New York Life declares largest dividend in company’s history.
Expected $1.78 Billion Dividend Payout in 2018 Highlights Enduring Commitment to Policy Owners
164th Consecutive Year of Dividend Payout Reflects Company’s Financial Strength
NEW YORK, November 16, 2017 — New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.78 billion in 2018, the largest in the company’s history. This will mark the 164th consecutive year that New York Life has paid a dividend to policy owners.* Since 2012, New York Life has increased its dividend payout by 36 percent, despite years of record low interest rates. In fact, New York Life is the only major mutual life insurer to have increased its dividend payout every year in this time period.
According to CEO and Chairman Ted Mathas, “As America’s largest and oldest mutual life insurance company, we take great pride in consistently sharing our success with our eligible policy owners through dividends. We have done so since 1854 and will again in 2018, returning a record $1.78 billion to Americans from all walks of life, who wisely chose to place their trust in New York Life. This impressive payout demonstrates the lasting power of our business model, which pairs a conservative investment strategy with a strong set of complementary businesses, to support our unsurpassed financial strength.”
The record payout declared in 2017 follows an outstanding year of performance in 2016, during which New York Life announced record sales of insurance and annuities, and paid out more than $10 billion dollars in dividends and benefits.
Year to date, the company continues to post impressive sales gains, driven by the industry’s largest, best-trained and highest-achieving** agent force. Surplus and asset valuation reserve remain strong, expected to reach $24.8 billion by year-end 2017, up six percent over 2016. The surplus is bolstered by the company’s ability to strategically manage its $230 billion general account and successfully operate its portfolio of supporting businesses, which deliver diversified revenue streams to support New York Life’s financial strength.
New York Life remains one of only two life insurance companies in the country with the highest financial strength ratings currently awarded by the four major rating agencies, reflecting a level of safety and soundness that is unsurpassed among US life insurers.
New York Life will continue to pay out a dividend on its Mutual Income Annuities in 2018. Income annuities have grown to become a core retirement solution for millions of Americans. New York Life and its subsidiaries remain the income annuity leader according to an industry source.***
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. Please visit New York Life’s website at www.newyorklife.com for more information.