New York Life has announced its plans to pay $1.43 billion in dividends to its participating policy holders. This dividend payout is an increase of $109 million over last year.
In a very quiet announcement, the company reported on a number of positive sales results of various products–including 10% sales growth of its whole life product through Q3.
What does this mean for the dividend interest rate?
It Increases to 6%
The dividend interest rate at New York Life's whole life insurance will rise 10 basis points from 5.9% in 2013 to 6% in 2014.
New York Life has been posting some impressive operational profit results for sometime, so we're happy to see that the dividend rate is benefiting from their ability to make money.
We know they are a well respected name in the annuity market, and news released not all that long ago places them number one for market share in the U.S. for both Single Premium Immediate Annuities and Deferred Income Annuities.
This is great news from New York Life