The fixed-annuity business is rife with players trying to move into the product line, offering aggressive interest rates to attract new clients. But New York Life Insurance Co., one of the biggest in the business, plans to maintain its slow-and-steady strategy, figuring that will help it stay in the sector while some newcomers make a splash, then fizzle out after a few quarters.
The tortoise strategy seems to be working for New York Life. According to Kehrer-Limra, a consulting and research company, New York Life is the top seller of fixed annuities in the bank channel year-to-date.
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