I'm pleased to report that New York Life's strength remains solid. Our company was built for times like these. — Ted Mathas, CEO and President & Chairman of the Board, April 6, 2009.
A Letter from President, CEO and Chairman-elect, Ted Mathas
Shortly after the dramatic series of events that shook the nation’s economy in September 2008, I began hearing from New York Life policyholders. The letters and e-mails expressed a common sentiment: "I am so glad my money is with New York Life." "I'm thankful for New York Life’s prudence and stability." "Because of your company, I can sleep at night."
However, one note from a policyholder of many years remained in my thoughts for a long time after I read it. She wrote, "Thanks, New York Life. My family and I depend on you." I don’t think it can be said more plainly than that.
Times like these are a constant reminder of our Company’s absolutely vital responsibility – and proven capability – to help provide financial security for your family. This is a guarantee that few can offer these days, but then, few other institutions are still rated as highly as New York Life for long-term financial strength.
Investment Philosophy: Putting Your Safety First
New York Life has remained strong throughout the crisis, ending 2008 with over $12.8 billion in statutory capital and retaining the highest ratings for long-term financial strength from all four of the major rating agencies. Read the full story here.
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We Help Protect Your Family's Financial Future
The current state of the economy is understandably a cause for concern. While everyone's situation is unique, we offer the following suggestions for you to keep in mind as you review your family's financial plans.
Read the full story here.
How New York Life Protects You
In 2008, operating revenues increased $1 billion over 2007, to $14 billion. Operating earnings totaled nearly $1.3 billion, surpassing 2007’s record-setting results. Given the state of the markets in 2008, this represents a very impressive follow-up to two prior years of strong double-digit earnings growth.
2008 was a disastrous year for much of the financial services industry. Life insurers were protected, to a degree, by the regulations that govern their business. These regulations spell out, for example, the amount of financial reserves insurers must hold and the types of investment risks that insurers can take. Even so, many life insurance companies faced enormous
challenges.
Much of the contents of this page and related items have been extracted from the New York Life 2008 Report to Policyholders, Built for Times Like These..
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