2012 financial information.
In 2012, New York Life’s operating earnings, surplus and asset valuation reserves (“AVR”), and assets under management set new records for the company. Operating earnings increased 18% over 2011 to $1.59 billion. Surplus and AVR grew by 10% to $19.6 billion. Assets under management reached a record of $381 billion, an increase of almost 13% fr 2011.
Operating earnings of $1.59 billion exceeded the record set in 2011, despite a challenging economy. This marked the fifth year in the last six 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 $1.8 billion to surplus for the year, increasing the company's financial strength to $19.6 billion.The majority of our 2012 increase in surplus came from strong operating gains, increases in the valuation of affiliated entities (which included the gain from the sale of our operations in India), and net gains on private equities. Our discipline of maintaining a large financial cushion has been more than validated in recent years, helping us maintain the 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 2012 financial performance by clicking on the links to the right.
- New York Life Insurance Company and Subsidiaries Consolidated Financial Statements (GAAP basis): Our financial results presented in a format consistent with generally accepted accounting principles. 2012 NYLIC and Subsidiaries Unabridged Consolidated Financial Statements (GAAP Basis)
- Reconciliation of Consolidated GAAP results to Non-GAAP Financial Measure (Operating Earnings)
- Statutory Financial Information: As reported to applicable state insurance departments. 2012 Financial Information (Statutory Basis)