Record 2024 Results Underscore New York Life’s Unparalleled Financial Strength
Strong performance reflects the company’s diversified business model and successful execution of its strategy
“In 2024, we delivered record-setting results that reflect the exceptional value of our diversified business model and our singular mission: Delivering financial security and peace of mind to our clients,” said
The power of New York Life’s diversified business model
New York Life’s strong performance reflects the successful execution of the company’s diversified business strategy, which centers on its Foundational Business and is complemented by its Strategic Businesses. The Foundational Business, which makes up roughly half of New York Life’s earnings, delivers protection-first, holistic advice and guidance to millions of customers through its 12,000 agents and advisors across
This unique business mix enhances New York Life’s financial profile, while also providing a diversified source of earnings that benefits both current and future policy owners.
Record
New York Life’s record-setting financial results allowed for the declaration of a
Leading financial strength ratings
New York Life’s company-record surplus – capital above and beyond the reserves already set aside to pay benefits to policy owners – is a key component of its leading financial strength ratings.
Financial performance highlights for the year ended
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$33.3 billion surplus (including the asset valuation reserve)4 -
$17.6 billion in total dividends and benefits paid to policy owners5 -
$2.5 billion total dividend payout declared for 20252 -
$3.5 billion in operating earnings6 -
$1.2 trillion of individual life insurance in force7 -
$808 billion in assets under management8 -
$1.9 billion in insurance sales9 -
$18.6 billion in insurance premiums10 -
$21.9 billion in annuity sales11
ABOUT
Note: “New York Life” or “the company” can refer either separately to the parent company,
1 |
Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/4/2024. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2023/. |
2 |
Dividends are not guaranteed. |
3 |
Individual independent rating agency commentary as of 10/4/2024: |
4 |
Total surplus, which includes the AVR, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was |
5 |
Policy owner benefits primarily include death claims paid to beneficiaries and annuity payments. Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available, following each year’s operations, for distribution in the form of dividends. Dividends are not guaranteed. Each year the board of directors votes on the amount and allocation of the divisible surplus. Policy owner benefits and dividends reflect the consolidated results of NYLIC and its domestic insurance subsidiaries. Intercompany transactions have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were |
6 |
Operating earnings is the measure used for management purposes to track the company’s results from ongoing operations and the underlying profitability of the business. This chart is based on Statutory Accounting principles on insurance operations with certain adjustments we believe are more appropriate as a measurement approach. |
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The |
7 |
Individual life insurance in force is the total face amount of individual life insurance contracts (term, whole, and universal life) outstanding for NYLIC and its domestic insurance subsidiaries at a given time. The company’s individual life insurance in force totaled |
8 |
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. |
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The company’s general account investment portfolio totaled |
9 |
Insurance sales represent annualized first-year premiums on participating issued whole life insurance, term life insurance, universal life insurance, long-term care insurance, disability insurance, and other health insurance products. A sale is generally counted when the initial premium is paid and the policy is issued. Adjustments are made to normalize nonrecurring premiums to align with our annualized recurring premium methodology for insurance sales. Some examples are: single-premium individual and |
10 |
Insurance premiums include direct and assumed premiums, net of ceded premiums on life and accident and health policies, as reported in the Statutory Annual Statement (“Exhibit 1 Part 1 – Premiums and Annuity Considerations for Life and Accident and Health Contracts”). Recurring premiums include both renewal and first-year (other than single) net premiums. NYLIC's insurance premiums were |
11 |
Total annuity sales represent premiums on our deferred annuities (both fixed and variable) and on our guaranteed income annuities. Sales are generally recognized when premiums are received. Annuities are primarily issued by NYLIAC. |
Where applicable, prior period numbers have been restated to conform to the current-year definition. In addition, non- |
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A copy of our statutory financial statements, and reconciliation to our performance measure are also available by writing to the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319086321/en/
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