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Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. [15] In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween. [8] [18] In the 1970s, New York Life began selling annuities and mutual funds. [15]
During his tenure the Company expanded significantly and the developed new coverages including the first substandard-risk accident and health policy in 1963. In 1965, Mutual Life became the first New York firm to enter the group variable-annuity field. By 1971, assets totaled nearly $4 billion and insurance in force was nearly $17 billion.
In February 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff. [35] [36] In June 2016, the company sold its term life insurance platform to Pacific Life. [37] In October 2016, China Oceanwide Holdings Group agreed to buy the company for $2.7 billion.
Most annuities can give you a guaranteed income for the rest of your life. Tax-deferred earnings. Annuity earnings grow tax-deferred, which means you aren’t paying taxes on what you earn until ...
A new layoff will affect 70 employees of Columbian Life Insurance Company in the Binghamton and Syracuse area.. In a press release, the company said it would lay off 25% of its employees due to a ...
Seymour "Sy" Sternberg (born June 24, 1943) is chairman and former CEO of New York Life Insurance Company.He retired as CEO on June 30, 2008. He also sits on the board of directors for the United States Chamber of Commerce, [1] Northeastern University, [2] CIT Group, [3] the New York City Leadership Academy, [4] and Express Scripts Holdings. [5]
Term life insurance: Term life insurance offers coverage for a fixed period of time, perhaps for 5, 10 or even 30 years. If the policyholder passes after the term of the insurance, then the ...
New York Life Investment Management LLC [1] is a U.S. investment management company based in Jersey City, New Jersey.Founded in 1986, New York Life Investment's parent company is New York Life Insurance Company, the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world, ranking #71 on the 2023 Fortune 500 list.