New York Life Chairman and CEO Ted Mathas joined Yahoo Finance’s “On the Move” on September 30, 2020 to discuss the company’s response to the COVID-19 pandemic as well as the year’s economic uncertainty. During the live broadcast appearance, Ted explained:
- how New York Life benefits from 175 years of experience, having successfully navigated through some of the toughest times in history including the yellow fever epidemics of the 19th century, the great pandemic of 1918, two world wars, the Great Depression, and the Financial Crisis of 2008-09.
- that while no one can predict a crisis and its timing, New York Life regularly runs stress test scenarios to make sure that the company would continue to have the capital and reserves required to meet all policy owner claims in case of such events.
- the importance of staying agile and humble even as the company’s track record and preparedness allows the New York Life team to be confident in the company’s ability to remain well-positioned.
- that as employees are such a critical asset of New York Life, the company’s preparedness allowed for a promise to all employees in March 2020 that there would be no layoffs through the end of the year. This was done in an effort to address the uncertainty and ambiguity of 2020 and enable New York Life employees to better help customers deal with their anxieties by giving them economic security themselves.
- not having to worry about the ability to pay customer claims or provide stability to employees allowed New York Life to fulfill its larger responsibility to society during the pandemic and launch the Brave of Heart Fund, established by the Foundations of New York Life and Cigna and powered by E4E Relief. The Fund provides financial support in the form of charitable relief grants to help the families of healthcare workers who lose their lives to COVID-19. In addition to grants, Cigna also offers behavioral and emotional support services and New York Life provides grief coping resources to help families navigate these difficult times.
- that while today’s historically low interest rate environment has an impact on any product that leverages the fixed income markets, income annuities offer a lifetime guaranteed income—a private form of Social Security—and since they involve promises made for decades, it is essential that they be purchased from an insurer with industry-leading financial strength.
Watch the full broadcast above.
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, 5/18/20. For methodology, please see http://fortune.com/fortune500/.
New York Life refers to New York Life companies, which include the parent company and its subsidiaries and affiliates. Assets under management consist of cash and invested assets and separate account assets of the company’s domestic and international insurance operations, and assets the company manages for third-party investors, including mutual funds, separately managed accounts, retirement plans, and assets under administration. The company’s general account investment portfolio totaled $267.97 billion as of December 31, 2019 (including $109.32 billion invested assets of New York Life Insurance and Annuity Corporation (NYLIAC). As of December 31, 2019, total assets equaled $330.81 billion (including $164.74 billion total assets of NYLIAC). Total liabilities, excluding the AVR, equaled $303.84 billion (including $153.82 billion total liabilities of NYLIAC). The audited statutory financial statements can be viewed by visiting our website, https://www.newyorklife.com/about/financial-information/2020-financial-information.
New York Life Insurance Company and NYLIAC have received the highest financial strength ratings currently awarded to any U.S. life insurer by Standard & Poor’s (AA+); A.M. Best (A++); Moody’s (Aaa); and Fitch (AAA). Source: Individual Third-Party Ratings Reports as of 10/15/20. Guarantees associated with an income annuity is based upon the claims paying ability of the issuing company.
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