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The mutual advantage.

A mutual insurance company, simply put, is a company that is not publicly traded and therefore has no shareholders. Instead, policy holders are the ones who share in ownership of the company. With a mutual insurance company, customers who purchase certain “participating” products—such as whole life insurance—are entitled to vote in the board of directors elections and share in any annual dividends that are declared. These policy holders have the right to expect that the company’s priority is to safeguard their interests.

Why insurance companies demutualize.

Over the past decade, many large insurance companies demutualized, reorganizing themselves into publicly traded stock companies. A frequent motivation for demutualization is the need to raise money to fund growth—growth that is often accomplished through mergers and acquisitions.

New York Life, however, has no need to issue stock to raise capital. With strong cash flow and almost $236.7 billion in consolidated assets as of December 31, 20131, we have more than sufficient assets to fund our continued growth.

Policy holders vs. shareholders.

The life insurance business is unique. People pay premiums—for 10, 20, 30 years or more—and in return, they receive a promise. A promise that the company from which they are purchasing insurance will be there, strong and solvent, decades from now to pay a claim, help fund a retirement, or help pay the bills for extended care. As a result, New York Life’s management team has one overriding objective: to ensure that the right decisions are made today, so that New York Life can continue to meet its obligations to policy holders tomorrow and far into the future.

On the other hand, when an insurance company demutualizes, its management must weigh the interests of policy holders against the expectations of shareholders. This can create some very difficult conflicts of interest. Shareholders generally tend to judge a company’s performance based on projected earnings for the quarter or the year—not as much on how the business will be doing 20 or 30 years into the future.

Managing for the long term.

The question really comes down to this: What’s in the best interests of our policy holders and the company—remaining a mutual or becoming a stock company?

The answer for us is absolutely clear: Being a mutual allows us to maintain our focus on serving our policy holders by delivering high-performing whole life insurance policies through the best-trained financial professionals in the industry. Over the years, we’ve made innovations in our products and investments in our people to ensure that we’ll continue to meet the long-term needs and requirements of our policy holders. We believe this approach is in the best interests of both our clients and our company—for now and the future.

New York Life is number one.

New York Life is the largest mutual life insurance company in the United States.2 We are also one of the largest corporations in American business, a member of the Fortune 100. As such, although we are organized as a mutual, we maintain quarterly financials. We rigorously control expenses. And we publish financial reports for our policy holders and other stakeholders.

In other words, we combine the results-driven culture of a publicly owned company with the policy holder focus of a mutual company.

How our policy holders benefit.
  • Because we are a mutual company, we serve just one constituency: our policy holders.
  • Because we are a mutual company, we can offer participating whole life insurance, which is eligible for dividends, to our policy holders.
  • Because we are a mutual company, financial strength and stability remain our prime objectives, as they have been for nearly 170 years.
The Company You Keep.®

These are some of the reasons why New York Life is remaining a mutual company, even as other insurance companies demutualize. We will simply continue to do what we’ve always done: be here when our policy holders need us.

Since 1845, New York Life has helped generations of families achieve their financial goals, by providing quality insurance and financial products. The values of strength, integrity, and humanity that built this company are behind every product we offer and every service we provide. We are proud to be America’s number one mutual company and The Company You Keep®.

1 The unaudited condensed consolidated statutory statement of financial position compiled by management reflects the consolidation of the audited statutory statement of financial position of New York Life Insurance Company (NYLIC) with its domestic wholly owned life insurance subsidiaries, New York Life Insurance and Annuity Corporation (NYLIAC) and NYLIFE Insurance Company of Arizona (NYLAZ). The consolidated statutory statement of financial position has been derived from the individual separate audited statutory statements of financial position of NYLIC, NYLIAC, and NYLAZ, which were prepared in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services, or the Delaware or Arizona Departments of Insurance (statutory basis of accounting). NYLIC’s cash and invested assets and surplus includes the surplus of its domestic wholly owned life insurance subsidiaries, which, along with all other significant intercompany transactions (primarily in other assets and other liabilities), have been eliminated in consolidation. As a result, amounts in the table above may not add across. NYLAZ is not authorized in New York or Maine, and does not conduct insurance business in New York or Maine. The NYLAZ audited statutory financial statements are available on or from the Arizona Department of Insurance.

2 Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, May 21, 2013. See for methodology

New York Life Insurance Company
New York Life Insurance and Annuity Corporation (A Delaware Corporation)
51 Madison Avenue
New York, NY 10010