New York Life Reports Strong Sales Increases in All Major Product Lines for ... Insurance News Net (press release)
--(BUSINESS WIRE)-- New York Life Insurance Company, America’s largest mutual life insurer, today announced very strong second quarter gains in sales of life insurance, income annuities and mutual funds, as well as a solid increase in field force new hires in the first six months of 2011.Sales Records Driven By Career Agents
Individual life insurance sales increased 13% through June compared with the first six months of 2010. This growth is being driven by agents, with life insurance sales through the company’s national field force up 15% over the same 2010 period.* The company’s Custom Whole Life product, an innovative form of whole life that allows consumers to choose how long they pay premiums, continues as the most popular whole life product with a sales increase of 21% over the same period last year.
"With an unprecedented 12.1% life insurance market share**, solid growth across product lines, and an unbroken 5½ year run of manpower growth, New York Life and its 11,900 agents across the country are living up to the challenge to provide growing numbers of people with the peace of mind that comes from being a part of New York Life. Our growth during the continued economic unsteadiness is a sign of the importance of knowledgeable advice from educated, professional agents,” said Mark Pfaff , a fund family must have at least three funds in Lipper’s general U.S.-stock category, one in world equity (which combines global and international funds), one mixed-equity fund (which holds stocks and bonds), at least two taxable-bond funds, and one tax-exempt offering. Each fund's returns are adjusted for 12b-1 fees. Fund loads, or sales charges, aren't included in the calculation of returns, either. Each fund's return is measured against those of all funds in its Lipper category, such as, say, small-cap value. That leads to a percentile ranking, with 100 the highest and 1 the lowest, which is then weighted by asset size, relative to the fund family's other assets in its general classification, world equity, for instance. If a family's biggest funds do well, that boosts its overall ranking. Poor performance in a big fund would have the opposite effect. Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. The category weightings for the one-year results: general equity, 40.52%; world equity, 14.32%; mixed equity, 16.46%; taxable bond, 24.52%; tax-exempt bond, 4.18%. The scoring: Say a company has a fund in the general U.S. equity category with
