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Fitch Ratings A.M. Best Affirm NYL's Highest Ratings for Financial Strength

Rating Agencies Cite Company’s Leading Market Position in the U.S. Life Industry and Agency Distribution Channel As Key Components to Continued Strength

NEW YORK, N.Y., July 5, 2012 – New York Life, America’s largest mutual life insurer, today announced that Fitch Ratings and A.M Best have affirmed the company’s highest possible ratings for financial strength. Last month, Fitch affirmed its AAA (exceptionally strong) financial strength rating on New York Life, its highest possible rating, and A.M. Best affirmed the company’s financial strength rating of A++ (superior), its highest possible rating. Both agencies have New York Life on a stable outlook as well.

New York Life remains one of only three life insurers with the highest financial strength ratings currently awarded by all four of the major rating agencies, out of more than 900 life insurers in the United States.

Ted Mathas, chairman and CEO said, “We’re pleased with the affirmation by Fitch and A.M. Best of the highest rating they provide to any company or country, especially considering the economic turbulence of the last four years. Nevertheless, we don’t manage the company for the reaction of the rating agencies. We maintain strong capital and liquidity so we can always provide the highest level of safety and security for our policyholders, no matter what the external environment is like. New York Life will continue to be there for our policyholders just as we have for the last 167 years.”

Among the highlights from the major rating agencies’ comments in affirming New York Life’s ratings are:

Fitch Ratings – Rating of AAA (highest) affirmed June 22, 2012

  • Very strong capital;
  • Consistent operating earnings driven by its large book of traditional life insurance reserves;
  • Well diversified liquid investment portfolio;
  • Leading position in the U.S. life insurance and annuity markets; and
  • Effective execution of its strategy to distribute products primarily through a career distribution channel targeting middle-market customers.

A.M. Best – Rating of A++ (highest) affirmed June 5, 2012

  • Leading market position in the U.S. life industry;
  • Highly productive career agency force;
  • Superior capital position;
  • Favorable liability profile;
  • Stable earnings; and
  • Commitment to mutuality.

In addition to Fitch and A.M. Best, the current ratings and opinions of Moody’s and Standard & Poor’s remain in effect.

Moody’s Investors Service – Rating of Aaa (highest) confirmed July 20, 2011

  • Top tier position in the domestic individual life insurance business;
  • Large block of individual life insurance contains significant embedded profits;
  • Productive and well-established career agency distribution force;
  • Well diversified investment portfolio, very strong liquidity, and outstanding capitalization; and
  • Solid profitability for a mutual insurance company, even after taking into account the payment of significant policyholder dividends.

Standard & Poor’s – Rating of AA+ (highest for life insurers) revised August 8, 2011 in conjunction with government action

  • Noted New York Life’s extremely strong competitive position with a high caliber career agency system;
  • The company’s very strong operating performance in terms of mortality, persistency and expenses;
  • The company’s extremely strong capitalization; and
  • The company’s strong enterprise risk management.

For the agencies’ complete news release commentary on New York Life click here:

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 financial strength ratings currently awarded to any life insurer by all four of the major credit rating agencies. 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 Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Please visit New York Life’s Web site at www.newyorklife.com for more information.

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 21, 2012. See http://www.money.cnn.com/magazines/fortune/fortune500/2012/faq/ for methodology.

**Source: Third Party Ratings Reports as of 6/22/12.

***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

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