New York Life Insurance Co. said it set records last year in operating earnings, surplus, operating revenue, assets under management, and sales of insurance and investment products.
Net income increased 169%, to $2.3 billion, as operating earnings increased 17%, to $1.1 billion, New York Life said Wednesday.
Insurance sales increased 28%, to $2.8 billion, and investment sales increased 24%, to $34.9 billion. Assets under management increased 17.6%, to $264.9 billion.
New York Life is the largest seller of life insurance and lifetime income annuities in the United States, according to Limra International Inc. Sales of life insurance through AARP increased 22%.
The growth in investment product sales was driven by a 27% increase in sales at New York Life Investment Management, which reported particularly strong sales in its institutional, retirement services, and retail mutual fund businesses.
