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.
“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.