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New York Life Insurance Company (NYLIC), established in 1845, is the biggest mutual life insurer in the U.S. based on revenue. With over 11,000 employees and 12,000 agents, the company and its subsidiaries provide life, disability and long-term care insurance, pension and annuity products, mutual funds, ETFs, 529 college savings plans as well as premier services including small business solutions, estate planning and wealth management. The company offers eight life insurance plans across three types: term, whole and universal life. In December 2020, New York Life completed acquisition of Cigna’s non-medical insurance unit (or group life, accident and disability insurance business). As of December 31, 2023, New York Life had $771 billion in assets under management (AUM), $1.2 trillion of individual life insurance in force and $31.9 billion in surplus & asset valuation reserve (AVR). The firm has the highest financial strength ratings from all major credit rating agencies.
Financial performance (2023)
$16.7 billion in total dividends and benefits paid to policy owners
$2.2 billion total dividend payout declared for 2024
$3.1 billion in operating earnings
$1.2 trillion of individual life insurance in force in the US
$32 billion surplus including the asset valuation reserve
$771 billion in AUM
$1.9 billion in insurance sales
$18.9 billion in insurance premiums
$19.3 billion in annuity sales
Financial Strength Ratings:
AM Best: A++ (Superior)
Moody’s: Aaa (Highest)
Fitch: AAA (Highest)
Standard & Poor’s: AA+
Ratings as of June 2024
