AM Best Assigns Issue Credit Rating to New York Life Insurance Company’s Newly Issued Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating of “aa” to the newly issued $1.25 billion 3.75% surplus notes due 2050 issued by New York Life Insurance Company (New York Life) (New York, NY). The outlook assigned to the Credit Rating (rating) is stable. The existing Financial Strength Rating and the Long-Term Issuer Credit Rating of New York Life and its affiliates remain unchanged.

New York Life anticipates that the proceeds from the surplus notes offering will be utilized to partially fund its acquisition of Cigna Corporation’s group life and disability insurance business announced in December 2019 and for general corporate purposes. The notes will rank equally with existing surplus notes and will be subordinate in right of payment to all other existing and future indebtedness, policy claims and other creditors of New York Life.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Anthony McSwieney

Senior Financial Analyst

+1 908 439 2200, ext. 5715

anthony.mcswieney@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Michael Porcelli

Director

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michael.porcelli@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best