New York Life announces 2015 financial results.

  • Insurance sales reached a record high of $1.3 billion, boosting individual life insurance in force to a new high of $923 billion
  • Dividend payout planned for policyholders in 2016 increased to $1.7 billion, the largest in the company’s 170–year history
  • Surplus and asset valuation reserve grew to an all-time high of $22.7 billion
  • Assets under management were $528 billion at year end, the second year in a row the company’s assets exceeded $500 billion
  • Operating earnings stood at $1.9 billion, second highest level in the company’s history

NEW YORK, April 7, 2016 — Driven by a field force of 12,000 professional agents who led the company to its seventh straight year of record insurance sales, New York Life Insurance Company announced another year of excellent financial performance for 2015. The company set all-time highs in dividend payouts to participating policyholders and policyholder benefits while also reaching a record level of surplus and asset valuation reserve, a common measure of a company’s financial safety. Together, these results demonstrate the ability of the mutual company model to deliver exceptional value to policyholders even in challenging operating environments.

A Proven Strategy Drives Record Breaking Results

“Our financial performance in 2015 validated once again the foundational strategies we have adhered to for decades – our commitment to mutuality, a focus on whole life, unsurpassed financial strength and most of all, the steady, strategic investments in our agents and their professional development,” said Chairman and CEO Ted Mathas.

“But the most important performance measure of all is how much value we delivered to policyholders, which reflects our mutual company’s true purpose. Here, we couldn’t be more pleased with the record dividends and record benefits we provided in 2015 to millions of families and businesses who rely on us, reflecting tuitions paid, mortgages maintained, retirement dreams fulfilled and promises kept.”

Added Mr. Mathas, “There’s no better choice when it comes to financial peace of mind than New York Life, and we are grateful to the families and businesses who place their trust in us.”

Backed by Superior Operating Performance, Dividends Up 37 Percent since 2012

Last year New York Life increased dividends being paid to our eligible participating policyholders in 2016 to a new high of $1.7 billion. Since 2012 New York Life has increased the dividend payout by 37 percent. Together with benefits paid to our policyholders, New York Life’s total payment to policyholders in 2015 totaled $9.8 billion.

At the same time, New York Life remains one of only two companies to receive the highest possible financial strength ratings currently awarded to life insurers from all four major rating agencies. For 2015 surplus and asset valuation reserve grew by $800 million to $22.7 billion, a record high.

Key to these achievements was another year of superior operating earnings, which for 2015 totaled $1.9 billion, second only to 2014’s $2.0 billion in the company’s history. This performance reflects the benefits of a diversified earnings profile that complements the company’s core business of participating life insurance.

Review of Businesses

Insurance and Agency Group

The Insurance and Agency Group includes the company’s life insurance business in the United States, which has been the core business of New York Life since its founding in 1845, and the company’s career agency system of 12,000 licensed agents. In 2015 the company achieved life insurance sales of $1.3 billion, a new record. Total life insurance in-force reached a new high of $923 billion.

New York Life is one of the few companies committed to growing a career agency system as its primary distribution model. Since 2007, the company has grown its active agent force by 28 percent, and for 61 consecutive years has had more agents qualify for the Million Dollar Round Table, which is recognized globally as the standard of excellence for life insurance sales performance in the insurance and financial services industry, than any other company.

The Insurance and Agency Group also includes New York Life’s life insurance operation in Mexico, Seguros Monterrey New York Life, one of the country’s largest life insurers.

Investments Group

New York Life Investments reported $510 billion in assets under management as of December 31, 2015. The Group, which is one of the world’s largest asset managers1; provides investment management services to institutional clients and retail investors through New York Life Investment Management, and manages the majority of the company’s general account, which stood at $218 billion in cash and invested assets at year end, a company record.

The Investments Group also includes the company’s annuity business, which delivers retail and institutional annuities to the qualified and non-qualified markets. For 2015, the Group reported retail annuity sales of $12 billion, a six percent increase. New York Life continued to lead the industry in providing guaranteed lifetime income, with a 20 percent market share in fixed immediate annuities and 32 percent of the market for deferred income annuities, according to an industry source.

2015 financial highlights

About 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 & Poor’s (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. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Visit www.newyorklife.com for more information.

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Further Reading

Note: “New York Life” or “the Company,” as used throughout this release, can refer either separately to the parent company, New York Life Insurance Company, or one of its subsidiaries, or collectively to all New York Life companies, which include the parent company and its subsidiaries and affiliates.

  • 1 Source: New York Life Investments ranked 26th among the world’s largest money managers within Pensions & Investments, May 18, 2015. Rankings are based on total worldwide institutional assets under management for the year–end 2014. New York Life Investments assets include assets of affiliated investment advisors
  • Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
  • Individual independent rating agency commentary as of 8/11/15.
  • New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.