New York Life attained record-setting adjusted operating earnings of $928 million in 2003. In addition, the Company's surplus and asset valuation reserves grew by $2 billion, driven by $1.3 billion in organic growth generated from net gain from operations and capital gains, and the remainder from our surplus notes issuance, bringing total surplus at year-end to $10.8 billion - the highest in Company history.
In light of these strong financial results, we were able to maintain the dividend levels paid to participating whole life policyholders, reaffirming the fundamental principles behind New York Life Insurance Company's mutuality.
You can read a full discussion of our business results and strategies in the 2003 New York Life Annual Report, by clicking on the links to the right. In addition, you may find several other reports to be useful sources of information: the 2003 Report to Policyholders, which contains the answers to frequently asked questions about our company; the press release regarding New York Life's 2003 results, the New York Life Insurance Company and Subsidiaries Consolidated Financial Statements (GAAP basis), which present our financial results in a format consistent with generally accepted accounting principles; and statutory financial statements, as reported to applicable state insurance departments.
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