New York Life Foundation Grants New-York Historical Society $160,000 To Honor This Milestone
NEW YORK, N.Y., April 11, 2005 — Today New York Life Insurance Company, one of New York City's most respected and long-established corporate citizens, celebrates its 160th anniversary. After its founding in 1845, New York Life quickly established itself as one of America's and the world's premier life insurance companies. Known for its commitment to its time-honored values of financial strength, integrity and humanity, New York Life is now the largest mutual life insurer in United States, and, according to Fortune, one of the world's most admired. In honor of this remarkable milestone, New York Life Foundation will make a two-year, $160,000 grant to the New-York Historical Society - the city's oldest museum - for a new educational program called New York Life Learners.
Sy Sternberg, chairman and chief executive officer, said, "We are pleased to mark this anniversary with support of an important program established by the New-York Historical Society, a New York City neighbor that has been serving the community for over 200 years. The educational program, New York Life Learners, reflects the New York Life Foundation's Nurturing the Children initiative, which supports programs that target young people, particularly in the area of educational enhancement opportunities," Mr. Sternberg added.
The New York Life Learners program is an educational outreach initiative that will serve at-risk elementary and middle school students in New York City. With $80,000 allocated for the calendar years of 2005 and 2006, a combined total of 50 schools (25 each year of the grant) and close to 9,000 students will participate in the program.
As part of the program, students will visit the New-York Historical Society and participate in interactive learning on a variety of topics including the American Revolution, Dutch Colonial New York, the Erie Canal and the Civil War in New York. A New-York Historical Society trained educator will work with teachers to enhance the educational visits. In addition, students will receive a $25 "family pass," which is good for a return visit to the Society.
Mr. Sternberg continued, "New York Life was founded as a mutual and remains a mutual. Our main reason for remaining a mutual rests in our belief in the unique nature of the life insurance business. We sell a promise to stay strong and secure to help our customers pay for college, fund a retirement or pays bills if tragedy strikes - today or many years in the future. Our long-term outlook and single focus on policyholders resonates with consumers now more than ever."
New York Life, which has been headquartered in New York City since it was founded in 1845, has field offices in all 50 states and operations in Hong Kong; India; Argentina; Mexico; the Philippines; South Korea; Taiwan; Thailand; and China, with a representative office in Hanoi, Vietnam. Of the Company's first 1,000 policies issued, 382 were owned by residents of New York.
New York Life recently announced its 2004 earnings, highlighted by a number of new company records. Adjusted operating earnings topped $1 billion for the first time, and net income achieved a record high of $1.29 billion. The company also achieved a record in adjusted operating revenue of over $10 billion. Records for total life insurance sales, agent-sold life insurance, investment sales, and assets under management were also set. In addition, New York Life's surplus reached a new high of $11.8 billion.
Important Moments for New York Life in New York City
- 1845: On April 12, in an office at 57 Wall Street, the Nautilus Insurance Company's trustees elected James DePeyster Ogden president, Aaron M. Merchant vice president, and Lewis Benton secretary.
- 1849: The Nautilus Insurance Company was renamed the New York Life Insurance Company.
- 1857: The Company moved into 112-114 Broadway, the first building owned by the company. All departments were located on the second floor of the five-story building.
- 1928: On November 19, New York Life's new Home Office building at 51 Madison Avenue opened for business. Designed by architect Cass Gilbert, who also designed the Woolworth Building in New York City and the U.S. Supreme Court Building in Washington, D.C., the building is 34 stories tall and has five underground basements, 38 elevators and over 2,200 windows.
- 1979: The New York Life Foundation was established with a $10 million endowment from the Company. This philanthropic organization awards grants to national and local non-profit organizations throughout the nation.
- 2000: New York Life's Home Office building at 51 Madison Avenue is designated an official New York City landmark by New York's Landmark Preservation Commission.
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. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC 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.
Rating: 0/0 (0 votes cast)
Consult an Agent:
At no charge to you, a New York Life Agent — professionally trained and experienced — can help you analyze your needs and recommend appropriate solutions through insurance and financial products and concepts. Request a no-obligation review with a New York Life Agent.
New York Life Insurance and Annuity Company does not provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
|New York Life Marks Its 160th Anniversary|