Report to policy owners 2023 Report to Policy Owners

To our policy owners:

At New York Life, we follow a time-honored adage: We don't predict, we prepare. Looking back on 2023, amidst global tensions and economic uncertainty, this adage proved invaluable once more. We delivered exceptional performance across our businesses, set new records for earnings, surplus, insurance sales, and benefits paid, and maintained the highest financial strength ratings possible from all four major rating agencies.

You can feel confident in New York Life’s ability to serve your needs. Our financial strength enables us to be prepared for any economic scenario. It also empowers us to invest in our company. Just as you are protecting what matters most to you and investing in your future, we at New York Life are investing in our agents and advisors, our service, and our technology to better serve you and your loved ones.

All of this — our enduring financial strength, our legacy of sustained growth, and the investments we are making on your behalf — reflect our long-term focus on policy owners.

As a mutual life insurer, we are free from the short-term demands of Wall Street. Therefore, we can focus on delivering value to you and the millions of other individuals and families who count on us. This past year, that value included declaring the largest overall dividend to eligible policy owners in the company’s history, $2.2 billion. That is our mutuality in action.

As strong as our financial results are, we believe that the ultimate measure of success lies in the number of people we help. Our 12,000-plus agents and advisors, spanning communities nationwide, are dedicated to helping you achieve financial security and peace of mind. No matter your financial need, from working with you to build a sound financial plan to answering your questions about retirement, your agent or advisor is there for you.

The following report provides greater insight into the past year at New York Life. As we look ahead, our commitment to continue to invest in our company, our agents and advisors, and your future remains steadfast.

Thank you for trusting New York Life.