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{{Infobox company |
{{Infobox company
name = New York Life Insurance Company|
| name = New York Life Insurance Company
logo = [[File:New York Life Insurance Company logo.png]]|
| logo = <!--[[File:New York Life Insurance Company logo.png]] hiding logo for userspace-->
type = [[Mutual company|Mutual]]|
| type = [[Mutual company|Mutual]]
caption = Be Good At Life|
| foundation = 1845
| location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]
foundation = 1845|
| key_people = Ted Mathas, [[CEO]] and [[Chairman]]
location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]|
| num_employees = 11,320 employees (2017)<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref>
key_people = Ted Mathas, CEO and Chairman|
| industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]
num_employees = 12,000 (2014)|
| products = [[Life insurance]], [[annuities]], [[long-term care]], [[asset management]]
industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]|
| operating_income = US$1.95 billion (2016)<ref name=2016AnnualReport>{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Annual-Report.pdf |title=2016 Annual Report |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}} p. ii</ref>
revenue = {{profit}}'''$27.29''' Billion<ref name=Bloomberg>{{cite web | author = Bloomberg.com | title = New York Life Insurance Company Announces Earnings Results for the Year Ended December 31.2014 - Bloomberg Business | publisher = [[Bloomberg L.P.|Bloomberg]] |url =https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=188096| accessdate =April 14, 2015}}</ref> [[United States|USD]] (2014)|
| aum = US$538 billion (2016)<ref name=2016AnnualReport/>
net_income = {{profit}}'''$2.024 ''' Billion<ref name=Bloomberg/> [[United States|USD]] (2014)|
homepage = [http://www.newyorklife.com/ www.newyorklife.com]|
| homepage = [http://www.newyorklife.com/ www.newyorklife.com]
}}
}}


'''New York Life Insurance Company''' (NYLIC) is the largest [[mutual insurance|mutual]] [[life insurance|life-insurance]] company in the [[United States]], and one of the largest life insurers in the world, ranking #61 on the 2016 Fortune 500 list,<ref name=fortune>{{cite web | title = New York Life Insurance Financials and News - Fortune 500 | work = [[Fortune (magazine)|Fortune]] |url =http://fortune.com/fortune500/new-york-life-insurance-80/| accessdate =June 10, 2015}}</ref> with about $550 billion in total [[assets under management]], and more than $21 billion in surplus and AVR.<ref>{{cite web | title = New York Life 2012 Annual Report | publisher = New York Life Insurance Company | url = http://www.newyorklife.com/nyl-internet/file-types/2012-Annual-Report.pdf | accessdate = 2013-07-30 }}</ref> In 2007, NYLIC achieved the best possible ratings by the four independent rating companies (Standard & Poor's, AM Best, Moody's and Fitch). Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail [[mutual fund]]s.
'''New York Life Insurance Company''' is the largest [[mutual insurance|mutual]] [[life insurance|life-insurance]] company in the [[United States]] and one of the largest life insurers in the world, ranking No. 65 on the 2017 [[Fortune 500]] list. The company provides life insurance, retirement, and long-term care financial products in the United States, and also has insurance operations in Mexico. Additionally, the company offers institutional and retail investment products globally. As of 2017, New York Life has 11,320 employees. The company is headquartered in [[New York City|New York]], [[New York (state)|New York]], at 51 [[Madison Avenue]] in the [[New York Life Building]], a U.S. [[national historic landmark]].


==History==
==History==
===Early history===
[[File:New York Life Building 2.jpg|thumb|left|[[New York Life Building]]]]
New York Life Insurance Company first opened in [[Manhattan]]'s [[Financial District, Manhattan|Financial District]] as '''Nautilus Mutual Life''' in 1845, 10 years after the first [[Life_insurance#United_States|life insurance charter]] was granted in the United States.<ref name=Swarns16>{{cite news |title=Insurance Policies on Slaves: New York Life’s Complicated Past |author=Rachel Swarns |url=https://www.nytimes.com/2016/12/18/us/insurance-policies-on-slaves-new-york-lifes-complicated-past.html?_r=0 |work=[[New York Times]] |date=December 18, 2016 |accessdate=May 26, 2017}}</ref><ref name=LOC12>{{cite web |url=https://blogs.loc.gov/inside_adams/2012/08/an-early-history-of-life-insurance/ |title=An early history of life insurance |date=15 August 2012 |publisher=[[Library of Congress]] |accessdate=30 May 2017}}</ref> Originally chartered in 1841, the company also sold [[fire insurance|fire]] and [[marine insurance]].<ref name=LandmarksCommission87>{{cite web |url=http://s-media.nyc.gov/agencies/lpc/lp/1512.pdf |title=Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512 |date=10 February 1987 |publisher=New York City Landmarks Preservation Commission |accessdate=30 May 2017}}</ref> The company's first president, James De Peyster Ogden, was appointed in 1845.<ref name=Hudnut1906P2>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |page=2 |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref> Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business.<ref name=Swarns16/><ref name=LandmarksCommission87/>
The company was founded in 1845 as the ''Nautilus Insurance Company ''in [[New York City]], with assets of $17,000. It was renamed the New York Life Insurance Company in 1849. Its first headquarters were at 58 Wall Street from 1845 until 1846 at which time they were moved to 29 Wall Street. Subsequent addresses included 68 Wall Street, 106 Broadway, and 112-114 Broadway. The first president was James DePeyster Ogden, who served from 1845 until 1847. The current New York Life headquarters was designed by [[architect]] [[Cass Gilbert]] and completed in 1928. The [[New York Life Building]], at 51 Madison Avenue, was constructed during the presidency of Darwin P. Kingsley.
As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners. These policies were discontinued at the direction of the Trustees on April 19, 1848. The total claims paid on slaves' lives totaled $1,050. Nautilus sold 485 slaveholder life insurance policies during a two-year period in the 1840s. Their trustees voted to end the sale of such policies 15 years before the [[Emancipation Proclamation]].<ref>{{cite web | title = Slavery Era Policies Report August 2004 | url = http://www.idfpr.com/doi/Consumer/SlaveryInformation/SlaverySummaryReport.asp | publisher = Illinois Department of Financial & Professional Regulation }}</ref>


As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners.<ref name=Swarns16/> The [[board of trustees]] voted to end the sale of insurance policies on slaves in 1848.<ref name=Swarns16/> The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its ''Semi-Centennial History of the New-York Life Insurance Company''.<ref name=Hudnut1906P22>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=22 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref>
In 1860, before state laws required it, New York Life developed the non-forfeiture option, the predecessor to the guaranteed cash values of modern policies, under which a policy remains in force even if a premium payment is missed. It was also the first American life insurance company to pay a cash dividend to policyholders, and the first U.S. company to issue policies to women at the same rates as men. [[Susan B. Anthony]] was one of their first female policy holders, and her father worked for NYLIC.<ref>{{cite web | title = Susan B. Anthony | publisher = Rochester History | author = Blake McKelvey | url = http://www.rochester.edu/SBA/PDFs/SBA%20Bio%20-%201945.pdf | format = pdf | accessdate = 2007-01-08 }}</ref> In 1896, New York Life became the first company to insure people with disabilities and the first to issue a policy with a disability benefit that presumes total disability to be permanent after a predetermined period.


