Record 2025 Results Underscore New York Life’s Financial Strength and Mutual Advantage

Strong earnings, surplus growth and the largest dividend in company history reflect successful execution of company’s long-term strategy

NEW YORK--(BUSINESS WIRE)--New York Life, America’s largest¹ mutual life insurer, today announced record financial results for 2025, reflecting the strength of its mutual structure, diversified business model, and disciplined capital management.

The company delivered $3.6 billion in earnings,² a four percent increase over the prior year, and grew surplus to $34.7 billion,³ up from $33.3 billion in 2024. Supported by this strong performance, New York Life declared a $2.8 billion dividend⁴ to eligible participating policy owners, the largest in company history, continuing its 172-year track record of paying dividends.

“In 2025, we grew earnings, strengthened our capital position, and declared the largest dividend in our history,” said Craig DeSanto, Chair, President & CEO of New York Life. “As a mutual company, we operate for our policy owners — not shareholders — which allows us to take a long-term view, share our success with those who rely on us, and focus on what matters most: helping our clients build financial security and peace of mind.”

Sustained Financial Strength

New York Life’s surplus growth continues to underpin its superior financial strength. In 2025, the company again earned the highest possible financial strength ratings currently awarded to U.S. life insurers from all four major rating agencies.⁵

The company’s consistent capital growth, diversified earnings, and prudent risk management are designed to ensure it can meet its obligations across economic cycles.

Diversified Business Model

New York Life’s performance was supported by its broad-based growth across its diversified businesses.

In 2025:

• Insurance sales increased 14 percent⁶
• Annuity sales increased 40 percent⁷
• Mutual fund sales increased 7 percent⁸

Collectively, New York Life policy owners now hold nearly $1.3 trillion in individual life insurance,⁹ reflecting the company’s long-standing focus on delivering protection-first financial security.

This diversified growth strengthens New York Life’s capital position and supports its ability to deliver long-term value to participating policy owners.

Investing to Deliver Enhanced Client and Advisor Experiences

“We continue to invest to make it easier to do business with New York Life,” said DeSanto. “That includes expanding digital capabilities, leveraging artificial intelligence, and strengthening the technology that supports our operations — all with a focus on enhancing service, security, and long-term value.”

Financial Performance Highlights for the Year Ended Dec. 31, 2025

• $3.6 billion in operating earnings²
• $34.7 billion in surplus (including the asset valuation reserve)³
• $2.8 billion dividend declared for payment in 2026⁴
• $18.1 billion in policy owner benefits and dividends¹⁰
• $892 billion in assets under management¹¹
• Nearly $1.3 trillion in individual life insurance protection in force⁹

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, disability income 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

“New York Life” or “the company,” as used throughout the press release, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life companies, which include NYLIC and its subsidiaries and affiliates, including New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ and LINA are not authorized in New York and do not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions business. Any discussion of ratings and safety throughout the press release applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performances will fluctuate with market conditions.

¹Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/2/2025. For methodology, see https://fortune.com/company/new-york-life-insurance/.
²Operating 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.

The New York State Department of Financial Services recognizes only unadjusted statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its policy owners. Policy owners can view a detailed reconciliation of our management performance measure by visiting our website, www.newyorklife.com, beginning in mid-March.

³Total 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 $27.6 billion and $26.4 billion at December 31, 2025 and 2024, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.6 billion and $8.4 billion at December 31, 2025 and 2024, respectively, and LINA's statutory surplus of $2.3 billion and $2.2 billion at December 31, 2025 and 2024, respectively. AVR for NYLIC was $4.7 billion and $4.6 billion at December 31, 2025 and 2024, respectively. AVR for NYLIAC was $2.3 billion and $2.1 billion at December 31, 2025 and 2024, respectively. AVR for LINA was $0.2 billion and $0.2 billion at December 31, 2025 and 2024, respectively.
⁴Dividends are not guaranteed. New York Life Insurance Company is a mutual company that issues participating products that are eligible for dividends, but is also the parent of subsidiaries which issue non-participating products. The participating products are invested in separate and distinct portfolios and have their own dividend scales.
⁵Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).
⁶Insurance 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 Corporate Owned Life Insurance products sold through our agents and third party distribution channels, which are counted in this metric at 10 percent of their premium. Sales are generated from both domestic and Mexican operations.
⁷Total 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.
⁸Mutual fund sales represent total cash deposited primarily to new and existing accounts of the New York Life Investments (NYLI) Funds, New York Life’s proprietary mutual funds. NYLI Funds are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, an indirect wholly owned subsidiary of NYLIC.
⁹Individual 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 $1,264.5 billion and $1,227.3 billion at December 31, 2025 and 2024, respectively (including $193.7 billion and $183.6 billion for NYLIAC at December 31, 2025 and 2024, respectively).
¹⁰Policy 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 $9.5 billion and $9.1 billion for the years ended December 31, 2025 and 2024, respectively. NYLIAC’s policy owner benefits were $6.3 billion and $6.3 billion for the years ended December 31, 2025 and 2024, respectively. LINA’s policy owner benefits were $1.9 billion and $1.9 billion for the years ended December 31, 2025 and 2024, respectively. Benefits have been adjusted to exclude implications of a strategic reinsurance transaction.
¹¹Assets 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 $371.6 billion at December 31, 2025 (including $140.3 billion invested assets for NYLIAC and $8.6 billion invested assets for LINA). At December 31, 2025, total assets equaled $463.5 billion (including $223.5 billion total assets for NYLIAC and $9.5 billion total assets for LINA). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $428.8 billion (including $212.6 billion total liabilities for NYLIAC and $7.0 billion total liabilities for LINA). See Note 3 for total surplus.

Where applicable, prior period numbers have been restated to conform to the current-year definition. In addition, non-U.S.-denominated results are generally valued using applicable year-end exchange rates.
A copy of our statutory financial statements and reconciliation to our performance measure are also available by writing to the Secretary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.