In 2011, New York Life's sales of insurance and investment products, operating earnings and assets under management set new records for the company. Sales of insurance products increased nearly 4% to $1.3 billion, while sales of investment products increased 35% to more than $51 billion. Operating earnings increased 2% over 2010 to $1.44 billion. Assets under management reached a record of $338 billion, an increase of nearly 10% from 2010.
Operating earnings of $1.44 billion exceeded the record $1.41 billion set in 2010, despite a challenging economy. This marked the fourth year in the last five years that operating earnings have achieved new record highs, a reflection of how we manage for long-term strength so our policyholders can count on us year after year.
The company added $1 billion to surplus for the year, increasing the company's financial strength to $17.9 billion. The majority of our 2011 surplus gain came from strong operating gains, as well as gains from the sale of certain international operations. Our discipline of maintaining a large financial cushion has been more than validated in recent years, helping us maintain our highest-possible financial strength ratings and provide peace of mind to policyholders through the financial crisis and its aftermath.
You can learn more about New York Life's 2011 financial performance and its principal businesses by clicking on the links to the right.
Rating: 5.0/5 (1 vote cast)
|2011 Financial Information|