Company Has Hired More Than 3,200 Financial Representatives Annually Since 2007
Growing Agent Force Produces Record Fourth Quarter Sales
NEW YORK, February 12, 2015 – New York Life announced that the company hired 3,680 full-time agents last year, continuing its strong track record of hiring in recent years. The company has grown its active agent force by 24 percent since 2007, and in 2015 intends to hire an additional 3,600 financial professionals, with more than half expected to be women or individuals who represent cultural communities.
“New York Life agents distinguished themselves in 2014 as trusted insurance professionals committed to helping families and businesses to make the right financial decisions – and in the process produced a record fourth quarter in life insurance recurring premium sales, up 27 percent over the same period in 2013,” said Mark W. Pfaff, co-president of the Insurance and Agency Group, New York Life. “As we mark the company’s 170th year, we are confident that we will continue to serve the unmet life insurance needs of Americans.”
According to Mr. Pfaff, financial professionals are attracted to New York Life for the company’s financial strength, comprehensive training, significant income potential and the myriad of career paths that include an opportunity to enter management.
“For results-driven professionals, New York Life offers a career where individuals can create their own work schedule and find pride in assisting families and businesses in their own communities. They will also find a career that gives them support of full-time managers and trainers in every office, and the prestige of joining an agent force that has led membership in the Million Dollar Round Table (MDRT)* in the United States for 60 consecutive years,” said Mr. Pfaff.
Among the company’s key hiring priorities in 2015 is to represent the remarkable diversity of the communities served by more than 12,000 New York Life agents. In 2014, 65 percent of New York Life’s new hires in the field were women or individuals who represent the cultural markets, and the company will continue its focus on hiring and supporting women and individuals serving the African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese communities in the United States. Agents serving the cultural markets accounted for 49 percent of the company’s new life insurance sales in 2014.
New York Life, named one of Fortune magazine’s World’s Most Admired Companies in 2014, continues to be recognized for its strong commitment to women and individuals who represent cultural markets by top outlets including Working Mother magazine, LATINAStyle magazine, DiversityBusiness.com, Women For Hire, and HispanicBusiness.com. The company is also proud to be recognized for its broader commitment to its employees with recognitions from Profiles in Diversity Journal, Dave Thomas Foundation for Adoption’s 100 Best Adoption-Friendly Workplaces List, and “Best Place to Work for LGBT Equality” by the Human Rights Campaign-Corporate Equality Index.
“Our agents find success because people are eager to do business with New York Life, a Fortune 100 company that continues to earn the highest ratings for financial strength currently awarded to any life insurer by the major rating agencies. We also offer a highly attractive dividend payout, which will total more than $1.56 billion for qualifying individual life policyholders – an increase of 12 percent over 2014. This is the 161st consecutive year New York Life has paid a dividend and the third consecutive year that we increased both our dividend scale and the total dividend payout, the only major mutual insurance company to do so,” added Mr. Pfaff.
Please visit New York Life’s recruiting website, www.newyorklife.com/careers/sales-careers.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).*** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*The Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is recognized globally as the standard of excellence for life insurance sales performance in the insurance and financial services industry.
**Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/16/14. For methodology, please see http://fortune.com/fortune500/.
***Individual independent rating agency commentary as of 8/13/14.
****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.