New York Life Declares Largest Dividend in Company History

NEW YORK--(BUSINESS WIRE)--
New York Life, America’s largest¹ and most admired² mutual life insurer, today announced that the company has declared a dividend of $1.9 billion to eligible participating policy owners in 2022, the largest in company history. Declaring a dividend for the 168^th consecutive year underscores New York Life’s commitment to financial strength, mutuality, and delivering ongoing value to policy owners. The company has paid in excess of $1 billion in dividends every year since 1990 and more than $44 billion in total dividend payouts over that time.

“Throughout the pandemic, New York Life has maintained a position of incredible strength thanks to our focused business strategy, long-term investment perspective, and resolute commitment to mutuality. The company’s 2022 record dividend is a powerful and tangible example of New York Life putting policy owners first,” said New York Life Chairman and CEO Ted Mathas. “Every day, our financial professionals deliver on our mission by guiding clients as they protect their loved ones and build financial foundations for the future.”

Complementing New York Life’s foundational life insurance franchise are strategic businesses that deliver diversified revenue streams. These revenues contribute to surplus, dividends, and earnings and can help mitigate the impact of today’s historically low interest rate environment.

“The 2022 dividend declaration confirms our policy owners’ decisions to purchase participating whole life insurance, annuity, and long-term care solutions from New York Life,” said New York Life President and CEO-elect Craig DeSanto. “As the nation’s largest mutual life insurer, we are uniquely aligned with our policy owners. Our unparalleled financial strength and the trusted advice and guidance of our agents ensure that we deliver on our promises and help our clients achieve their protection needs and growth goals.”

In addition to announcing a dividend beyond the guarantees provided to whole life policy owners on their cash value growth, New York Life has also declared dividends on participating Mutual Income Annuities for the sixth consecutive year³ and on NYL My Care, a standalone long-term care product introduced in 2018, for the second consecutive year.⁴

One of only two life insurance companies with the highest financial strength ratings currently awarded to any U.S. life insurers by all four major rating agencies,⁵ New York Life’s surplus and asset valuation reserve remains robust at $28 billion, bolstered by the company’s ability to strategically manage its $295 billion general account.⁶

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. 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 has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.⁵

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/2021. For methodology, please see http://fortune.com/fortune500/.

²As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),” Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.

³Annuity premiums are invested in a portfolio that is separate and distinct from the life insurance portfolio and has its own dividend scale.

⁴The dividends paid on NYL My Care are payable as a premium offset.

⁵Individual independent rating agency commentary as of 9/30/2021: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

⁶Surplus and general account as of 9/30/2021. Please see New York Life’s 2020 Report to Policy Owners for additional information.

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Kevin Maher
New York Life

(212) 576-6955

kevin_b_maher@newyorklife.com

Source: New York Life