NEW YORK, N.Y., March 11, 2010 - New York Life Insurance Company announced today it will pay a dividend to its LTCSelect Premier long-term care insurance policyholders this year. This is the sixth consecutive year New York Life, a triple-A rated insurer*, has paid a long-term care insurance dividend.**
"The ability to pay a dividend sends a strong message that New York Life's mutual structure keeps us uniquely aligned with our policyholders, allowing us to focus on long-term value and stability for our customers," said, Mike Gallo, senior vice president, Long-Term Care Insurance Division. "New York Life's continued financial strength and stability resulted in an increase in market share in 2009 proving that even in the midst of an economic downturn, policyholders recognized that New York Life's long-term care insurance product is a key piece of any well-designed comprehensive retirement plan that can help preserve a legacy and protect income."
New York Life declared its first dividends to long-term care insurance policyholders in 2005. LTCSelect Premier policyholders qualify for the dividend payment when they reach their third policy anniversary.
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 possible financial strength ratings from 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.
*New York Life is rated AAA from Standard & Poor's, Aaa from Moody's Investor Services, AAA from Fitch, and A++ from A.M.Best for financial strength. Source: Individual Third Party Ratings Reports (as of October 8, 2009).
**Dividends are not guaranteed and are subject to approval by the Board of Directors.
***New York Life is the largest mutual life insurance company based on the Fortune 500, ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 4, 2009.
****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.
Rating: 5.0/5 (5 votes cast)
|New York Life to Pay Long-Term Care Insurance Dividend for the Sixth Consecutive Year|