts of the field force in meeting the needs of Americans across the country" and the company's cultural marketing.
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"Last year more than 44 percent of the company's new life insurance cases were from cultural markets, which is a key focus for the company. Our agents are dedicated to serving the financial needs of communities across the country, including the rapidly growing cultural markets," Pfaff said.
The cultural markets unit was formed in 1996 with a focus on providing financial guidance to families and businesses in the African-American, Asian Indian, Chinese, Hispanic, Korean and Vietnamese markets. Of New York Life's 12,250 agents working in communities across the country, 34 percent focus on these cultural markets.
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