New York Life Annuity Relaunches, Adds Assets

New York Life Insurance Co. "dusted off" an old product in 2005 when it reintroduced its immediate annuities to the market, and it has paid dividends as conservative investors seek products that can provide a steady stream of income in retirement.

Chris Blunt, a senior vice president of retirement income security at New York Life, said that immediate annuities have grown more than tenfold in the past five years, to $1.2 billion of assets under management at Dec. 31, including 34.4% growth last year...

Bank Investment Consultant: New York Life Annuity Relaunches, Adds Assets