In its early years, New York Life sold policies to soldiers and civilians involved in combat during the [[American Civil War]] and paid claims under a flag of truce during that time.<ref name=Hudnut1906P169>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=169 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref><ref name=trustedadvisor10/> In the late 1800s, the company began employing female agents.<ref name="Niccolls">{{cite news |title=A woman agent in the '90's |last1=Niccolls |first1=J. Fremont |newspaper=NYLIC Review |date=July 1937 |accessdate=27 June 2017}}</ref>
In the late 1990s, New York Life was one of several large mutual life insurers to back a New York State bill that would permit the formation of a mutual holding company (MHC), a corporate structure that could preserve mutuality for policyholders, while providing a company access to capital markets without the full [[demutualization]] of the organization. CEO [[Seymour G. Sternberg|Sy Sternberg]] himself argued strongly in favor of the bill,<ref>{{cite web | title = The Feeling’s Not Mutual | publisher = New York State Assembly
| author = Alexander B. Grannis, Chairman| url = http://assembly.state.ny.us/Reports/Ins/199803/insureport.html#t12 | accessdate = 2007-01-08 |display-authors=etal}}</ref> which was ultimately defeated. The NYLIC board of directors subsequently reaffirmed its commitment to remaining a mutual, and the company strongly and publicly embraced this decision through a series of advertisements.


In 1896, New York Life became the first company to insure people with disabilities.<ref name="Vault">{{cite book |title=Vault Guide to the Top Insurance Employers |editor=Tyya N. Turner |year=2005 |publisher=Vault, Inc. |location= |isbn=9781581313208 |page=103 |url=https://books.google.com/books?id=Yju0gYTwntMC&printsec=frontcover#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>
==Financial crisis of early 21st Century==
According to their Report to Policyholders 2007, in early 2007 the company's managers became concerned about the state of credit markets, so in February 2007 "based on our belief that the markets were acting irrationally" New York Life decided to move much of its cash flow into safer investments such as US Treasury bonds. "By August 2007, the credit market problems we had feared were front page news," the Report notes.


New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased.<ref name=InternationalDirectory>{{cite web |url=http://www.fundinguniverse.com/company-histories/new-york-life-insurance-company-history/ |title=New York Life Insurance Company History |date= |website=fundinguniverse.com |publisher=International Directory of Company Histories |accessdate=30 May 2017}}</ref> New York Life's growth was in part fueled by its introduction of a system by which the company used [[Independent_insurance_agent|agents]] to find new business.<ref name=InternationalDirectory/> In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.<ref name=InternationalDirectory/>
In November 2008, the company announced it would not participate in the [[Troubled Asset Relief Program]]. "The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders," states a company press release.<ref>{{cite web | title = New York Life Will Not Participate In Treasury Capital Program | publisher = New York Life Insurance Company | url = http://www.newyorklife.com/cda/0,3254,17410,00.html | accessdate = 2009-02-03 }}</ref>


===20th Century===
Theodore "Ted" Mathas, president and CEO in 2008, said at the time of the financial crisis that New York Life is "built for times like these." This phrase became the title for the 2008 report to policyholders. Ted Mathas becomes the company chairman on June 1, 2009.<ref>{{cite web | title = Ted Mathas Becomes Chairman of the Board of New York Life on June 1 | publisher = New York Life Insurance Company | url = http://www.newyorklife.com/cda/0,3254,17899,00.html | accessdate = June 19, 2009}}</ref>
[[File:New York Life Building 2.jpg|thumb|right|[[New York Life Building]]]]
The New York Life Building at 51 Madison Avenue in Manhattan, designed by American [[architect]] [[Cass Gilbert]], opened in December 1928.<ref name="CassGilbert">{{cite web |url=http://www.cassgilbertsociety.org/works/nyc-newyorklife/ |title=New York Life Building |publisher=Cass Gilbert Society |accessdate=30 May 2017}}</ref> The company moved into the 34-story skyscraper in 1929.<ref name=InternationalDirectory/> Later that year, New York Life's assets survived the [[Wall Street Crash of 1929|stock market crash]]; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.<ref name=InternationalDirectory/>


Following [[World War II]], New York Life further diversified; it invested in [[real estate development]] in the late 1940s and launched a mortgage-loan program for [[veterans]] in 1946.<ref name=InternationalDirectory/> In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween.<ref name=Swarns16/><ref name=Deppe17>{{cite book |title=Operation Breadbasket: An Untold Story of Civil Rights in Chicago, 1966–1971 |author=Martin L. Deppe |year=2017 |publisher=[[University of Georgia Press]] |location=[[Athens, Georgia]] |isbn=9780820350455 |page=69 |url=https://books.google.com/books?id=5UhaDgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref> In the 1970s, New York Life began selling annuities and mutual funds.<ref name=InternationalDirectory/> In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company.<ref name=InternationalDirectory/> New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from [[Aetna]].<ref name=Lohse99>{{cite news |title=New York Life Insurance to buy Mexican insurer for $570 million |last1=Lohse |first1=Deborah |last2=Millman |first2=Joel |url=https://www.wsj.com/articles/SB94448744554858708 |newspaper=[[The Wall Street Journal]] |date=7 December 1999 |accessdate=30 May 2017}}</ref>
New York Life maintains "superior" financial ratings from [[A.M. Best]], [[Fitch Ratings|Fitch]], [[Moody's]] and [[Standard and Poor's]], all of which have reaffirmed the ratings during the financial crisis of autumn 2008.<ref>{{cite web | title = What the Rating Agencies Say | publisher = New York Life Insurance Company | url = http://www.newyorklife.com/cda/0,3254,8668,00.html | accessdate = 2009}}</ref>


===Recent history===
It was reported in September 2013 that Dexia had entered into talks with [[New York Life Investment Management]] to sell Dexia Asset Management,<ref>{{Cite news|url=https://www.reuters.com/article/us-dexia-sale-idUSBRE98I10X20130919|title=Dexia in talks with New York Life to sell asset management arm|last=|first=|date=2016-09-19|newspaper=Reuters|access-date=2017-02-21|archive-url=|archive-date=|dead-url=|work=|via=}}</ref> which was completed on 3 February 2014. In February 2014 Dexia Asset Management renamed itself [[Candriam Investors Group]] to help re-establish its identity after being offloaded by Dexia.<ref>{{Cite web|url=http://www.businesswire.com/news/home/20140213005851/en/Dexia-Asset-Management-rebrands-CANDRIAM|title=Dexia Asset Management rebrands as CANDRIAM|website=www.businesswire.com|language=en|access-date=2017-02-22}}</ref>
New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the [[September 11 attacks]].<ref name=InternationalDirectory/> Fearful of the stability of the market during the two years prior to the [[financial crisis of 2007–2008]], New York Life moved its cash into safer investments such as [[United_States_Treasury_security|treasury bonds]].<ref name=trustedadvisor10>{{cite web |url=http://trustedadvisor.com/trustmatters/ny-life-ex-chairman-sy-sternberg-on-trust-in-the-life-insurance-business-trust-quotes-16 |title=NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16 |author=t |date=December 8, 2010 |work=Trustedadvisor.com |publisher=Trusted Advisor |accessdate=March 26, 2017}}</ref> In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the [[U.S. Treasury Department]].<ref name="NBCNews08">{{cite news |title=Two insurers reject government bailout help |url=http://www.nbcnews.com/id/27631025/ns/business-us_business/t/two-insurers-reject-government-bailout-help/#.WS212hPysWo |newspaper=[[NBC News]] |date=9 November 2008 |accessdate=30 May 2017}}</ref> New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these".<ref name="NYLOffices">{{cite web |url=http://www.albany.nyloffices.com/files/4375/Built%20for%20times%20like%20these.pdf |title=Built for Times Like These |publisher=New York Life Insurance Company |accessdate=30 May 2017}}</ref><ref name="Goffee15">{{cite book |title=Why Should Anyone Work Here?: What It Takes to Create an Authentic Organization |author=Robert Goffee and Gareth Jones |year=2015 |publisher=[[Harvard Business Press]] |isbn=9781625275097 |page=104 |url=https://books.google.com/books?id=68OPCgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>


Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in [[Europe]], [[Asia]] and [[Australia]], in addition to the United States.<ref name="Orzeck13">{{cite news |title=New York Life buys Dexia Asset Management arm for $512M |last1=Orzeck |first1=Kurt |url=https://www.law360.com/articles/475464/new-york-life-buys-dexia-asset-management-arm-for-512m |newspaper=[[Law360]] |date=24 September 2013 |accessdate=30 May 2017}}</ref> As of May 2017, it was ranked No. 26 on ''Pensions & Investments'' list of largest money managers.<ref name="P&I17">{{cite news |title=The largest money managers |url=http://www.pionline.com/specialreports/money-managers/20170529 |newspaper=Pensions & Investments |date=29 May 2017 |accessdate=27 June 2017}}</ref>
== Criticism and Controversy ==
New York Life has been the object of much skepticism and scrutiny over allegedly unethical sales practices and refusal to remit death benefits, notably in the State of California.<ref>{{Cite web|url=http://www.bbb.org/new-york-city/business-reviews/insurance-companies/new-york-life-insurance-company-in-new-york-ny-349/|title=New York Life Insurance Company Review - INSURANCE COMPANIES in New York, NY - BBB Business Review - BBB serving Metropolitan New York, Long Island, and the Mid-Hudson Region|website=www.bbb.org|access-date=2016-08-24}}</ref><ref name="caselaw.findlaw.com">{{Cite web|url=http://caselaw.findlaw.com/ca-court-of-appeal/1365275.html|title=FindLaw's California Court of Appeal case and opinions.|website=Findlaw|access-date=2016-08-24}}</ref> NYL settled an investigation over negligent business practices in California for $15 million. A similar controversy came to light in 2008 with criminal proceedings in the State of New Jersey.<ref>{{Cite web|url=http://www.nj.gov/dobi/division_consumers/insurance/mcexams/adoptrptnylife.pdf|title=Market Conduct Report - State of New Jersey|last=|first=|date=2008|website=NJ.gov|publisher=|access-date=}}</ref> A major class-action lawsuit was filed in 2013 in Indiana, where plaintiffs claimed that employees of the New York Life Insurance Company routinely engaged in [[Securities fraud]], [[Life insurance fraud]] and other violations of Indiana State Securities laws.<ref>{{Cite web|url=https://topclassactions.com/lawsuit-settlements/lawsuit-news/10274-annuities-fraud-lawsuit-filed-new-york-life/|title=New York Life Hit with Annuity Fraud Lawsuit|date=2013-12-16|language=en-US|access-date=2016-08-24}}</ref>


In 2016, New York Life opened an office in [[Jersey City, New Jersey]], to serve as a tech hub for the company.<ref name=Strauss16>{{cite news |title=New York Life shuffling, eliminating jobs as it plans tech hub in Jersey City |author=Eric Strauss |url=http://www.njbiz.com/article/20160209/NJBIZ01/160209780/new-york-life-shuffling-eliminating-jobs-as-it-plans-tech-hub-in-jersey-city |work=NJBiz |date=February 9, 2016 |accessdate=May 26, 2017}}</ref>
There have also been numerous complaints issued by employees of New York Life, for encouraging [[Multi-level marketing]] practices, including lack of base pay, use of high pressure sales tactics, and encouragement on the parts of management to target employees' family members and vulnerable members of employees' communities for sales marks.<ref name="caselaw.findlaw.com"/> Some of the confusion in this case may stem from the fact that New York Life is one of a few companies left that have agents, or "Agency".


In 2017, New York Life CEO Ted Mathas was among 175 CEOs and senior executives to sign the CEO Action for Diversity and Inclusion pledge committing to diversity goals.<ref name="Feloni17">{{cite news |title=175 CEOs and senior execs of the US's biggest companies have signed a pledge committing them to diversity goals |last1=Feloni |first1=Richard |last2=Turner |first2=Matt |url=http://www.businessinsider.com/diversity-initiative-ceos-2017-6 |newspaper=[[Business Insider]] |date=13 June 2017 |accessdate=1 August 2017}}</ref>
The accuracy of these allegations are questionable, and may be a reflection of one particular office or group within the company, not a reflection of the organization as a whole. New York Life continues to maintain a perfect Comdex rating of 100, the highest possible score.<ref>https://www.bestliferates.org/companies/understanding-comdex-ratings/</ref> New York Life as a workplace has also received numerous awards for work in the areas of financial strength, human rights, diversity and training,<ref>https://www.newyorklife.com/about/our-strength/our-awards-and-recognition/</ref> along with being voted one of the best places to work in cities such as Boston<ref>http://www.businessinsider.com/50-best-places-to-work-in-2016-2015-12/#no-49-concur-2</ref> and Tampa. <ref>http://www.topworkplaces.com/frontend.php/regional-list/company/tampabay/new-york-life</ref>


==Business scope==
==Operations==
===Overview===
Both NYL (and its primary American insurance subsidiary, New York Life Insurance and Annuity Corporation) are licensed to do business in all 50 states and the District of Columbia.<ref>{{cite web | title = Consumer Information for NYLIC (2005) | publisher = [[National Association of Insurance Commissioners|NAIC]]
New York Life Insurance Company is the largest mutual life insurance company in the U.S.<ref name="Um17">{{cite news |title=New York Life selects new CIO |last1=Um |first1=Sage |url=https://www.ai-cio.com/news/new-york-life-selects-new-cio/ |newspaper=Chief Financial Officer |date=January 17, 2017 |accessdate=30 May 2017}}</ref> and the country's third-largest life insurance company.<ref name=Swarns16/> The company is owned by its policyholders and has no outside shareholders.<ref name=Girouard09>{{cite news |title=A Financial Bunker For Scary Times
| url = http://www.naic.org/cis/writingReport.do?entityId=7249 | accessdate = 2007-01-06 }}</ref><ref>{{cite web | title = Consumer Information for NYLIAC (2005) | publisher = [[National Association of Insurance Commissioners|NAIC]]
|author=John E. Girouard |url=https://www.forbes.com/2009/02/10/mutual-life-insurance-financial-adviser-network_0210_financial_planning.html |work=[[Forbes]] |date=February 10, 2009 |accessdate=May 11, 2017}}</ref> As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.<ref name=InternationalDirectory/><ref name="NerdWallet17">{{cite web |url=https://www.nerdwallet.com/blog/insurance/reviews/new-york-life-insurance-review/ |title=New York Life Insurance Review 2017 |date=2017 |publisher=[[NerdWallet]] |accessdate=30 May 2017}}</ref> The company has paid a dividend every year since 1854.<ref>2016 Annual Report, p. 2</ref>
| url = http://www.naic.org/cis/writingReport.do?entityId=9657 | accessdate = 2007-01-06 }}</ref> The company also sells [[Annuity (financial contracts)|annuities]] and [[long-term care insurance]]; [[mutual funds]] through its subsidiary NYLIFE Securities, a registered broker-dealer; and provides institutional [[asset management|asset-management]] and [[retirement plan|retirement-plan]] services from subsidiary New York Life Investment Management (NYLIM).<ref>{{cite web | title = Assets Under Management | publisher = New York Life Investment Management LLC
| url = http://www.nylim.com/nylim/0,2058,12_1002694,00.html | accessdate = 2007-01-03 }}</ref><ref>{{cite web | title = About NYLIM Retirement Plan Services | publisher = New York Life Investment Management LLC | url = http://www.nylim.com/retirement/0,2058,30_1002465,00.html | accessdate = 2007-01-03 }}</ref>


Because it is not publicly traded, New York Life is able to focus on long-term financial strategies.<ref name=trustedadvisor10/> Its conservative approach to investments has helped it operate through economic cycles, including the [[Great Depression]] and [[Great Recession]].<ref name=trustedadvisor10/><ref name=InternationalDirectory/>
On Nov. 18, 2015, New York Life’s Board of Directors voted to approve a total dividend payout to participating policyholders of $1.7 billion, the highest level in the company’s 170-year history. This represents a $83-million (5.2%) increase over the 2015 level and a 37% increase since 2012. And it marks the 162nd consecutive year in which they have exceeded guarantees by paying dividends on eligible participating policies.


