New York Life Insurance

New York Life Insurance Co. today said that its operating earnings jumped 17% to a record level of $1.28 billion for 2007. Increased activity in the carrier’s insurance and investments operations helped raise operating earnings: Insurance sales rose to a record $3.03 billion, up 15% from the previous year, propelled by strong sales in international life insurance and lifetime income annuities in the U.S. Meanwhile, investment sales jumped 3% to $35.6 billion in 2007, as sales in retirement services, retail markets and wholesale businesses rose at New York Life Investment Management. Assets under management also rose to $280 billion in 2007, versus $261 billion in 2006. Although the company said that its GAAP net income for 2007 fell to $1.5 billion from $2.3 billion in 2006, New York Life attributed the difference to a $1.01 billion one-time gain in 2006 from an investment in Express Scripts Inc. These results skewed the net income comparison between 2006 and 2007, the company said in a statement.