New York Life Insurance and Annuity Corporation, the issuer of the Lifetime Income Annuity, is not publicly traded. It therefore does not have to manage its business for the benefit of public company shareholders and is not subject to Wall Street's pressure to meet short-term financial goals. The company is free to manage its business for the long term, with only one overriding objective: to meet its commitments to its policyowners.
Unlike a publicly traded stock company with various stockholders, New York Life Insurance and Annuity Corporation is beholden to only one — its parent, New York Life Insurance Company. New York Life Insurance Company is a mutual insurance company that consistently receives among the highest ratings for financial strength,1 and that has been in business for over 160 years.
1 New York Life Insurance Company and New York Life Insurance and Annuity Corporation are rated A++ from A.M. Best, AAA from Standard & Poor’s, Aaa from Moody’s, and AAA from Fitch for financial strength (third party rating reports, 2/16/05).
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