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New York Life reports higher net gain

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NEW YORK -- New York Life Insurance Co. Thursday reported a 1983 net gain of $807 million before dividends, an increase of 13.5 percent over 1982.

Dividends distributed to policyholders totaled $730.7 million, an increase of 11.4 percent over 1982.

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New York Life said total new premiums from the sale of all products for New York Life and subsidiaries were $1.9 billion, an increase of 29 percent over 1982. Total premium income for 1983 was $4.5 billion.

The company said new premium income from individual life sales increased 43.6 percent to $366.3 million. Of that total, $107.8 million was from sales of a universal life product called Target Life.

Net investment income for the year was $1.9 billion, an increase of 13.7 percent over 1982. Total assets climbed to $25.4 billion at the end of 1983, an increase of $2.3 billion from a year earlier.

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