Unlike some of its new rivals, New York Life Insurance has opted for the slow and steady business model as the best way to serve its clients rather than offering aggressive interest rates and then fizzling out prematurely. For New York Life, the strategy appears to be working as it has become the top seller of fixed annuities in the banking sector. "That is one of the advantages of being a 164-year-old mutual fund company," said Chris Blunt, an executive at New York Life. "We don't have to change. We just do our thing."

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