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New York Life’s Top Ratings Affirmed by All Four Major Rating Agencies

Agencies Cite Very Strong Capital and Earnings in Issuing Highest Ratings and Stable Outlook

NEW YORK, N.Y., July 15, 2010 - New York Life Insurance Company, America's largest mutual life insurer, today announced that all four of the major ratings agencies have affirmed the company's highest possible ratings for financial strength with stable outlooks. 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 life insurers in the United States. Further, the company is one of only two of the highest-rated life insurers with stable outlooks from all four of the ratings agencies.

In recent days, Moody's Investors Service affirmed its Aaa (highest quality) financial strength rating on New York Life with a stable outlook, following similar actions by Standard & Poor's, Fitch and A.M. Best. Last month, A.M. Best affirmed its superior financial strength rating of A++ , its highest possible rating, with a stable outlook. In May, Standard & Poor's affirmed its AAA (extremely strong) and Fitch affirmed its AAA (exceptionally strong) financial strength ratings on New York Life, both with stable outlooks.

Ted Mathas, chairman, president and CEO of New York Life said, "Our 165-year tradition at New York Life is to manage the company for long-term financial strength, maintaining robust capital and liquidity, so we can always provide the highest level of safety and security for our policyholders, in good times and bad. That tradition continues today.

"We manage the company solely in the best interests of our policyholders' safety and not for the reaction of the rating agencies. However, these affirmations of the highest possible ratings appropriately reflect New York Life's continued superior financial strength and strong operating results," Mathas said.

In the Moody's news release, the agency commented, "New York Life has performed well in a very difficult economic environment, and we expect continued improvement in earnings and capital generation as investment losses subside, albeit to higher than historical levels. Although the company has not been immune to industry stresses, its modest financial leverage, prudent investment portfolio, strong liquidity profile, and conservative product designs have limited financial stress during a period in which many other life insurers had seen considerably greater strain."

Moody's Investors Service - Rating of Aaa (highest) affirmed July 7, 2010

  • The company's continued leading position in the U.S. life insurance market, as well as its significant financial flexibility and operational scale;
  • The group's earnings diversity, very strong liquidity, and outstanding capitalization;
  • The company's stable and productive career-agency distribution system;
  • The company's well-recognized and highly regarded brand name; a strong national presence; and significant embedded profitability in the existing book of business.

Among the highlights from the remaining three rating agencies' comments in affirming New York Life's ratings and outlook are:

A.M. Best - Rating of A++ (highest) affirmed June 14, 2010

  • The company's leading market position in the U.S. life insurance industry;
  • The company's highly productive career agency force and superior risk-adjusted capitalization;
  • The company's favorable liability profile and commitment to mutuality;
  • Strong investment management capabilities.

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;

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.

For the agencies' complete news release 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 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 (3 votes cast)

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New York Life’s Top Ratings Affirmed by All Four Major Rating Agencies

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