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Corporate Responsibility
We exist for good – the good of our policy owners, their families, and our communities.
As the largest mutual life insurance company in the United States1 and a Fortune 100 company, our mission is embedded in our responsibility to deliver peace of mind and financial security to our policy owners, above all else.
In this report, we’ll share our commitment to Our People, Our Communities, Our Policyholders and Clients, Our Approach to Responsible Investing, Impact and Innovation, Our Environment, and Our Governance. The Report provides updates on our last report and includes new statistics and goals. Additionally, the report also includes our first Sustainability Accounting Standards Board (SASB) Index, which covers key financially material sustainability topics for the insurance and asset management industry.
Our Corporate Responsibility priorities reflect our core values.
DIVERSITY, EQUITY & INCLUSION
Representing each and every community.
At New York Life, everyone is encouraged to feel comfortable bringing their full, authentic selves to work every day. We’re dedicated to fostering a diverse and inclusive work environment. Because we know that our differences help us do our best and most innovative work, providing financial security and peace of mind to our policy owners. Diversity, equity & inclusion are deeply embedded within our company’s culture, and we continue to examine new ways to emphasize this commitment.
59%2
of our workforce are women
42%2
of our workforce are people of color
CORPORATE ETHICS
Working with integrity.
Our core value of Integrity is central to all facets of New York Life’s business. Everything we do is dependent on people believing that we will never take chances with their future and trusting that we will always live up to the promises we make.
An Ethics Hotline is administered by an independent 3rd-party partner. It allows employees and the general public to report concerns of possible unethical or unlawful behavior to the company.
SHORT-TERM INCENTIVE PROGRAM
Committed to our employees.
New York Life’s annual, short-term incentive (“STI”) program, in which the company’s senior executives (including the CEO) participate along with other employees, currently includes consideration of certain strategic, non-financial environmental, social and governance (“ESG”) indicators. Among other things, the STI program tracks progress in a number of key ESG-related areas, including diversity representation, client experience, community and employee engagement, philanthropic giving, and volunteerism. These ESG factors are a qualitative part of the STI scorecard, which is reviewed by the Talent, Diversity & Compensation Committee of the Board and the Board of Directors.
DISASTER RELIEF
Being there for people when we are needed.
New York Life and our workforce donate funds and resources to support communities hit by disasters. At critical times, we pull our collective strength for recovery. Often providing bereavement resources on the heels of trauma, we are committed to being there when people need us most - including when the unexpected strikes.
SUSTAINABILITY
To be here when our customers need us.
Our mission is to provide financial security and peace of mind through our products and services. Our long-term view and core values of humanity, integrity and financial strength associated with that mission underscore our genuine concern for the markets and environment in which we do business.
New York Life designs products and services to meet the needs of current and prospective customers and assesses the value to our customers and any potential impacts on customer experience.
New York Life is resolved to incorporate principles of responsible investing into our investment process. Our Responsible Investment Statement outlines the key activities we use to put it into action.
COMMUNITY IMPACT GRANTS
Providing philanthropic leadership in the communities we serve.
Since 2008, over 780 grants of $5,000 to $25,000 apiece have been awarded to children's food programs, children’s hospitals, senior services, children's bereavement organization, community builds, and many other initiatives across the country, resulting in nearly $11 million in direct funds to local communities.
Agents and field employees who are actively engaged and serve as local "champions" for a nonprofit can apply for a competitive Community Impact Grant.
THE NEW YORK LIFE FOUNDATION
Taking action in the communities we serve.
We’re proud of the legacy of service we’ve provided to young people and communities. Learn how the New York Life Foundation has made a real impact.
OFFICE OF GOVERNMENTAL AFFAIRS
Engaging in Public Policy
Legislative and regulatory policy changes can affect how New York Life operates and provides guidance and guarantees to our clients.
New York Life’s Office of Governmental Affairs (OGA) engages in the public policy arena on issues of importance to the company, our agents, and clients. New York Life publicly discloses its federal lobbying activities on quarterly reports that can be found on the following website: https://lobbyingdisclosure.house.gov/.
New York Life’s policies prohibit the contribution of corporate funds3 to:
- Political candidates
- Parties or committees
- 527 groups (Super PACs)
- Independent expenditures in support or opposition to a candidate
Community impact grants
Providing philanthropic leadership in the communities we serve.
Since 2008, over 600 grants of $5,000 to $25,000 apiece have been awarded to children's food programs, children’s hospitals, senior services, children's bereavement organization, community builds, and many other initiatives across the country, resulting in nearly $8 million in direct funds to local communities.
Agents and field employees who are actively engaged and serve as local "champions" for a nonprofit can apply for a competitive Community Impact Grant.
The New York Life Foundation
Taking action in the communities we serve.
We’re proud of the legacy of service we’ve provided to young people and communities. Learn how the New York Life Foundation has made a real impact.
Engaging in Public Policy
Legislative and regulatory policy changes can affect how New York Life operates and provides guidance and guarantees to our clients.
New York Life’s Office of Governmental Affairs (OGA) engages in the public policy arena on issues of importance to the company, our agents, and clients. New York Life publicly discloses its federal lobbying activities on quarterly reports that can be found on the following website: https://lobbyingdisclosure.house.gov/.
New York Life’s policies prohibit the contribution of corporate funds3 to:
- Political candidates
- Parties or committees
- 527 groups (Super PACs)
- Independent expenditures in support or opposition to a candidate
1Largest Mutual Insurer Language: New York Life is the Largest Mutual Insurer in the U.S.: Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/23. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2023/
2(https://www.newyorklife.com/newsroom/2022-diversity-equity-inclusion-report): Representation is as of 12/31/22 and excludes investment boutiques and partners in the field. “Other” refers to employees who self-identify their race as other than Asian, Black, Hispanic and Latino, or White.
3Contributions by the New York Life Political Action Committee, which is funded entirely through the voluntary contributions of agents and employees, are publicly disclosed and can be found on the website of the Federal Election Commission at www.fec.gov. New York Life complies with all laws and regulations governing lobbying and PAC activity and provides a report annually on such activity to the company’s Board of Directors.