A.M. Best affirms New York Life's highest ratings for financial strength; Standard & Poor's restores stable outlook.
Rating Agencies Cite Company’s Leading Market Position in the U.S. Life Industry and Agency Distribution Channel As Key Components to Continued Strength
NEW YORK, June 19, 2013—New York Life, America’s largest mutual life insurer, today announced that A.M Best affirmed the company’s highest possible ratings for financial strength, while Standard & Poor’s restored the company’s stable outlook following a similar move restoring the outlook of the United States to stable. S&P has taken the position that no financial institution can carry a higher rating or outlook than its sovereign. The return of the United States rating to a stable outlook paved the way for the return of New York Life and five other insurance groups to that outlook.
A.M. Best affirmed the company’s financial strength rating of A++ (superior),
New York Life remains one of only three life insurers with the highest financial strength ratings currently awarded by all four of the major rating agencies, out of about 900 life insurers in the United States.
In its comment about New York Life released yesterday, S&P explained that while it moves New York Life in lockstep with the United States in the areas of issuer credit and financial strength ratings, the New York Life group credit profile is ’aaa indicative’ to reflect “one additional final notch to incorporate our holistic view of the organization’s creditworthiness including its mutual status, the
Among the highlights from the major rating agencies’ comments in affirming New York Life’s ratings are:
A.M. Best—Rating of A++ (highest) affirmed June 4, 2013
- Leading market position in the U.S. life industry;
- Highly productive career agency force;
- Superior risk-adjusted capitalization;
- Favorable liability profile;
- Stable operating earnings; and
- Commitment to mutuality.
Fitch Ratings—Rating of AAA (highest) affirmed February 1, 2013
- Extremely strong capital;
- Consistent operating earnings
drivenby its large book of traditional life insurance reserves;
- Strong brand name;
- Leading position in the U.S. life insurance and annuity markets;
- Effective career distribution channel targeting middle-market customers; and
Strongperformance of itsdiversified and liquid investment portfolio.
In addition to Fitch and A.M. Best, the current ratings and opinions of Moody’s and Standard & Poor’s remain in effect.
Moody’s Investors Service—Rating of Aaa (highest) affirmed December 11, 2012
- Leading position in core market;
- Excellent distribution channels;
- Strong underwriting skills;
- Robust and resilient balance sheets; and
Mutualstructure that helps align the interests of policyholders, creditorsand the company management.
Standard & Poor’s—Rating of AA+ (highest for life insurers) affirmed June 10,
- Excellent business risk profile which is complemented by an extremely strong financial risk profile;
- Very strong competitive position, reflecting its widely recognizable brand and
- Noted the companys U.S. career agency system’s formidable number of agents, market
penetrationand overall excellent productivity;
- Extremely strong capital strength and strong earnings; and
- Strong enterprise risk management.
For the agencies’ complete news release commentary on New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poors (AA+).*** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.