New York Life Approves Largest Total Dividend Payout to Policy Owners in Company’s History
NEW YORK--(BUSINESS WIRE)--Nov 15, 2018--New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.8 billion in 2019. This milestone will mark the 165 th consecutive year that New York Life has paid a dividend to policy owners, underscoring the company’s continued financial strength. 1 New York Life is the only major U.S. mutual life insurance company 2 to declare a record dividend payout in each of the last five years.
According to CEO and Chairman Ted Mathas, “Paying dividends to our eligible policy owners for the 165 th consecutive year is New York Life’s mutual structure in action. This unparalleled consistency in sharing our success reflects the disciplined execution of our diversified business strategy and superior financial strength. As a mutual company, our interests are aligned with those of our policy owners, not Wall Street or shareholders, meaning the value we create is carefully managed with their long-term interests in mind.”
The dividend payout declared in 2018 follows an outstanding year of performance. This year also marks the third anniversary of paying dividends on participating Mutual Income Annuities. Income annuities have grown to become a core retirement solution for millions of Americans. New York Life and its subsidiaries remain the income annuity leader according to LIMRA. 3
With its success driven by the industry’s largest, best-trained, and highest-achieving 4 agent force, New York Life remains one of only two life insurance companies in the country with the highest financial strength ratings currently awarded to life insurers by the four major rating agencies 5, reflecting a level of safety and soundness that is unsurpassed in the industry.
In addition, surplus and asset valuation reserve remain strong at a record $25.1 billion 6, bolstered by the company’s ability to strategically manage its $252.9 billion general account 6 and successfully operate its portfolio of supporting businesses, which deliver diversified revenue streams to support New York Life’s financial strength.
About New York Life
New York Life Insurance Company ( www.newyorklife.com ), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States 7 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 5.
1 Dividends are not guaranteed.
2 Based on publicly available information on New York Life’s peer mutual U.S. life insurers. This peer group is comprised of major mutual U.S. insurance companies for whom life insurance is the primary focus and primary line of business, and whose dividend information is made publicly available.
3 Source: LIMRA as of 12/31/2017.
4 New York Life leads U.S. membership in the Million Dollar Round Table (MDRT), the Premier Association of Financial Professionals®.
5 Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
6 Surplus and general account as of 9/30/2018.
7 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/.
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CONTACT: Kevin Maher
New York Life
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: New York Life
Copyright Business Wire 2018.
PUB: 11/15/2018 09:30 AM/DISC: 11/15/2018 09:30 AM