It's been a banner year so far for New York Life, not just with a resurgence in product sales, but also with a particularly strong showing in agent recruitment.
On Tuesday, the company announced first half 2012 gains in sales of insurance, annuities and mutual funds, the biggest success being an 18 percent increase in sales of recurring premium whole life insurance.
Sales of individual recurring premium life insurance were also up 4 percent, and even long-term care insurance – a channel that has seen the departure of several major players from the business this year, citing mounting costs - saw sales increase 17 percent.
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New York Life also reported a 17 percent increase in annuity sales, 11 percent of which came from income annuity sales.
And mutual fund sales were also up 17 percent from the same period last year. The company says its mutual fund sales have been driven by strong and consistent investment performance from New York Life's investment boutiques in income-oriented and capital-appreciation funds.
The company also celebrated its best-ever six-month start to agent recruitment, with 1,763 new agents added since the beginning of the year – a 14 percent increase from the first half of 2011.
"Our strong insurance sales – and in particular whole life – reflect the consumer's desire for protection and safety in today's economic environment, coupled with a desire to speak with a knowledgeable financial professional," said Mark Pfaff, executive vice president in charge of Agency for New York Life, in a statement.
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