An aggressive marketing strategy
highlighting its financial strength using emotive slogans such as
“Built For Times Like These” and “Guarantees Matter” continued to
pay off for New York Life (NYL) in the first half of 2010.
Following up on its record
performance in 2009, the US’ largest mutual insurer has reported
individual life insurance sales of $2.3bn in the first half of
2010, up a hefty 47% on what were record sales in the first half of
2009.
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“The first half of the year
continues to show that families and businesses are putting their
money where the guarantees are and where the stable returns are,”
said Mark Pfaff, executive vice-president in charge of NYL’s US
life and agency operations.
Pfaff continued that NYL’s sales
growth is being driven by its agent force of over 11,500 financial
representatives with first-half life insurance sales through agents
up 38% over the 2009 period.
“As a result the company continues
to gain market share, which now exceeds 9% of the total US life
insurance market,” said Pfaff. He added that according to an
industry source NYL now has the largest share of new life insurance
premium in the US.
Meanwhile financial publication Fortune has ranked NYL 221st
amongst the world’s 500 largest corporations. The ranking is up 48
positions on a year ago and is based on NYL’s revenue of $34bn in
2009. NYL ranks 64th on Fortune’s list of the largest US
corporations.
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