InsuranceSphere

New York Life International, LLC, the international arm of New York Life Insurance Company, has announced insurance sales of US$149 million for the first quarter of 2009, up 18% year-over-year despite the challenging global economic environment. In Asia alone, sales increased by 24%. This follows a record-breaking 2008 for New York Life’s international business, which posted annual sales of US$722 million, an increase of 26% over 2007. New York Life International offers insurance products through its subsidiaries and affiliates in China, Hong Kong, India, Mexico, South Korea, Taiwan, Thailand and Argentina.

“It may appear to be counterintuitive, that sales should be up when we are in a downturn; particularly in the traditionally slow first quarter. But it’s no surprise to us,” said Dick Mucci, chairman and chief executive officer of New York Life International, LLC. “In challenging times like these, our value proposition is truly differentiating New York Life in the marketplace — strong values, superior financial strength, good advice, and a commitment to quality and innovative products. We were built for times like these.”

Mucci added, “A company’s financial strength has become especially important to consumers, and the current global economic environment has reinforced New York Life’s leadership position. We are financially strong and secure, ready to deliver the guarantees and peace of mind people are looking for – and need – in good times and bad.”

New York Life’s investment portfolio is one of the strongest and most diversified in the U.S. life insurance industry and this disciplined approach carries over to its international operations. In addition, as a mutual company in the U.S., New York Life’s sole focus is its policyholders and its investment decisions are not subject to shareholders’ needs for quick financial gains. As a result, New York Life has fulfilled its commitment to policyholders all around the world since 1845.

New York Life’s international presence is a strong contributing factor to its top financial strength ratings. The company is focused on broadening and deepening its presence in the markets where it operates in Asia and Latin America. This focus involves making significant contributions to operations, including investments in infrastructure, technology, agency development, product innovation, compliance and marketing.

John Harrison, chief executive officer, Asia Region, and vice chairman, New York Life International, LLC, said: “We also continue to recruit aggressively, adding another 12,000 new agents to our global agency force in the first quarter. Combined, New York Life International now has over 92,000 licensed agents.

“It’s clear that in times like these, consumers are gravitating to high-quality advice from a company they can trust. We offer a ‘lifetime of learning’ for agents, which make us an attractive career option and we continue to draw high quality individuals to our agency force in every market.

“Our financial strength, integrity and focus on high-quality service truly differentiates us in this market environment. One thing is certain — clients will continue to seek long-term security from a company they can count on. We have the responsibility to be that company wherever we operate in the world,” Harrison concludes.

Related Tags

, new york life international llc

Tags: 2009, Argentina., Asia, China, Hong Kong, India, Insurance, Insurance Company, Insurance Sales, Mexico, New York, New York Life Insurance Company, New York Life International, South Korea, Taiwan, Thailand

Read Users' Comments ( 0 )

Today’s tough economic conditions call for employers to step up their knowledge of how workers compensation insurance works, says Shreveport insurance agent Shari Crowder. Specifically, she says, too few employers understand that their workers compensation modification factor – a number that directly affects premium costs – has a “perfect score” they should work to reach.

The mod factor, calculated using a company’s payroll and loss experience, is used to weight the premiums a company pays for workers comp insurance. An average mod is 1.0, but “companies are missing an opportunity if they don’t know their minimum mod,” says Crowder, of ISA/Stewart Insurance. The minimum mod varies based on a company’s industry and payroll, but any company can eventually reach its minimum mod through best practices in loss control and prevention.

Crowder helps companies identify their minimum mod and analyze their mod to gain insight into loss trends. The agency helps clients understand how issues such as diligent hiring practices will decrease claim frequency, how an injury management coordinator will improve outcomes of injuries that occur, how to prepare for a premium audit, and much more. Clients receive a custom plan that incorporates these elements and enables them to gain control over their experience modification.

Crowder provides these services through WorkCompEdge, a web-based service dedicated to helping employers reduce workers comp costs and improve productivity. As a Member Agency of WorkCompEdge, ISA/Stewart “goes the extra mile to provide clients with resources and value beyond standard workers compensation insurance policies,” said WorkCompEdge CEO Tim Coomer.

Shari Crowder invites interested companies to contact her for a complimentary mod analysis at 318-673-2500

Tags: Premium Costs

Read Users' Comments ( 0 )

Consumers are more concerned about short-term security than long-term financial goals. The 2009 Survey of Financial Values and Debt, sponsored by Securian Financial Group, indicated that saving for emergencies is among Americans’ top financial priorities. And while they have found many ways to spend less, consumers are not reducing their debt. Eighty-two percent are carrying non-mortgage debt, a figure that is virtually undiminished since Securian’s initial survey in 2007.

“Consumers are clutching cash and postponing debt reduction,” said Kerry Geurkink, director of Individual Annuity Marketing, Securian Retirement. “They are wisely adjusting their spending and borrowing, but the ultimate goal of debt-free retirement will be more difficult to achieve without a better balance between saving and debt reduction.”

Although consumers may be unable to expedite debt repayment right now, they are focused on the long-term consequences of debt. Three quarters of non-retirees are concerned about the amount of debt they may carry into retirement, a plausible worry for Baby Boomers who are accumulating new debt.

One-fifth of Boomers owe at least $50,000 in non-mortgage debt, a 10-point spike from the 2007 survey. Boomers were the only generation in the survey (which included Generations Y, X, and the Silent Generation) to add debt since 2007.

Only one in five of people polled for the Securian survey (22%) applied for credit or non-mortgage loans in the last 12 months, and they were less willing overall to take on debt for cars, vacations, gifts, home improvements or meals out. They also identified several ways to save money on everyday expenses, and eight out of 10 expressed pride in the ways they have cut back.

“It is encouraging that Americans are willing to shun new debt and adopt more cautious attitudes toward spending,” Geurkink said. “But consumers need effective debt-reduction strategies to set themselves up for debt-free retirement.”

Securian Financial Group helps provide financial security for individuals and businesses in the form of insurance, retirement products and services, and investments. Affiliates include Minnesota Life Insurance Co., Advantus Capital Management, and Allied Solutions, LLC. Securian has nearly $780 billion of life insurance in force, $24 billion in assets under management as of March 30, 2009 and a nationwide work force of 3,500 employees. Securian serves more than 9,000,000 individuals in the U.S.

Tags: Debt, Downturn, Retirement

Read Users' Comments ( 0 )

State Farm’s 3.3 million California auto insurance policyholders received welcome news today as the state Department of Insurance announced it has approved an eight percent, $219 million rate cut.

The 8 percent rate cut is a statewide average. The actual savings for individual policyholders may be different, depending on a number of rating factors.

State Farm’s California Senior Vice President Rand Harbert pointed out the reduction was possible because of the improving long term trends in claims submitted to the company by policyholders.

“Our premiums are based on what we calculate we will need in the future to meet the obligations we have to our policyholders,” the Woodland Hills-based executive said during a press conference with Commissioner of Insurance Steve Poizner, “and because our recent experience and trends are favorable, it allows us to pass along those savings to our customers in the form of lower rates.”

“We are pleased to be able to help our customers at a time when many people are struggling financially due to the economic challenges we all face,” added Harbert.

State Farm reduced auto rates in California by 7.6 percent in 2004 ($215 million); 4.2 percent in 2005 ($110 million); and 10.1 percent in 2007 ($266 million). The company also returned $195 million to policyholders in the form of a dividend in March of 2007. The effective date for the new rate cut is July 6, 2009.

Tags: Auto, Auto Insurance, Auto Rates, California, Rates, State Farm

Read Users' Comments ( 0 )