2013 financial information
In 2013, New York Life’s operating earnings, surplus and asset valuation reserves (“AVR”), and assets under management set new records for the company. Operating earnings increased 11% over 2012 to $1.76 billion. Surplus and AVR grew by almost 8% to $21.1 billion. Assets under management reached a record of $425 billion, an increase of over 12% from 2012.
Operating earnings of $1.76 billion exceeded the record set in 2012. This marked the fourth year in a row of achieved new record earnings, a reflection of how we manage for long-term strength so our policyholders can count on us year after year.
The company added $1.5 billion to surplus for the year, increasing the company’s financial strength to $21.1 billion. The majority of our 2013 increase in surplus came from strong operating earnings, including strong earnings from operations of affiliated entities, and the impact of strong equity markets on the company’s equity portfolio. Our discipline of maintaining a large financial cushion has been more than validated in recent years, helping us maintain the highest-possible financial strength ratings currently awarded any life insurer from all four of the major credit rating agencies: A.M. Best (A++) Fitch (AAA), Moody’s Investors Services (Aaa), Standard &Poor’s (AA+)*, and helped provide peace of mind to policyholders through the financial crisis and its aftermath.
You can learn more about New York Life’s 2013 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. 2013 Report to Policyholders
- New York Life Annual Report: 2013 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. In addition, we comply with the NAIC Model Audit Rule. 2013 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. 2013 NYLIC and Subsidiaries Unabridged Consolidated Financial Statements (GAAP Basis)
- Reconciliation of Consolidated GAAP results to Non-GAAP Financial Measure (Operating Earnings): Operating Earnings
- Statutory Financial Information: As reported to applicable state insurance departments. 2013 Financial Information (Statutory Basis)
*Individual independent rating agency commentary as of 2/3/14.