NEW YORK--(BUSINESS WIRE)--New York Life, America’s largest1 mutual life insurer, today declared a company-record dividend of $2.2 billion to be paid to eligible participating policy owners in 2024. New York Life has paid in excess of $1 billion in dividends every year since 1990 and more than $48 billion in total dividend payouts over that time. Declaring a dividend for the 170th consecutive year underscores the company’s industry-leading financial strength and enduring commitment to delivering ongoing value to policy owners.
“Our latest company-record dividend is a testament to New York Life’s unparalleled financial strength,” said Craig DeSanto, New York Life Chair, President & CEO. “Even with continued economic and market uncertainty, our policy owners can remain confident in New York Life’s exceptional ability to successfully navigate any environment, while creating long-term value for policy owners.”
In addition to announcing a dividend to whole life policy owners, New York Life has also declared dividends on participating Mutual Income Annuities for the eighth consecutive year and on NYL My Care, a standalone long-term care product, for the fourth consecutive year.2
Diversified business model provides significant competitive differentiation
As a mutual company, New York Life operates on behalf of its policy owners, and the company’s diversified business model is a significant competitive differentiator in the industry. The company’s Foundational Business, the core of New York Life, which includes its industry-leading3 field force of 12,000 agents and advisors, is supported and made stronger by a portfolio of complementary Strategic Businesses that strengthen and diversify New York Life’s earnings, while contributing to the company’s surplus.
Strong surplus and leading financial-strength ratings
With the highest financial-strength ratings currently awarded to any U.S. life insurer by all four major rating agencies,4 New York Life’s surplus and asset valuation reserve remains robust at $30.2 billion, bolstered by the company’s ability to strategically manage its $328 billion general account.5
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.4
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.
2Annuity and NYL My Care premiums are invested in portfolios that are separate and distinct from the life insurance portfolio and have their own dividend scales. Dividends are not guaranteed. The dividends paid on NYL My Care are applied to the premium to reduce out-of-pocket costs.
3New York Life has led U.S. membership in the Million Dollar Round Table (MDRT), the Premier Association of Financial Professionals®, for 68 consecutive years. The 2023 MDRT membership list is as of 7/31/23.
4Individual independent rating agency commentary as of 10/19/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
5Surplus and general account as of 9/30/2023. Please see New York Life’s 2022 Report to Policy Owners for additional information.