New York Life announces exceptional 2021 financial results underscored by multiple company records.

New York | March 15, 2022

Results include company records in surplus, insurance sales, assets under management, policy owner benefits and dividends, and individual life insurance in force.

NEW YORK — New York Life, America’s largest¹ mutual life insurer, today announced exceptional financial results for 2021 that highlight the company’s enduring stability and financial strength despite the ongoing challenges posed by the global pandemic. New company record results, including $30.7 billion in surplus, $1.4 billion in insurance sales, and $760 billion in assets under management, underscore strong top-line growth while all-time company highs of $16.5 billion in policy owner benefits and dividends and $1.1 trillion in individual life insurance in force in the U.S. showcase New York Life’s ongoing commitment to policy owners.

Additionally, New York Life recently declared a record dividend payout of $1.9 billion to eligible participating policy owners in 2022, the largest in company history. The ability to pay a dividend² in excess of the guarantees provided to policy owners on their whole life cash value growth for a 168th consecutive year underscores New York Life’s commitment to delivering ongoing value to policy owners.

“New York Life’s 2021 financial results are all the more impressive when considering the environment in which they were achieved,” said New York Life Chairman and Chief Executive Officer Ted Mathas.  “Our long-term orientation served our policy owners and clients well as we continued to successfully navigate numerous challenges including the global pandemic, the historically low interest rate environment, and an evolving competitive landscape. Our 12,000 agents and the company’s dedicated employees remain committed to delivering advice, guidance, and service at a time when it is needed the most and to helping clients build better futures for themselves and the ones they love.” The company’s record surplus, capital above and beyond the reserves already set aside to pay the benefits New York Life promises, is a key component of the company’s strong financial strength ratings. New York Life is one of only two life insurers with the highest financial strength ratings currently awarded to any U.S. life insurance company by all four major rating agencies³.

“Last year, we strengthened our foundational retail insurance business, grew our differentiating strategic business portfolio, and invested in our workforce and industry-leading agency field force, while posting records across our major financial metrics,” said New York Life President and CEO-elect Craig DeSanto.  “Our results demonstrate how New York Life’s mutual business model allows us to operate in the best interests of the company’s policy owners and fulfill our mission of providing financial security and peace of mind.”

Financial performance highlights as of and for the year ended December 31, 2021 include: 

•       $30.7 billion surplus (including the asset valuation reserve).

•       $16.5 billion in total dividends and benefits paid to policy owners. 

•       $1.9 billion total dividend payout declared for 2022.

•       $1.1 trillion of individual life insurance in force in the U.S.

•       Assets under management of $760 billion.

•       Insurance sales of $1.4 billion.

•       $18.5 billion in insurance premiums.

•       Annuity sales of $13.7 billion. 

•       $2.4 billion in operating earnings. 

New York Life Insurance Company

2021 Financial Highlights (in millions)

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, 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 agencies³.

Note: “New York Life” or “the company”, 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 is not authorized in New York or Maine, and does not conduct insurance business in New York or Maine. LINA is not authorized in New York and does not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions (GBS) business. Any discussion of ratings and safety throughout the Report 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.

Footnotes

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.

²Dividends are not guaranteed.

³Individual independent rating agency commentary: A.M. Best A++ (as of 10/13/21), Fitch Ratings AAA (as of 11/16/21), Moody’s Aaa (as of 5/6/21), and Standard & Poor’s AA+ (as of 7/21/21).

⁴Total surplus, which includes the asset valuation reserve (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 $24.57 billion and $21.73 billion at December 31, 2021 and 2020, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $9.73 billion and $9.45 billion at December 31, 2021 and 2020, respectively, and LINA’s statutory surplus of $1.67 billion and $2.06 billion at December 31, 2021 and 2020, respectively. AVR for NYLIC was $4.17 billion and $3.59 billion at December 31, 2021 and 2020, respectively. AVR for NYLIAC was $1.87 billion and $1.60 billion at December 31, 2021 and 2020, respectively. AVR for LINA was $0.08 billion and $0.07 billion at December 31, 2021 and 2020, respectively.

Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com, beginning in mid-March.

⁵Policy 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 $8.80 billion and $8.41 billion for the years ended December 31, 2021 and 2020, respectively. NYLIAC’s policy owner benefits were $5.77 billion and $4.18 billion for the years ended December 31, 2021 and 2020, respectively. LINA’s policy owner benefits were $1.79 billion for the year ended December 31, 2021.

⁶Individual 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 $1,139.45 billion at December 31, 2021 (including $182.30 billion for NYLIAC).

⁷Assets 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 $296.96 billion at December 31, 2021 (including $113.15 billion invested assets for NYLIAC and $8.10 billion invested assets for LINA). At December 31, 2021, total assets equaled $379.98 billion (including $183.13 billion total assets for NYLIAC and $9.00 billion total assets for LINA). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $349.29 billion (including $171.52 billion total liabilities for NYLIAC and $7.25 billion total liabilities for LINA). See Note 4 for total surplus.

⁸Insurance 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 non-recurring premiums to align with our annualized recurring premium methodology for insurance sales. Some examples are: single premium products sold through our agents and Third Party Retail Life and Corporate-Owned Life Insurance distribution channel, our network of independent agents and brokers, are counted at 10 percent. Sales are generated from both domestic and Mexican operations.

⁹Insurance premiums include direct and assumed premiums, net of ceded premiums on life and accident and health policies, as reported in the Statutory Annual Statement (“Exhibit 1 Part 1 – Premiums and Annuity Considerations for Life and Accident and Health Contracts”). Recurring premiums include both renewal and first year (other than single) net premiums. NYLIC’s insurance premiums were $11.84 billion and $11.32 billion for the years ended December 31, 2021 and 2020, respectively. NYLIAC’s insurance premiums were $3.76 billion and $1.49 billion for the years ended December 31, 2021 and 2020, respectively. LINA’s insurance premiums were $2.66 billion for the year December 31, 2021.

¹⁰Total 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.

¹¹Operating 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 measure is based on accounting principles generally accepted in the United States of America (GAAP) with certain adjustments we believe are more appropriate as a measurement approach (non-GAAP). Policy owners can view the GAAP-basis consolidated financial statements and a detailed reconciliation to our non-GAAP performance measures by visiting our website, www.newyorklife.com, beginning in mid-March. The New York State Department of Financial Services recognizes only 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. No consideration is given by the Department to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.

New York Life Group Benefit Solutions (GBS) business was acquired on December 31, 2020. As a result, for 2021, all indicators include the GBS business, as applicable, and for 2020, only Assets Under Management and Surplus and AVR include the GBS business.