Hello. I’m Ted Mathas, president and CEO of New York Life. In light of the recent news concerning the economy, the financial markets and the government’s rescue plan for Wall Street, I felt it was important to personally update you on New York Life’s position in this environment – and most importantly, what it means for you.
I’m pleased to report that New York Life’s strength remains solid and unshaken. The major rating agencies have reaffirmed our highest marks for financial strength and creditworthiness, favorably citing our strong capital position, abundant liquidity and prudent investment and risk management practices. In fact, our surplus – the money that cushions our already substantial policy reserves – is billions more than what is required to retain our top ratings.
While no company, not even New York Life, is immune to what’s happening in the equity and credit markets, people have asked how we can in such a strong position at this stage of the economic cycle. The reason is actually quite simple: Our Company was built for times like these. As a mutual life insurer, we’re not a Wall Street company – we’re not publicly traded. This means we do not have to take aggressive risks to deliver short-term earnings to shareholders or meet the expectations of Wall Street analysts. We are an independent “Main Street” company serving only one constituency: You, our customers. And the long-term guarantees on our life insurance and other products are backed by one of the strongest and most diversified investment portfolios in the industry. That’s why being the largest mutual life insurer in the United States is not only a good thing for New York Life in times like these – it’s also a good thing for you.
While the news out of Wall Street may continue to be distressing, it’s important to remember that properly constructed long-term investment programs and financial plans should not be abandoned out of fear. At New York Life, we stand ready to assist you. So if you have questions about what’s going on in the market, or what you should be doing to protect your family’s financial future, we encourage you to speak to your New York Life agent, or get in touch with one of the local offices serving your community.
For more than 160 years – through the panic of 1857, the Great Depression, and other economic ups and downs – New York Life has kept its promises to millions of individuals and families who sought long-term financial security. We are the Company you keep — we’re here for you today, and rest-assured, we will be here for you tomorrow and decades from now.
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
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