New York Life offers life insurance in the U.S., and asset management operations globally.<ref name="BloombergNYL">{{cite web |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=188096 |title=Company Overview of New York Life Insurance Co. |publisher=[[Bloomberg LP]] |accessdate=30 May 2017}}</ref> Through Seguros Monterrey New York Life, the company offers insurance in Mexico.<ref name="BloombergSegurosMonterrey">{{cite web |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=764524 |title=Company Overview of Seguros Monterrey New York Life, S.A. de C.V. |publisher=[[Bloomberg LP]] |accessdate=30 May 2017}}</ref> Ted Mathas has served as CEO since 2008 and chairman since 2009.<ref name="BloombergMathas">{{cite web |url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=8457232&privcapId=188096 |title=Theodore A. Mathas has been CEO since 2008 and became Chairman in 2009 |publisher=[[Bloomberg LP]] |accessdate=30 May 2017}}</ref> {{As of|2017}}, New York Life has 11,320 employees<ref name=Fortune500/> and a sales force of about 12,000 agents<ref name=AdAge16>{{cite news |title=New York Life Unveils First Campaign From Anomaly |author=Adrianne Pasquarelli |url=http://adage.com/article/cmo-strategy/york-life-unveils-campaign-anomaly/305855/ |work=[[Advertising Age]] |date=September 15, 2016 |accessdate=8 August 2017}}</ref> in 120 offices in the United States.<ref name="NYL-Employees">{{cite web |url=https://www.newyorklife.com/about/our-people/ |title=Our people |publisher=New York Life Insurance Co. |accessdate=1 August 2017}}</ref> In addition to its headquarters and Jersey City tech hub<ref name=Strauss16/> the company has corporate offices in [[Austin, Texas]]; [[White Plains, New York]]; and [[Tampa, Florida]].<ref>2016 Annual Report, p. 20-21</ref><ref name=Manning13/> <ref name="Liebson17">{{cite news |title=New York Life moving 500 jobs to White Plains |last1=Liebson |first1=Richard |url=http://www.lohud.com/story/news/local/westchester/white-plains/2017/01/10/new-york-life-500-jobs-white-plains/96389406/ |newspaper=lohud.com |date=10 January 2017 |accessdate=12 September 2017}}</ref>
New York Life has dominated the Million Dollar Round Table (MDRT) in the United States for the 63rd consecutive year, with 2,522 members in 2017. MDRT granted membership to only 8,754 agents in the entire United States,<ref>{{Cite web|url=https://insurancenewsnet.com/oarticle/new-york-life-leads-mdrt-63rd-year|title=New York Life Leads MDRT For The 63rd Year - InsuranceNewsNet|website=insurancenewsnet.com|language=en-US|access-date=2017-08-17}}</ref> making membership in this organization a distinguishing life insurance career milestone for those demonstrating superior professional knowledge, experience and client service.


===Insurance operations===
[[File:NY Life Bldg St-Gaudens Eagle Kansas City MO.jpg|thumb|right|NY Life Building, Kansas City.]]
New York Life's core product is [[whole life insurance]], a type of life insurance offering lifelong protection that builds cash value over time.<ref name=Girouard09/><ref name=NerdWallet17/> New York Life also sells [[term life insurance]], [[universal life insurance]], [[variable universal life insurance]], [[long-term care insurance]] and [[annuities]].<ref name=NerdWallet17/>


The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the [[AARP]].<ref name=Manning13>{{cite news |title=New York Life builds on AARP knowledge to expand direct sales |author=Margie Manning
==International Operations==
|url=http://www.bizjournals.com/tampabay/news/2013/08/15/new-york-life-builds-on-aarp-knowledge.html |work=[[Bizjournals]] |date=August 15, 2013 |accessdate=May 11, 2017}}</ref>
The company also operates in [[Mexico]]. In 1999, New York Life Insurance acquired a Mexican Insurer for $570 million, making the company international.<ref>{{Cite news|url=https://www.wsj.com/articles/SB94448744554858708|title=New York Life Insurance to Buy Mexican Insurer for $570 Million|last=Lohse|first=Deborah|date=1999-12-07|work=Wall Street Journal|access-date=2017-08-17|last2=Millman|first2=Joel|language=en-US|issn=0099-9660}}</ref>


In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012.<ref>2016 Annual Report, p. 2-3</ref><ref name="PolicyOwnerReport">{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Report-to-Policy-Owners.pdf |title=2016 Report to Policy Owners |date=2016 |page= 3 |publisher=New York Life Insurance Company |accessdate=27 June 2017}}</ref> Operating earnings stood at $1.95 billion for 2016.<ref>2016 Annual Report, p. ii</ref> The company reported a general account balance of $230 billion in cash and invested assets,<ref>2016 Annual Report, p. 8</ref> and total assets under management of $538 billion.<ref>2016 Annual Report, p. 5</ref> It raised its surplus and asset valuation reserve to $23.3 billion in 2016.<ref>2016 Annual Report, p. ii</ref>
==New York Life Insurance buildings==
The New York Life Insurance Company has commissioned a number of buildings under the name "New York Life Insurance Building."


New York Life led the [[Million Dollar Round Table]] in the United States for the 62nd consecutive year with 2,511 members in 2016.<ref name=Engstrom17>{{cite news |title=Agent named to Million Dollar Round Table |last1=Engstrom |first1=Tim |url=http://www.fergusfallsjournal.com/2017/02/agent-named-member-of-million-dollar-round-table/ |newspaper=Fergus Falls Daily Journal |date=12 February 2017 |accessdate=1 August 2017}}</ref>
*[[New York Life Building]] in New York City
*[[New York Life Insurance Building, Chicago]]
*[[New York Life Insurance Building (Kansas City)]]
*[[New York Life Insurance Building, Montreal]]
*[[New York Palace (Budapest)]]
*[[New York Life Insurance Building (Amsterdam)]]
*[[Torre New York Life]] in Mexico City
*Torre New York Life in Guadalajara City (Mexico)
*[https://www.todaynewsedition.com/ New York Life Insurance Reviews And Ratings At A Glimpse]
{{Reflist|2}}


==External links==
===Asset management===
New York Life Investments ranks No. 26 by total worldwide institutional assets under management, according to ''Pensions & Investments''' Largest Money Managers Survey 2017.<ref name=P&I17/>
*[http://newyorklife.com/ New York Life Insurance Company]
*[https://www.todaynewsedition.com/ JUST AUTHENTIC NEWS AND REVIEWS]


New York Life's global asset management business serves both institutional and retail clients.<ref name=Ackermann00>{{cite news |title=N.Y. Life Relaunches Asset Unit |author=Matt Ackermann |url=https://www.americanbanker.com/news/ny-life-relaunches-asset-unit |work=[[American Banker]] |date=October 26, 2000 |accessdate=May 11, 2017}}</ref>
{{Major insurance companies}}


The group manages money through independent investment boutiques,<ref name="NYLIM">{{cite web |url=https://www.nylinvestments.com/investmentsgroup/products |title=Investments group |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}}</ref> which include:
{{Authority control}}

*'''Ausbil''': An Australian investment boutique specializing in equities<ref name="Thompson17">{{cite news |title=Ausbil MicroCap Fund makes key appointments |last1=Thompson |first1=Sarah |last2=Macdonald |first2=Anthony |last3=Moullakis |first3=Joyce |url=http://www.afr.com/street-talk/ausbil-microcap-fund-makes-key-appointments-20170621-gww26a |newspaper=Australian Financial Review |date=22 June 2017 |accessdate=27 June 2017}}</ref>

