2013 financial information.
In 2013, 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 11% over 2012 to $1.76 billion. Surplus and AVR grew by almost 8% to $21.1 billion. Assets under management reached a record of $425 billion, an increase of over 12% from 2012.
Operating earnings of $1.76 billion exceeded the record set in 2012. This marked the fourth year in a row of achieved new record earnings, a reflection of how we manage for long-term strength so our policyholders can count on us year after year.
The company added $1.5 billion to surplus for the year, increasing the company’s financial strength to $21.1 billion. The majority of our 2013 increase in surplus came from strong operating earnings, including strong earnings from operations of affiliated entities, and the impact of strong equity markets on the company’s equity portfolio. 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 currently awarded any life insurer from all four of the major credit rating agencies: A.M. Best (A++) Fitch (AAA), Moody’s Investors Services (Aaa), Standard &Poor’s (AA+)*, and helped provide peace of mind to policyholders through the financial crisis and its aftermath.
You can learn more about New York Life’s 2013 financial performance by clicking on the links below.
- 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. 2013 NYLIC and Subsidiaries Unabridged Consolidated Financial Statements (GAAP Basis)
- Reconciliation of Consolidated GAAP results to Non-GAAP Financial Measure (Operating Earnings): Operating Earnings
- Statutory Financial Information: As reported to applicable state insurance departments. 2013 Financial Information (Statutory Basis)