New York Life surpasses annuity payout milestone

New York Life income annuity policyholders received more than $1 billion in payouts in 2013, an increase of 12 percent over 2012. The $1 billion in payouts was delivered to 129,000 policyholders. 

Of the $1 billion in payouts to annuity policyholders:

• Nearly 20 percent went to policyholders between the ages of 65 and 69;
• More than 30 percent of payouts went to policyholders between the ages of 70 and 79.
• More than $500 million went to New York Life policyholders 80 years old and older, including those who have received income payments for many years.

Of the $10 billion income annuity market, New York Life has 33 percent market share for immediate income annuities and 40 percent market share for deferred income annuities, according to LIMRA.

See also:

• New York Life to post record dividends
• 5 arguments against annuities — and how to overcome them
• 5 arguments in favor of annuities