HONG KONG--19 May--PRNewswire-Asia-AsiaNet/InfoQuest
Despite Global Economic Downturn, AAA Life Insurer Attracting New Business and New Agents in Asia and Latin America
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
"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.
About New York Life
New York Life International, LLC, the international arm of New York Life Insurance Company, offers insurance products through its subsidiaries and affiliates in China, Hong Kong, India, Mexico, South Korea, Taiwan, Thailand and Argentina.
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. 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
* "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.
Contact:
Mary Devereux
New York Life International, LLC
Tel: +852-2584-2079 / +852-9470-7955
Email: [email protected]
John Brine
New York Life
Tel: +1-212-576-7260
Email: [email protected]
SOURCE: New York Life International, LLC
--Distributed by AsiaNet ( www.asianetnews.net )--
With reference to the acquisition by Siam Commercial Bank (SCB) of Siam Commercial New York Life PCL (the "Company") from New York Life Insurance Co., Ltd. and its Thai joint-venture company to increase the Bank's stakeholding in the Company to 94.66% of issued and outstanding shares of the Company, SCB is mandatorily required to do a tender offer to purchase all the remaining shares from other shareholders. The tender offer period lasted 25 business days, beginning from March 23, 2011 until May