New York Life Has the Largest Market Share of Both Immediate and Deferred Income Annuities
November 7, 2013 by N/A
NEW YORK — New York Life announced today that it is the largest seller of income annuities through the second quarter of 2013, with an impressive 33 percent market share in fixed immediate annuities and 44 percent market share in the deferred income annuity category, according to an industry source.* New York Life’s income annuity sales increased a robust 13 percent through the second quarter of 2013 over the same period in 2012. This year is the first time that deferred income annuities have their own category in the leading industry rankings.
Earlier this year, an industry source referring to deferred income annuities stated in a news release that there is a “growing interest in this market,” and it estimated that “collectively consumers age 45-59 have almost $10 trillion in financial assets so we anticipate these products will to continue to have remarkable growth.”**
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States*** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).**** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments***** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Source: LIMRA, U.S. Individual Annuity Sales Survey, Participants Report, Fixed Immediates and Deferred Income Annuities, Second Quarter 2013 results. (Fixed Immediates include Fixed Period Annuities.) Annuities are issued by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company.
** LIMRA, May 22, 2013 press release, “LIMRA: Annuity Sales Decline in First Quarter of 2013,” and LIMRA’s fourth quarter 2012 U.S. Individual Annuities Sales survey.
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
****Individual independent rating agency commentary as of 8/1/13.
*****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
