New York Life Declares Largest Dividend in Company History With $2.0 Billion Total Payout Expected In 2023
New York Life, America's largest1 mutual life insurer, today announced that the company has declared a record dividend payout of $2.0 billion expected to be paid to eligible participating policy owners in 2023. Declaring a dividend for the 169th consecutive year underscores the company's commitment to financial strength, mutuality, and delivering ongoing value to policy owners. New York Life has paid in excess of $1 billion in dividends every year since 1990 and more than $46 billion in total dividend payouts over that time.
"New York Life's ability to declare the largest dividend in company history despite an extraordinary environment that includes the global pandemic, volatile financial markets, and uncertain economic conditions is a testament to the sustaining strength of our business," said Craig DeSanto, New York Life chief executive officer and president. "In challenging times, New York Life shines through thanks to our financial stability and long-term orientation enabled by our mutuality."
New York Life's Foundational Business, which delivers trusted advice and guidance provided by over 12,000 agents that make up the company's industry leading2 field force, is supported and made stronger by a diverse portfolio of Strategic Businesses. These complementary businesses strengthen and diversify the company's earnings and contribute to surplus and dividends.
"There is a direct connection between New York Life's mutuality and our ability to provide financial security and peace of mind to the tens of millions of policy owners and families who place their trust in us. In fact, our mutuality creates the ultimate alignment between New York Life and our policy owners," said DeSanto. "Every decision we make is focused on best serving our policy owners and the value created across the company directly benefits our participating policy owners, including through our dividend."
In addition to announcing a dividend to whole life policy owners, New York Life has also declared dividends on participating Mutual Income Annuities for the seventh consecutive year3 and on NYL My Care, a standalone long-term care product introduced in 2018, for the third consecutive year.4
One of only two life insurance companies with the highest financial strength ratings currently awarded to any U.S. life insurers by all four major rating agencies,5 New York Life's surplus and asset valuation reserve remains robust at $30.2 billion, bolstered by the company's ability to strategically manage its $312 billion general account.6
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.5
1Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
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