America's largest mutual life insurance company, New York Life Insurance, reports very strong second quarter gains in sales of life insurance, income annuities and mutual funds. The company also reported a strong increase in field force new hires for the first half of 2011.
Life insurance sales increased 13 percent through June of this year compared with the first six months of 2010, the company said, adding that the growth is being driven by agents, as the field force is up 15 percent from the same period last year. New York Life said it has a 12.1 percent market share and 11,900 agents.
"Our sales numbers reflect the company's 166-year history of providing financial security to families in good times and bad, and continues in earnest this year with more than $2.4 billion paid to beneficiaries through mid-August," said Mark Pfaff, executive vice president in charge of U.S. Life and Agency. Pfaff said New York Life's growth during tough economic times is a sign the company and its agents are knowledgeable about insurance.
The company said it has earned more than $1 billion for the first half of 2011, representing an increase of 26 percent over the same period last year.