*'''Candriam Investors Group''': Candriam focuses on high yield, absolute return, emerging debt, sustainable investments and asset allocation strategies. As of December 2016, it had €102 billion in assets under management.<ref name="Rolland17">{{cite news |title=Candriam bien parti pour atteindre 150 milliards d'euros d'actifs dans cinq ans |last1=Rolland |first1=Sophie |url=https://www.lesechos.fr/finance-marches/gestion-actifs/0211867936794-candriam-bien-parti-pour-atteindre-150-milliards-deuros-dactifs-dans-cinq-ans-2071746.php |newspaper=Les Echos |date=13 March 2017 |accessdate=27 June 2017}}</ref><ref name="GlobalInvestorGroup17">{{cite web |url=https://globalinvestorgroup.com/Articles/3651315/Candriam-Investors-opens-New-York-office |title=Candriam Investors opens New York office |date=9 January 2017 |publisher=Global Investor Group |accessdate=27 June 2017}}</ref><ref name="Caon15">{{cite news |title=Candriam looks to seize the retail space |last1=Caon |first1=Viola |last2=Paredes-Vanheule |first2=Adrien |url=http://www.investmenteurope.net/regions/benelux/candriam-looks-to-seize-the-retail-space/ |newspaper=Investment Europe |date=5 June 2015 |accessdate=27 June 2017}}</ref>

*'''Credit Value Partners''': This boutique specializes in opportunistic, distressed debt and high-yield corporate credit. As of December 2016, it had more than $2 billion in assets under management.<ref name="Comtois17">{{cite news |title=New York Life Investments takes majority stake in Credit Value Partners |last1=Comtois |first1=James |url=http://www.pionline.com/article/20170104/ONLINE/170109958/new-york-life-investments-takes-majority-stake-in-credit-value-partners |newspaper=Pensions & Investments |date=4 January 2017 |accessdate=27 June 2017}}</ref>

*'''GoldPoint Partners''': A private equity firm that manages $11.8 billion in assets as of May 2017.<ref name="Griffith17">{{cite news |title=Term sheet — Thursday, May 11 |last1=Griffith |first1=Erin |url=http://fortune.com/2017/05/11/term-sheet-thursday-may-11/ |newspaper=[[Fortune (magazine)|Fortune]] |date=11 May 2017 |accessdate=27 June 2017}}</ref><ref name=Leach17>{{cite web |url=https://www.themiddlemarket.com/news/goldpoint-reaffirms-middle-market-mezzanine-financing-with-fourth-fund |title=GoldPoint reaffirms middle-market mezzanine financing with fourth fund |author=Kamaron Leach |date=11 May 2017 |publisher=Mergers & Acquisitions |accessdate=1 August 2017}}</ref>

*'''IndexIQ''': IndexIQ specializes in exchange-traded funds and alternative investment strategies. It had $2.3 billion in assets under management as of April 2017.<ref name="Lau14">{{cite news |title=New York Life to enter ETF market with acquisition of IndexIQ |last1=Lau |first1=Ashley |url=http://www.reuters.com/article/us-indexiq-m-a-new-york-life-idUSKCN0JI1QR20141204 |newspaper=[[Reuters]] |date=4 December 2014 |accessdate=27 June 2017}}</ref><ref name="Shidler17">{{cite web |url=https://riabiz.com/a/2017/4/3/why-proshares-yanked-etfs-from-schwabs-no-commission-onesource-etf-exchange |title=Why ProShares yanked ETFs from Schwab's no-commission OneSource ETF exchange |author=Lisa Shidler |date=3 April 2017 |publisher=RIABiz |accessdate=27 June 2017}}</ref>

*'''MacKay Shields''': MacKay Shields is an asset management firm that focuses on income generation and offers capital growth through mutual and hedge funds. It had $94.5 billion in assets under management as of February 2017.<ref name="Holman17">{{cite news |title=What’s Ahead for Munis? Forecasters Who Got It Right Make Calls |last1=Holman |first1=Jordyn |url=https://www.bloomberg.com/news/articles/2017-02-01/what-s-ahead-for-munis-forecasters-who-got-it-right-make-calls |newspaper=[[Bloomberg]] |date=1 February 2017 |accessdate=27 June 2017}}</ref><ref name="Maverick16">{{cite web |url=http://www.investopedia.com/articles/investing/031816/mackay-shields-investment-manager-highlight-awf.asp |title=MacKay Shields: Investment Manager Highlight |author=J.B. Maverick |date=18 March 2016 |publisher=Investopedia |accessdate=27 June 2017}}</ref>

*'''Madison Capital Funding''': Madison Capital Funding provides financing to private equity firms and had $8.2 billion in assets under management as of December 2016.<ref name="Beltran17">{{cite news |title=Madison Capital Funding’s Klimmeck, Marks to exit at end of 2017, |last1=Beltran |first1=Luisa |newspaper=Buyouts |date=10 January 2017 |accessdate=27 June 2017}}</ref>

*'''Private Advisors''': An asset manager specializing in hedge funds and private equity funds with $4.8 billion in assets under management as of June 2017.<ref name="Delevingne16">{{cite news |title=Private advisors shakes up hedge fund investments, staff |last1=Delevingne |first1=Lawrence |url=http://www.reuters.com/article/privateadvisors-hedgefunds-idUSL1N19D2CG |newspaper=[[Reuters]] |date=22 June 2016 |accessdate=27 June 2017}}</ref><ref name="Janiec17">{{cite web |url=https://www.agriinvestor.com/private-advisors-closes-real-asset-fund-205m/ |title=Private ADvisors closes real assets fund on $205m |author=Chris Janiec |date=30 June 2017 |publisher=Agri Investor |accessdate=1 August 2017}}</ref>

==Corporate responsibility==
New York Life Foundation is the insurance company's philanthropic arm. Since 1979, it has awarded more than $200 million in grants and charitable contributions, including $22.3 million in 2016.<ref>2016 Annual Report, p. 14</ref><ref name=HuffPostNesle>{{cite web |url=http://www.huffingtonpost.com/author/heather-nesle |title=Heather Nesle |publisher=[[The Huffington Post]] |accessdate=31 May 2017}}</ref>

Its areas of focus include childhood [[bereavement]] and educational enhancement for middle school students.<ref name=HuffPostNesle/><ref name=Uchida15>{{cite web |url=http://philanthropynewsdigest.org/5-questions-for/heather-nesle-president-new-york-life-foundation |title=Heather Nesle, president, New York Life Foundation |author=Kyoko Uchida |date=18 November 2015 |publisher=Inside Philanthropy |accessdate=31 May 2017}}</ref>

New York Life Foundation first became involved in childhood bereavement programs when it supported the Comfort Zone Camp in 2007.<ref name=Uchida15/> Its partners and programs include the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and [[Boys and Girls Clubs of America]].<ref name=Uchida15/> It sponsored the [[HBO]] documentary ''One Last Hug''.<ref name=Uchida15/>

The company also emphasizes giving to various cultural communities, including the African-American community.<ref name=Swarns16/> It was a founding donor of the [[National Museum of African American History & Culture]].<ref name=NMAAHC>{{cite web |url=https://nmaahc.si.edu/about/founding-donors |title=Founding donors |publisher=[[National Museum of African American History & Culture]] |accessdate=31 May 2017}}</ref> The company also funded a $10 million endowment to the [[Colin L. Powell Center for Leadership and Service|Colin Powell Center for Policy Studies]] at the [[City College of New York]] called the New York Life Endowment for Emerging African-American Issues in 2006.<ref name=Swarns16/><ref name=Marshall06>{{cite web |url=http://www.crainsnewyork.com/article/20061205/FREE/61205009/new-york-life-gives-10m-to-city-college |title=New York Life gives $10M to City College |author=Samantha Marshall |date=5 December 2006 |publisher=[[Crain Communications]] |accessdate=31 May 2017}}</ref>

