For the second consecutive year, New York Life Insurance Company has reported net income exceeding $1billion. For fiscal 2001, net income totaled nearly $1.1 billion, down from $1.205 billion a year earlier. With its life insurance sales up 41% in the United States, New York Life achieved the number one rank in market share for new life premium in 2001, according to LIMRA International. New York Life's total annuity business grew more than $250 million in a year of declining annuity sales in the industry.Operating revenue increased 11% in 2001 to $13.0 billion, compared with $11.7 billion in the prior year. The company's surplus reserves grew to $8.7 billion.
"During the bull market, our focus stayed on life insurance while most of our competitors diverted their attention to other financial services. That focus is paying off," states Sy Sternberg, New York Life's chairman, president and CEO. "Furthermore, our decision to focus on top-line revenue growth through emerging international markets is paying off."
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