New York Life is one of the first environments I have experienced where diversity and inclusion are not just concepts, they are common practice.
New York Life Associate General Counsel
At New York Life, we are committed to attracting and retaining a diverse pool of talented employees and financial professionals. Our Diversity, Equity & Inclusion Center for Awareness and Advocacy provides programming, educational resources, external partnerships, and more to build our award- winning inclusive work environment.1
New York Life has seven employee resources groups which embody the strength and spirit of our culture, and help the company foster an environment in which diﬀerences and unique perspectives are encouraged and valued. These groups frequently work together, promoting intersectionality and allyship across the company.
Here are a few programs, initiatives, and partnerships that New York Life is proud to be a part of. Expand each section to learn more about our ongoing diversity and inclusion efforts.
For several years, the Diversity, Equity & Inclusion Center for Awareness and Advocacy has hosted a Coming Together Conversation Series, encouraging respectful dialogue and promoting a safe workplace forum where employees can share their perspectives and feelings on challenging issues. Employees participate in an annual educational challenge that inspires them to think about diversity and inclusion in new and diﬀerent ways.
The Diversity, Equity & Inclusion Center for Awareness and Advocacy hosts a yearly campaign to encourage employees to engage with one another and learn about diversity and inclusion-based topics. Our 2021 Diversity, Equity & Inclusion Awareness Campaign is "Social justice in action: let's talk about us," and focuses on helping employees understand the importance of identity in intersectionality, and what it's like to walk in others' shoes.
It has always been important to us to invest in a wide variety of development tools and benefits that develop and motivate our workforce. Employees have access to a range of career development and learning resources to enhance their ability to perform in their current roles and prepare for future opportunities. We continually evaluate the tools and policies available to maintain the well-being of our workforce.
The New York Life Supplier Diversity Program helps ensure that diverse businesses have equal access to our procurement process. Our focus is on improving representation among Minority-owned Business Enterprises (MBEs); Women-owned Business Enterprises (WBEs); Lesbian, Gay, Bisexual, and Transgender-owned Business Enterprises (LGBTBEs); Disabled- owned Business Enterprises (DBEs); Veteran-owned Business Enterprises (VBEs); and Service-Disabled Veteran-owned Business Enterprises (SDVBEs).
Since its founding in 1979, The New York Life Foundation has provided $300 million in charitable contributions to national and local nonprofit organizations.
Using demographics provided by our grantees, 77%+ of our total Foundation and corporate contributions served culturally diverse populations. We target our resources and initiatives across several major categories, including partnering with and supporting organizations serving the Black community. View our commitment to the community here.
Spotlight 2020 Donations for COVID-19 and Social Justice
COVID-19 Related Grants: over $57 million has been paid or committed to COVID-19 related support:
Social Justice Grants: $1.25M paid or committed so far to social justice organizations:
On April 27, 2021, New York Life announced a $1 billion impact investment initiative with the aim to address the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. The company will partner with diverse asset managers, federally chartered community development financial institutions (CDFI), and other mission-driven organizations to amplify their efforts on the ground. Two new investments include:
New York Life will continue to partner with diverse asset managers, federally chartered community development financial institutions (CDFI), and other mission-driven organizations as part of this initiative. The company’s long-term impact investment strategy is to develop large-scale solutions and investment structures that aim to deliver broad and inclusive economic outcomes linked to job growth, health and wellness, and personal and household advancement.
For more than 25 years, New York Life’s Cultural Markets division has been focused on meeting the financial protection needs of historically underserved markets, including the African American, Chinese, Korean, Latino, South Asian, and Vietnamese communities. Cultural Markets has been a core component of the company’s growth and success, anchored by a field force that mirrors the diversity of our clients. Approximately 50% of the company’s more than 12,000 agents serve these communities, with the goal of creating greater financial stability and wealth for current and future generations of families across the United States.
Cultural Market Spotlight: African American Market Unit
Since 2003, New York Life’s focus on the African American market has been led by our African American Market Unit and centered on changing the financial future of Black America by helping to create financial stability, economic opportunity, and multigenerational wealth. New York Life has built an industry-leading team of financial professionals who cater to the Black community to provide financial education and tools to close the racial wealth gap and help the community to create billions of dollars in life insurance protection and future income.
In 2011, New York Life embarked on a mission to change the financial future of Black America with a clear destination to create $50 Billion of generally tax-free, transferable wealth. This agent-led initiative became known as the $50 Billion Community Empowerment Plan. In 2017 our goal was met, but we continue this important work.
New York Life’s Empowerment Plan for the Black community is based on four principles for building a solid financial foundation:
As one of the largest African American sales forces in the life insurance industry our agent support and development has grown to incorporate many important areas. Over the last 10 years, the number of lives protected (life cases) by African American agents has grown by over 30%, and the life recurring premium generated by this market has also grown by 42%. We have also more than doubled the recruiting of African American agents over the last 15 years.
The mission continues, and our African American agents and managers are fully engaged in their continued effort to provide financial, educational, and community empowerment in order to help bridge the financial wealth gap in the community.
Read about our ongoing commitment to strengthening the lives of those who need it most.
See our Diversity and Inclusion awards: https://www.newyorklife.com/newsroom/our-awards-and-recognition
12022 Corporate Equality Index administered by the Human Rights Campaign Foundation. For more information, please see https://www.hrc.org/resources/corporate-equality-index.
22022 Inclusion Index Organizations administered by Seramount. For more information, please see https://seramount.com/best-companies/2022-inclusion-index-organizations/
3The 50 Best Companies for Latinas to Work for in the U.S. For more information, please see- https://www.prnewswire.com/news-releases/latina-style-inc-announces-the-2022-latina-style-50-report-301625933.html
New York Life is an Equal Opportunity Employer – M/F/Veteran/Disability/Sexual Orientation/Gender Identity.