==Ratings and rankings==
New York Life has the highest financial strength ratings from the four major [[credit rating agency|credit rating agencies]]: [[A.M. Best]], [[Fitch]], [[Moody's Investors Service]], and [[Standard & Poor’s]].<ref>2016 Annual Report, p. 3</ref>

As of June 2017, New York Life ranks No. 65 on the [[Fortune 500]].<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref> ''[[Fortune (magazine)|Fortune]]'' also named New York Life to its Most Admired Companies list for the life insurance industry group in 2017.<ref name=FortuneMAC>{{cite web |url=http://fortune.com/worlds-most-admired-companies/new-york-life-insurance |title=New York Life Insurance |date=2017 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=31 May 2017}}</ref> ''Forbes'' ranked New York Life as one of America’s Best Large Employers in 2017.<ref name="Forbes-Best">{{cite web |url=https://www.forbes.com/companies/new-york-life/ |title=America's Best Employers |date=2017 |publisher=[[Forbes]] |accessdate=1 August 2017}}</ref>

As of June 2017, New York Life Investments ranks No. 26 by total worldwide institutional assets under management on Pensions & Investments’ Largest Money Managers Survey 2017.<ref name="P&I17"/>

A variety of "Best of" lists have recognized New York Life for its company culture. These include the [[National Association for Female Executives]]' Top 60 Companies for Executive Women list in 2017,<ref name=NAFE17>{{cite web |url=http://www.workingmother.com/2017-nafe-top-companies-for-executive-women-hub |title=The 2017 NAFE Top Companies for Executive Women |date=2017 |publisher=[[Working Mother]] |accessdate=31 May 2017}}</ref> ''[[Working Mother]]'''s 100 Best Companies list in 2016 and its Best Companies for Multicultural Women list in 2017,<ref name=WorkingMotherBestCos>{{cite web |url=http://www.workingmother.com/best-companies-new-york-life-insurance |title=Best companies |date=8 November 2016 |publisher=[[Working Mother]] |accessdate=31 May 2017}}</ref><ref name="WorkingMotherBestCos-Multicultural">{{cite web |url=http://www.workingmother.com/2017-best-companies-for-multicultural-women-hub?string=new%20york%20life |title=2017 Best Companies for Multicultural Women |date=2017 |publisher=[[Working Mother]] |accessdate=1 August 2017}}</ref> Top 50 Companies for Diversity in 2017 by DiversityInc.,<ref name=DiversityInc>{{cite web |url=http://www.diversityinc.com/the-diversityinc-top-50-companies-for-diversity-2017/ |title=The 2017 DiversityInc Top 50 Companies for Diversity |date=2017 |publisher=DiversityInc. |accessdate=31 May 2017}}</ref> and the [[Anita Borg Institute]]'s 2016 Top Companies for Women Technologists Leadership Index.<ref name=Ioannou16>{{cite news |title=The best companies to work for if you're a woman in tech |last1=Ioannou |first1=Lori |url=http://www.cnbc.com/2016/10/19/the-best-companies-to-work-for-if-youre-a-woman-in-tech.html |newspaper=[[CNBC]] |date=19 October 2016 |accessdate=31 May 2017}}</ref> Also, New York Life earned a score of 100 on the [[Human Rights Campaign Foundation]]'s [[Corporate Equality Index]] in 2017.<ref name=CEI17>{{cite web |url=http://assets.hrc.org//files/assets/resources/CEI-2017-Final.pdf?_ga=2.140856178.1522179506.1496243938-417373390.1496243938 |title=Corporate Equality Index 2017|page=46 |date=2017 |publisher=[[Human Rights Campaign Foundation]] |accessdate=31 May 2017}}</ref> New York Life was recognized in 2017 by the National Business Inclusion Consortium for diversity and inclusion,<ref name="Pramuk16">{{cite news |title=JPMorgan Chase named top US company for diversity |last1=Pramuk |first1=Jacob |url=http://www.cnbc.com/2016/04/25/jpmorgan-chase-named-top-us-company-for-diversity.html |newspaper=[[CNBC]] |date=26 April 2016 |accessdate=1 August 2017}}</ref> and was named to LATINO Magazine's LATINO 100 in 2016.<ref name="LatinoMag">{{cite news |title=2017 LATINO 100 |url=http://latinomagazine.com/spring2017/latino-100.html |newspaper=LATINO Magazine |date=2017 |accessdate=1 August 2017}}</ref>

==References==
{{reflist|30em}}

==External links==
*[http://newyorklife.com/ New York Life website]


[[Category:Life insurance companies of the United States]]
[[:Category:Life insurance companies of the United States]]
[[Category:Insurance companies of the United States]]
[[:Category:Insurance companies of the United States]]
[[Category:Life insurance companies]]
[[:Category:Life insurance companies]]
[[Category:Insurance companies based in New York City]]
[[:Category:Insurance companies based in New York City]]
[[Category:Mutual insurance companies of the United States]]
[[:Category:Mutual insurance companies of the United States]]
[[Category:New York Life Insurance Company|*]]
[[:Category:New York Life Insurance Company|*]]

Revision as of 22:19, 18 October 2017

New York Life Insurance Company
Company typeMutual
IndustryInsurance: Life & Annuity
Founded1845
HeadquartersNew York Life Building
New York City, New York, U.S.
Key people
Ted Mathas, CEO and Chairman
ProductsLife insurance, annuities, long-term care, asset management
US$1.95 billion (2016)[1]
AUMUS$538 billion (2016)[1]
Number of employees
11,320 employees (2017)[2]
Websitewww.newyorklife.com

New York Life Insurance Company is the largest mutual life-insurance company in the United States and one of the largest life insurers in the world, ranking No. 65 on the 2017 Fortune 500 list. The company provides life insurance, retirement, and long-term care financial products in the United States, and also has insurance operations in Mexico. Additionally, the company offers institutional and retail investment products globally. As of 2017, New York Life has 11,320 employees. The company is headquartered in New York, New York, at 51 Madison Avenue in the New York Life Building, a U.S. national historic landmark.

History

Early history

New York Life Insurance Company first opened in Manhattan's Financial District as Nautilus Mutual Life in 1845, 10 years after the first life insurance charter was granted in the United States.[3][4] Originally chartered in 1841, the company also sold fire and marine insurance.[5] The company's first president, James De Peyster Ogden, was appointed in 1845.[6] Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business.[3][5]

As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners.[3] The board of trustees voted to end the sale of insurance policies on slaves in 1848.[3] The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its Semi-Centennial History of the New-York Life Insurance Company.[7]

In its early years, New York Life sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under a flag of truce during that time.[8][9] In the late 1800s, the company began employing female agents.[10]

In 1896, New York Life became the first company to insure people with disabilities.[11]

New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased.[12] New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business.[12] In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.[12]

20th Century

New York Life Building

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928.[13] The company moved into the 34-story skyscraper in 1929.[12] Later that year, New York Life's assets survived the stock market crash; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.[12]

Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946.[12] In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween.[3][14] In the 1970s, New York Life began selling annuities and mutual funds.[12] In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company.[12] New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna.[15]

Recent history

New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the September 11 attacks.[12] Fearful of the stability of the market during the two years prior to the financial crisis of 2007–2008, New York Life moved its cash into safer investments such as treasury bonds.[9] In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department.[16] New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these".[17][18]

Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States.[19] As of May 2017, it was ranked No. 26 on Pensions & Investments list of largest money managers.[20]

In 2016, New York Life opened an office in Jersey City, New Jersey, to serve as a tech hub for the company.[21]

