New York Life Has Double-Digit Growth in 2010

New York Life Insurance Co. had record U.S. individual life insurance sales—up 38% (not including life insurance sales through AARP), and above the industry’s growth of 4% in 2010. Helping spur this growth, the company says it added more than 3,400 agents in 2010, and the number of agents has grown at a 16% compound annual rate since 2005.

The 2010 growth was driven by increased sales of both permanent insurance and term products, with a 29% increase. New York Life says it is committed to growing not only the amount of life insurance protection in place, but also the number of protected families.    

New York Life notes that 41% of new life insurance cases were from cultural markets in 2010, and of the company’s 11,800 agents working in communities across the country, 31% focus on these cultural markets.

In addition to strong life insurance sales, in 2010 New York Life generated a 12% increase in long-term care insurance sales over 2009, with December 2010 sales being the highest monthly sales on record, the company says.