The fixed annuity business is rife with new players trying to move into the space, offering aggressive interest rates to attract new clients. But New York Life Insurance Co. believes it is better to remain slow and steady and stay in business than make a splash and fizzle out after a few quarters.
The tortoise strategy seems to be working for New York Life. According to Kehrer-Limra, a financial services and research company, New York Life is the top seller of fixed annuities in the bank channel year-to-date. “That is one of the advantages of being a 164-year-old mutual fund company,” said Chris Blunt, executive vice president in charge of Retirement Income Security at New York Life. “We don’t have to change. We just do our thing.”
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access