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Monday, June 10, 2013

MainStay's Sales Rise

Reported by Nicole Spector

Fundsters have every reason to be optimistic. For some, sales have been surging.

Sales at New York Life's [profile] MainStay mutual fund family spiked by 24 percent over the first quarter of 2012, the company reports.

The upswing in sales is powered by consistent investment performance from the company’s investment boutiques in both income oriented and capital appreciation funds, which are in high customer demand.

Company Press Release

new york life’s first quarter LIFE INSURANCE SALES SURGE 20%

  Sales of Income Annuities and Mutual Funds Also Very Strong

  NEW YORK, May 30, 2013 — New York Life, America’s largest mutual life insurer, today announced very strong first quarter gains in sales of life insurance, income annuities and mutual funds.

  Continuing the positive momentum from its record results in 2012, the company’s insurance sales advanced strongly with individual recurring premium life insurance sales through agents up 20 percent over the first quarter of 2012.  The number of life insurance policies sold through agents rose six percent in the first quarter of 2013, indicating strong interest in protection products, with 45 percent of the company’s new life insurance policies produced by agents serving the cultural markets.  New York Life’s cultural markets include African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese.

  “Our life insurance sales have been trending higher since 2008, which speaks to the desire among American families and businesses for financial safety and security, especially when there is so much uncertainty in the economy around us.  More and more, we see insurance consumers taking personal responsibility for their financial protection and doing so with the guidance of trusted professionals, led by our field force of more than 12,250 agents across the country,” said Mark Pfaff, executive vice president in charge of Agency. 

  New York Life remains the leader in sales of fixed immediate annuities, with 28 percent of the market in 2012, according to an industry source.*  The company’s sales of these guaranteed income annuity products, which includes single premium immediate annuities and the company’s deferred income annuity, Guaranteed Future Income Annuity, increased 14 percent in the first quarter over the same time period in 2012.     Sales of New York Life’s mutual funds (including the company’s MainStay family of funds) increased by a remarkable 24 percent over the first quarter a year ago.  The company’s exceptionally strong mutual fund sales are being driven by consistent investment performance from the company’s investment boutiques in both income oriented and capital appreciation funds, which remain in high demand from customers. 

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