2010 financial information
In 2010, New York Life’s sales of insurance and investment products, operating revenues and assets under management set new records for the company. Sales of insurance products increased 15% to $3.1 billion and sales of investment products also surpassed all previous records, rising to more than $35 billion. Operating revenues grew more than $1 billion over 2009 to $15.5 billion. Assets under management reached a record of $316 billion, a 10.2% increase, from 2009.
Operating earnings of $1.4 billion exceeded the record $1.3 billion in 2008, in spite of the recent economic challenges. This marked the fifth consecutive year that operating earnings has exceeded $1 billion, reflecting the resilience of our business profile in all economic conditions and a superb achievement given the economic environment we’re operating in.
The company added $1.8 billion to surplus for the year, increasing the company's financial strength to $16.8 billion – the highest in the company's history. The majority of our 2010 surplus gain came from strong net gains from operations and appreciation on investments in equities. Our tradition of maintaining a large financial cushion has been more than validated in recent years, helping us maintain our highest possible financial strength ratings and provide peace of mind to policyholders.
You can learn more about New York Life’s 2010 financial performance and its principal businesses by clicking on the links below.
- New York Life Report to Policyholders: Contains the answers to frequently asked questions about our company. 2010 Report to Policyholders
- New York Life Annual Report: 2010 Annual Report
- Management Statement Concerning the Annual Report: Although we are not an SEC registrant, we have elected to comply voluntarily with section 302 of the Sarbanes-Oxley Act of 2002. 2010 AR Management Statement
- New York Life Insurance Company and Subsidiaries Consolidated Financial Statements (GAAP basis): Our financial results presented in a format consistent with generally accepted accounting principles. 2010 NYLIC and Subsidiaries Unabridged Consolidated Financial Statements (GAAP Basis)
- Operating Earnings and Operating Revenue: Reconciliation of Consolidated GAAP results to Non-GAAP Financial Measures (Operating Earnings and Operating Revenue)
- Statutory Financial Information: As reported to applicable state insurance departments. 2010 Financial Information (Statutory Basis)