New York Life Insurance Company has reported operating earnings of $1.28 billion for fiscal 2007, up 17% compared with operating earnings of $1.09 billion in fiscal 2006.
Total insurance sales exceeded $3 billion in 2007, an increase of 15% compared to 2006. Operating revenue grew $1.1 billion, or 9%, to $13 billion in 2007.
The company’s GAAP net income totaled $1.5 billion in 2007, compared with $2.3 billion in 2006. Total assets under management increased more than $18 billion to $280 billion in 2007.
Sy Sternberg, chairman and CEO, said: The robust growth achieved in 2007 reflects outstanding execution of our strategies, including our focus on life insurance, on career agents, on remaining a mutual company, and of course, maintaining financial strength, a hallmark of our company.