In 2017, New York Life CEO Ted Mathas was among 175 CEOs and senior executives to sign the CEO Action for Diversity and Inclusion pledge committing to diversity goals.[22]

Operations

Overview

New York Life Insurance Company is the largest mutual life insurance company in the U.S.[23] and the country's third-largest life insurance company.[3] The company is owned by its policyholders and has no outside shareholders.[24] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.[12][25] The company has paid a dividend every year since 1854.[26]

Because it is not publicly traded, New York Life is able to focus on long-term financial strategies.[9] Its conservative approach to investments has helped it operate through economic cycles, including the Great Depression and Great Recession.[9][12]

New York Life offers life insurance in the U.S., and asset management operations globally.[27] Through Seguros Monterrey New York Life, the company offers insurance in Mexico.[28] Ted Mathas has served as CEO since 2008 and chairman since 2009.[29] As of 2017, New York Life has 11,320 employees[2] and a sales force of about 12,000 agents[30] in 120 offices in the United States.[31] In addition to its headquarters and Jersey City tech hub[21] the company has corporate offices in Austin, Texas; White Plains, New York; and Tampa, Florida.[32][33] [34]

Insurance operations

New York Life's core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time.[24][25] New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance and annuities.[25]

The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP.[33]

In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012.[35][36] Operating earnings stood at $1.95 billion for 2016.[37] The company reported a general account balance of $230 billion in cash and invested assets,[38] and total assets under management of $538 billion.[39] It raised its surplus and asset valuation reserve to $23.3 billion in 2016.[40]

New York Life led the Million Dollar Round Table in the United States for the 62nd consecutive year with 2,511 members in 2016.[41]

Asset management

New York Life Investments ranks No. 26 by total worldwide institutional assets under management, according to Pensions & Investments' Largest Money Managers Survey 2017.[20]

New York Life's global asset management business serves both institutional and retail clients.[42]

The group manages money through independent investment boutiques,[43] which include:

  • Ausbil: An Australian investment boutique specializing in equities[44]
  • Candriam Investors Group: Candriam focuses on high yield, absolute return, emerging debt, sustainable investments and asset allocation strategies. As of December 2016, it had €102 billion in assets under management.[45][46][47]
  • Credit Value Partners: This boutique specializes in opportunistic, distressed debt and high-yield corporate credit. As of December 2016, it had more than $2 billion in assets under management.[48]
  • GoldPoint Partners: A private equity firm that manages $11.8 billion in assets as of May 2017.[49][50]
  • IndexIQ: IndexIQ specializes in exchange-traded funds and alternative investment strategies. It had $2.3 billion in assets under management as of April 2017.[51][52]
  • MacKay Shields: MacKay Shields is an asset management firm that focuses on income generation and offers capital growth through mutual and hedge funds. It had $94.5 billion in assets under management as of February 2017.[53][54]
  • Madison Capital Funding: Madison Capital Funding provides financing to private equity firms and had $8.2 billion in assets under management as of December 2016.[55]
  • Private Advisors: An asset manager specializing in hedge funds and private equity funds with $4.8 billion in assets under management as of June 2017.[56][57]

Corporate responsibility

New York Life Foundation is the insurance company's philanthropic arm. Since 1979, it has awarded more than $200 million in grants and charitable contributions, including $22.3 million in 2016.[58][59]

Its areas of focus include childhood bereavement and educational enhancement for middle school students.[59][60]

New York Life Foundation first became involved in childhood bereavement programs when it supported the Comfort Zone Camp in 2007.[60] Its partners and programs include the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and Boys and Girls Clubs of America.[60] It sponsored the HBO documentary One Last Hug.[60]

The company also emphasizes giving to various cultural communities, including the African-American community.[3] It was a founding donor of the National Museum of African American History & Culture.[61] The company also funded a $10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging African-American Issues in 2006.[3][62]

Ratings and rankings

New York Life has the highest financial strength ratings from the four major credit rating agencies: A.M. Best, Fitch, Moody's Investors Service, and Standard & Poor’s.[63]

As of June 2017, New York Life ranks No. 65 on the Fortune 500.[2] Fortune also named New York Life to its Most Admired Companies list for the life insurance industry group in 2017.[64] Forbes ranked New York Life as one of America’s Best Large Employers in 2017.[65]

As of June 2017, New York Life Investments ranks No. 26 by total worldwide institutional assets under management on Pensions & Investments’ Largest Money Managers Survey 2017.[20]

A variety of "Best of" lists have recognized New York Life for its company culture. These include the National Association for Female Executives' Top 60 Companies for Executive Women list in 2017,[66] Working Mother's 100 Best Companies list in 2016 and its Best Companies for Multicultural Women list in 2017,[67][68] Top 50 Companies for Diversity in 2017 by DiversityInc.,[69] and the Anita Borg Institute's 2016 Top Companies for Women Technologists Leadership Index.[70] Also, New York Life earned a score of 100 on the Human Rights Campaign Foundation's Corporate Equality Index in 2017.[71] New York Life was recognized in 2017 by the National Business Inclusion Consortium for diversity and inclusion,[72] and was named to LATINO Magazine's LATINO 100 in 2016.[73]

