New York Life Insurance Company has reported operating earnings of $1.44bn for the full year of 2011, up 2.4%, compared to $1.41bn for the same period in 2010.
For the full year of 2011, insurance sales rose 3.8% to $1.3bn, compared to $1.25bn for the same period a year ago.
Investment sales jumped 35% to $51.13bn in 2011, compared to $37.85bn for the same period last year.
The increase in investment sales was driven by growth in sales of institutional separate managed accounts, retail mutual funds, and stable value products in the firms’ retirement planning providers.
Assets under management rose 9.8% to $337.78bn in 2011, compared to $307.54bn for the same period prior year.
New York Life Insurance Company chairman and CEO Ted Mathas said that the company delivered more than $7.6bn in dividends and benefits to its policyholders during the year.
"We maintain a less-volatile operating earnings profile so our policyholders can count on us year after year," Mathas said.