The New York Life Insurance Company has announced its 2013 dividend.
New York Life will increase its dividend payout by $100 million, an 8% increase in total dividends paid over last year.
An Increase is not always and Increase
Missing from New York Life's announcement was its effective dividend interest rate with the newly announced dividend. The 2012 effective rate was 5.8%. The decision not to release this number explicitly forces us to assume that the effective dividend interest rate has declined for 2013 (we'll be happy to retract this statement upon data that proves it incorrect).
Lots of Good Numbers
New York Life released a list of accomplishments that would make any company proud. Whole life sales were up 11% over this time last year, and annuity sales were up 16%.
We'll be sure to bring you more information on New York Life and the rest of the industry as it is available.