About New York Life

Why New York Life?
"The primary responsibility of a mutual insurance company is to ensure that the long-term benefits promised to its policyholders are secure and protected. By remaining a mutual, New York Life can continue to manage for the long term, instead of the quarter-to-quarter orientation of the investment community."

- Chairman and CEO Sy Sternberg

The First Choice Since 1845
For more than 155 years, New York Life Insurance Company's unwavering financial strength and time-tested investment strategies have provided consistent value and solid financial protection for our clients and their families.

Since becoming the first American life insurance company to pay a cash dividend to policyholders in the mid-1800s, New York Life has continued to build a history of innovation - enhancing our existing product lines, creating new financial products, and maintaining a diversified portfolio to best accommodate our customers' changing needs and lifestyles.

Central to our success are our New York Life agents, who are widely recognized as the best-trained professionals in the industry. Our agents have the ability to understand each customer's objectives and draw upon New York Life's products to best address those objectives.

As you seek financial security for yourself and your loved ones, you want the best: A strong and vital company with a competitive product line and a superior sales force that is committed to providing personal attention to your individual needs.

This section of the Web site is designed to provide you with a brief overview of New York Life - our core strength, our commitment to excellence, and our people. Learn why we're The Company You Keep.

Why We're a Mutual Company
The life insurance business is unique. People pay us premiums for many years and receive nothing in return but a promise that New York Life will be there, strong and solvent, decades from now, to help pay a claim, fund a retirement, or meet nursing home costs.

That's why it's important that we're a mutual insurance company. A mutual insurance company is a company that is not publicly traded. Therefore, it has no stock to be bought and sold and no shareholders. Instead, policyholders share in the ownership of the company. For this reason, unlike publicly traded companies that manage their business for the short-term benefit of shareholders, we are guided by the longer-term needs and expectations of our policyholders. This makes New York Life, essentially, a partner in your long-term planning.

Financial Strength: Promises Kept
It all begins with financial strength, which allows us to meet our future obligations to policyholders. Along with nearly $110 billion in consolidated assets¹, New York Life Insurance Company holds a stable and diversified portfolio and consistently receives among the highest ratings for financial strength from the life insurance industry's independent rating agencies. We've earned these ratings: Our capital position is one of the strongest in the industry, giving us the financial strength to weather unexpected storms.

Our Ratings²
New York Life Insurance Company & New York Life Insurance and Annuity Corporation

For Financial Strength:

• A++ from A.M. Best
  
• Aaa from Moody's
  
• AA+ from Standard and Poor's
  
• AAA from Fitch

1
Consolidated assets of New York Life Insurance Company and its domestic, wholly owned life insurance subsidiaries, including New York Life Insurance and Annuity Corporation, as of 12-31-01. Each company is solely responsible for the products it issues. As of 12-31-01, New York Life Insurance Company's assets totaled $77.9 billion, its liabilities totaled $70.1 billion, its surplus and Asset Valuation Reserve (AVR) totaled $8.5 billion. (AVR, a special reserve that protects against risk of asset default, totaled $679 million and surplus totaled $7.9 billion.) The assets of NYLIAC totaled $34.7 billion, its liabilities totaled $33.3 billion, its surplus and AVR totaled $1.5 billion. (AVR totaled $207 million and surplus totaled $1.3 billion.)

2
Source: 2001 Third Party Rating Reports (as of 11-1-01).

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