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New York Life's operating earnings, sales rise in 2016

New York Life Insurance Co. reported 2016 operating earnings of $1.95 billion, up from $1.88 billion in 2015.

Insurance sales grew year over year to $1.26 billion, from $1.24 billion in 2015. Annuity sales also increased to $12.84 billion, from $12.02 billion a year ago. Policyholder benefits and dividends rose to $10.09 billion, from $9.83 billion a year earlier.

Assets under management climbed to $537.78 billion, from $528.20 billion in 2015. The surplus and asset valuation reserve grew to $23.34 billion in 2016, from $22.69 billion in the prior year.