NEW YORK, N.Y., May 26, 2010 - New York Life Insurance Company, America's largest mutual life insurer, today announced that Standard & Poor's and Fitch Ratings have affirmed the company's highest possible ratings for financial strength with a stable outlook. New York Life remains one of only three life insurers with the highest financial strength ratings from all four of the major rating agencies, out of more than 1,000 insurers in the United States. Moody's Investors Service and A.M. Best, the other two major ratings agencies, continue to have the highest possible ratings for financial strength assigned to New York Life.
In affirming its highest possible rating on New York Life, S&P said it considers New York Life to be one of the most respected names in the domestic life insurance business, characterized by a commitment to mutuality and its policyholders.
Additional highlights from the rating agencies' comments in affirming New York Life's ratings include:
Standard & Poor's - Rating of AAA (highest) affirmed May 12, 2010
- Noted the exceptional quality of the company's career agency force, its strong risk-based capital position, and its very strong operating earnings;
- New York Life's superior brand and competitive position in individual life and annuities;
- Extremely strong double-digit insurance sales growth and stable earnings in 2009 and thus far in 2010;
- The group's high-quality investment portfolio which is viewed as a differentiator;
Fitch - Rating of AAA (highest) affirmed May 17, 2010
- Noted New York Life's very strong capital position and consistently solid operating earnings;
- The company's leading position in U.S. life insurance and annuity markets;
- Improved competitive position in 2009 due to conservative business model;
- Strong business profile and broadened distribution, led by its career agency channel, provides continued growth opportunities.
For the agencies' complete commentary on New York Life, click here.
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.
Please visit New York Life's Web site at www.newyorklife.com for more information.
*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 3, 2010.
**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 (1 vote cast)
|New York Life's Top Ratings Affirmed by Standard & Poor’s and Fitch|