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New York Life Achieves Milestone Financial Results in 2017New York Life Insurance Company today announced a record-breaking year of financial results in 2017, including all-time company highs for operating earnings, assets under management, and individual life insurance in force. Company records were also achieved in the metrics that directly capture the value New York Life delivers to its policy owners: dividends and benefits paid to eligible policy owners and beneficiaries. In November 2017, New York Life announced the largest dividend payout in the company's history, up 36 percent since 2012. "These results again validate New York Life's business strategy, which pairs our market-leading life insurance and agency franchise with a diverse set of supporting businesses, all aligned with the interests of our policy owners," said Ted Mathas, chairman and CEO of New York Life. "While markets fluctuate, our time-tested approach has enabled New York Life to consistently grow the value we deliver to policy owners year over year while continuing to provide peace of mind to the families and businesses who rely on us." Robust Results Underscore the Value of New York Life's Agent Force The company's outstanding bottom line results were driven by company records in a number of top line measures, none more important than sales of life insurance. New York Life achieved its 21st consecutive year of growth in life insurance sales in 2017, with sales through New York Life agents up 4 percent over the prior year. John Kim, president of New York Life, said, "Personal guidance, delivered by the dedicated and diverse agents of New York Life, remains at the heart of our business model. At the same time, the company continues to invest in digital capabilities to enhance the service our field force provides. We applaud the outstanding commitment of our 12,000 professional agents, who day after day help people make the important decisions needed to achieve financial security." Record Surplus Continues to Drive Unsurpassed Financial Strength Ratings New York Life is in the enviable position of declaring all-time company highs in both dividend payout and surplus, and remains one of only two companies out of more than 900 in the industry to receive the highest possible financial strength ratings currently awarded to any life insurer by all four major financial rating agencies. New York Life's financial strength reflects the performance of the company's insurance business, including strong investment results from its $242.5 billion general account portfolio despite a persistent low interest rate environment, and contributions from the company's diverse set of businesses. While these results also include a one-time $600 million reduction in surplus related to tax reform, the company expects that tax reform will positively impact its financial position over the long term. Additional performance highlights as of December 31, 2017
About New York Life New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. Visit www.newyorklife.com for more information. *Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/. **Individual independent rating agency commentary as of 8/1/17. 1 Operating earnings is the measure used for management purposes to track the company's results from ongoing operations and the underlying profitability of the business. This metric is based on accounting principles generally accepted in the United States of America (GAAP) with certain adjustments we believe are more appropriate as a measurement approach (non-GAAP). Operating earnings equal GAAP net income adjusted for, primarily, the removal of gains and losses from investments and related adjustments and dividends to policy owners that are supported by capital gains or earnings from other businesses. Policy owners can view the GAAP-basis consolidated financial statements and a detailed reconciliation to our non-GAAP performance measures by visiting: https://www.newyorklife.com/about/our-strength/. The New York State Department of Financial Services (the Department) recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for management determining whether its financial condition warrants the payment of a dividend to its policy owners. No consideration is given by the Department to financial statements prepared in accordance with GAAP in making such determinations.
New York Life Insurance Company
2 See footnote 1. The New York State Department of Financial Services recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company. The separate statutory basis financial statements (including assets, liabilities, and surplus and AVR) for our insurance companies, as well as a copy of the GAAP basis consolidated financial statements and a detailed reconciliation to our non-GAAP performance measure (i.e. Operating Earnings) are available at https://www.newyorklife.com/about/our-strength/. Copies of these items are also available by contacting the Secretary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
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