Wealth management

In Brief: A N.Y. Life Annuity Gained 154% in 'O4

Published February 10, 2005, 2:00 a.m. EST

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Updated February 09, 2005, 5:19 p.m. EST

1 Min Read

New York Life Insurance Co. said Wednesday that sales of its LifeStages Lifetime Income Annuity grew 154% last year while the industrywide increase was about 3% for lifetime income annuities.

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Sales rose to $292 million from $115 million in 2003, the company said. The growth of New York Life's lifetime income product was driven by its features, the company said, including the ability to accelerate some payments to meet short-term liquidity needs and an optional automatic increase in the payment amount to help offset inflation.

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