New York Life has reported operating revenues of $14.38bn for the year 2009, an increase of $400m or 3% compared to the operating revenues of 2008.
The company said that surplus and AVR has increased around $2bn, or by 17%, to around $15bn in 2009 compared to the year 2008.
In addition, the company reported operating earnings of $1.22bn in 2009, nearly matching the result of the year 2008.
According to company, the total insurance sales were surpassed $2.6b, an increase of 11% over 2008, with US life insurance leading the way with a 14% increase over 2008. The total investment sales rose to $32.85bn, an increase of 22% over 2008 and assets under management reached over $286bn, which is a 15% increase compared to 2008.
Ted Mathas, chairman, president and CEO of New York Life, said: “The company’s operations performed extremely well in 2009, with strong demand for life insurance and lifetime income products, as well as fixed annuities and mutual funds. In 2009 we showed that we can differentiate our company by staying true to our fundamental strategies, including our focus on life insurance, on career agents, on remaining a mutual company, and of course, maintaining superior financial strength.”