References

  1. ^ a b "2016 Annual Report" (PDF). New York Life Insurance Company. Retrieved 31 May 2017. p. ii
  2. ^ a b c "Fortune 500". Fortune. Retrieved 27 June 2017.
  3. ^ a b c d e f g h Rachel Swarns (December 18, 2016). "Insurance Policies on Slaves: New York Life's Complicated Past". New York Times. Retrieved May 26, 2017.
  4. ^ "An early history of life insurance". Library of Congress. 15 August 2012. Retrieved 30 May 2017.
  5. ^ a b "Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512" (PDF). New York City Landmarks Preservation Commission. 10 February 1987. Retrieved 30 May 2017.
  6. ^ Hudnut, James Monroe (1906). History of the New York Life Insurance Company, 1895-1905. New York: New York Life Insurance Company. p. 2. {{cite book}}: Cite has empty unknown parameter: |dead-url= (help)
  7. ^ Hudnut, James Monroe (1906). History of the New York Life Insurance Company, 1895-1905. New York: New York Life Insurance Company. p. 22. {{cite book}}: Cite has empty unknown parameter: |dead-url= (help)
  8. ^ Hudnut, James Monroe (1906). History of the New York Life Insurance Company, 1895-1905. New York: New York Life Insurance Company. p. 169. {{cite book}}: Cite has empty unknown parameter: |dead-url= (help)
  9. ^ a b c d t (December 8, 2010). "NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16". Trustedadvisor.com. Trusted Advisor. Retrieved March 26, 2017.
  10. ^ Niccolls, J. Fremont (July 1937). "A woman agent in the '90's". NYLIC Review. {{cite news}}: |access-date= requires |url= (help)
  11. ^ Tyya N. Turner, ed. (2005). Vault Guide to the Top Insurance Employers. Vault, Inc. p. 103. ISBN 9781581313208. Retrieved 30 May 2017.
  12. ^ a b c d e f g h i j k "New York Life Insurance Company History". fundinguniverse.com. International Directory of Company Histories. Retrieved 30 May 2017.
  13. ^ "New York Life Building". Cass Gilbert Society. Retrieved 30 May 2017.
  14. ^ Martin L. Deppe (2017). Operation Breadbasket: An Untold Story of Civil Rights in Chicago, 1966–1971. Athens, Georgia: University of Georgia Press. p. 69. ISBN 9780820350455. Retrieved 30 May 2017.
  15. ^ Lohse, Deborah; Millman, Joel (7 December 1999). "New York Life Insurance to buy Mexican insurer for $570 million". The Wall Street Journal. Retrieved 30 May 2017.
  16. ^ "Two insurers reject government bailout help". NBC News. 9 November 2008. Retrieved 30 May 2017.
  17. ^ "Built for Times Like These" (PDF). New York Life Insurance Company. Retrieved 30 May 2017.
  18. ^ Robert Goffee and Gareth Jones (2015). Why Should Anyone Work Here?: What It Takes to Create an Authentic Organization. Harvard Business Press. p. 104. ISBN 9781625275097. Retrieved 30 May 2017.
  19. ^ Orzeck, Kurt (24 September 2013). "New York Life buys Dexia Asset Management arm for $512M". Law360. Retrieved 30 May 2017.
  20. ^ a b c "The largest money managers". Pensions & Investments. 29 May 2017. Retrieved 27 June 2017.
  21. ^ a b Eric Strauss (February 9, 2016). "New York Life shuffling, eliminating jobs as it plans tech hub in Jersey City". NJBiz. Retrieved May 26, 2017.
  22. ^ Feloni, Richard; Turner, Matt (13 June 2017). "175 CEOs and senior execs of the US's biggest companies have signed a pledge committing them to diversity goals". Business Insider. Retrieved 1 August 2017.
  23. ^ Um, Sage (January 17, 2017). "New York Life selects new CIO". Chief Financial Officer. Retrieved 30 May 2017.
  24. ^ a b John E. Girouard (February 10, 2009). "A Financial Bunker For Scary Times". Forbes. Retrieved May 11, 2017.
  25. ^ a b c "New York Life Insurance Review 2017". NerdWallet. 2017. Retrieved 30 May 2017.
  26. ^ 2016 Annual Report, p. 2
  27. ^ "Company Overview of New York Life Insurance Co". Bloomberg LP. Retrieved 30 May 2017.
  28. ^ "Company Overview of Seguros Monterrey New York Life, S.A. de C.V." Bloomberg LP. Retrieved 30 May 2017.
  29. ^ "Theodore A. Mathas has been CEO since 2008 and became Chairman in 2009". Bloomberg LP. Retrieved 30 May 2017.
  30. ^ Adrianne Pasquarelli (September 15, 2016). "New York Life Unveils First Campaign From Anomaly". Advertising Age. Retrieved 8 August 2017.
  31. ^ "Our people". New York Life Insurance Co. Retrieved 1 August 2017.
  32. ^ 2016 Annual Report, p. 20-21
  33. ^ a b Margie Manning (August 15, 2013). "New York Life builds on AARP knowledge to expand direct sales". Bizjournals. Retrieved May 11, 2017.
  34. ^ Liebson, Richard (10 January 2017). "New York Life moving 500 jobs to White Plains". lohud.com. Retrieved 12 September 2017.
  35. ^ 2016 Annual Report, p. 2-3
  36. ^ "2016 Report to Policy Owners" (PDF). New York Life Insurance Company. 2016. p. 3. Retrieved 27 June 2017.
  37. ^ 2016 Annual Report, p. ii
  38. ^ 2016 Annual Report, p. 8
  39. ^ 2016 Annual Report, p. 5
  40. ^ 2016 Annual Report, p. ii
  41. ^ Engstrom, Tim (12 February 2017). "Agent named to Million Dollar Round Table". Fergus Falls Daily Journal. Retrieved 1 August 2017.
  42. ^ Matt Ackermann (October 26, 2000). "N.Y. Life Relaunches Asset Unit". American Banker. Retrieved May 11, 2017.
  43. ^ "Investments group". New York Life Insurance Company. Retrieved 31 May 2017.
  44. ^ Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (22 June 2017). "Ausbil MicroCap Fund makes key appointments". Australian Financial Review. Retrieved 27 June 2017.
  45. ^ Rolland, Sophie (13 March 2017). "Candriam bien parti pour atteindre 150 milliards d'euros d'actifs dans cinq ans". Les Echos. Retrieved 27 June 2017.
  46. ^ "Candriam Investors opens New York office". Global Investor Group. 9 January 2017. Retrieved 27 June 2017.
  47. ^ Caon, Viola; Paredes-Vanheule, Adrien (5 June 2015). "Candriam looks to seize the retail space". Investment Europe. Retrieved 27 June 2017.
  48. ^ Comtois, James (4 January 2017). "New York Life Investments takes majority stake in Credit Value Partners". Pensions & Investments. Retrieved 27 June 2017.
  49. ^ Griffith, Erin (11 May 2017). "Term sheet — Thursday, May 11". Fortune. Retrieved 27 June 2017.
  50. ^ Kamaron Leach (11 May 2017). "GoldPoint reaffirms middle-market mezzanine financing with fourth fund". Mergers & Acquisitions. Retrieved 1 August 2017.
  51. ^ Lau, Ashley (4 December 2014). "New York Life to enter ETF market with acquisition of IndexIQ". Reuters. Retrieved 27 June 2017.
  52. ^ Lisa Shidler (3 April 2017). "Why ProShares yanked ETFs from Schwab's no-commission OneSource ETF exchange". RIABiz. Retrieved 27 June 2017.
  53. ^ Holman, Jordyn (1 February 2017). "What's Ahead for Munis? Forecasters Who Got It Right Make Calls". Bloomberg. Retrieved 27 June 2017.
  54. ^ J.B. Maverick (18 March 2016). "MacKay Shields: Investment Manager Highlight". Investopedia. Retrieved 27 June 2017.
  55. ^ Beltran, Luisa (10 January 2017). "Madison Capital Funding's Klimmeck, Marks to exit at end of 2017,". Buyouts. {{cite news}}: |access-date= requires |url= (help)
  56. ^ Delevingne, Lawrence (22 June 2016). "Private advisors shakes up hedge fund investments, staff". Reuters. Retrieved 27 June 2017.
  57. ^ Chris Janiec (30 June 2017). "Private ADvisors closes real assets fund on $205m". Agri Investor. Retrieved 1 August 2017.
  58. ^ 2016 Annual Report, p. 14
  59. ^ a b "Heather Nesle". The Huffington Post. Retrieved 31 May 2017.
  60. ^ a b c d Kyoko Uchida (18 November 2015). "Heather Nesle, president, New York Life Foundation". Inside Philanthropy. Retrieved 31 May 2017.
  61. ^ "Founding donors". National Museum of African American History & Culture. Retrieved 31 May 2017.
  62. ^ Samantha Marshall (5 December 2006). "New York Life gives $10M to City College". Crain Communications. Retrieved 31 May 2017.
  63. ^ 2016 Annual Report, p. 3
  64. ^ "New York Life Insurance". Fortune. 2017. Retrieved 31 May 2017.
  65. ^ "America's Best Employers". Forbes. 2017. Retrieved 1 August 2017.
  66. ^ "The 2017 NAFE Top Companies for Executive Women". Working Mother. 2017. Retrieved 31 May 2017.
  67. ^ "Best companies". Working Mother. 8 November 2016. Retrieved 31 May 2017.
  68. ^ "2017 Best Companies for Multicultural Women". Working Mother. 2017. Retrieved 1 August 2017.
  69. ^ "The 2017 DiversityInc Top 50 Companies for Diversity". DiversityInc. 2017. Retrieved 31 May 2017.
  70. ^ Ioannou, Lori (19 October 2016). "The best companies to work for if you're a woman in tech". CNBC. Retrieved 31 May 2017.
  71. ^ "Corporate Equality Index 2017" (PDF). Human Rights Campaign Foundation. 2017. p. 46. Retrieved 31 May 2017.
  72. ^ Pramuk, Jacob (26 April 2016). "JPMorgan Chase named top US company for diversity". CNBC. Retrieved 1 August 2017.
  73. ^ "2017 LATINO 100". LATINO Magazine. 2017. Retrieved 1 August 2017.

Category:Life insurance companies of the United States Category:Insurance companies of the United States Category:Life insurance companies Category:Insurance companies based in New York City Category:Mutual insurance companies of the United States *

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