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.
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).
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.
Brandon launched the Insurance Pro Blog in July of 2011 as a project to de-mystify the life insurance industry. A specialist in the design and application of life insurance cash accumulation features, Brandon is one of the foremost authorities on the subject of coordinating life insurance cash values in a financial plan.