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IN THE NEWS New York Life in the news.
Check out this curated selection of stories featuring New York Life and our people.
WVEC- 06/30/2024
New York Life Foundation Supporting Students Dealing with Grief
"...Virginia beach public schools received a $30,500 grant from New York Life Foundation to help teens and children struggling with grief to heal. Robert Jamison with Virginia Beach Public schools says they will use money to enhance bereavement plans and encourage ongoing staff development..."
Black Enterprise - 06/26/2024
Homage Paid To Late Willie Mays And Negro Leagues Main Events At Historic MLB Game
"...The bronze image of Mays was reportedly moved from Cooperstown, New York, for the first time and exhibited briefly at Rickwood Field. The nation's largest mutual insurance company, New York Life, contributed to the event by sending employees and agents to volunteer at MLB's Play BALL youth clinic. The insurer provided tickets and travel packages for HBCU students to attend the game and partnered with MLB to prominently feature period-appropriate signage in the outfield at the stadium..."
Forbes - 06/24/2024
Redefining Retirement: The Impact Of Fully Digitized Annuities In The Age Of AI And Blockchain
"...A great case study of AI in action is how New York Life recently began implementing AI to improve its marketing efforts, help make call center representatives and agents more productive and aid in underwriting and predictive modeling. Generative AI is helping New York Life find a form or answer to a policyholder question much faster than traditional means, leading to increased customer satisfaction scores and reduced churn rates..."
Little Black Book - 06/21/2024
How Razorfish's New R-Index Will Help Marketers Navigate 'Moments That Matter'
"...'As we explore opportunities to exceed our customers' expectations, we're leveraging data, tech, and AI to deliver exceptional experiences for clients and agents, along with efficiencies across the enterprise,' says Amy Hu, Chief Marketing Officer at New York Life. 'Our partnership with Razorfish, and the addition of R-Index, is enhancing our measurement capabilities - enabling us to better understand what best resonates with our key client segments.'..."
U.S. Soccer Federation - 06/19/2024
"...In celebration of the 25-year anniversary of the 1999 World Cup, the 1999 Women's World Cup team will be honored on July 13 at Red Bull Arena in Harrison, N.J. prior to kickoff of USWNT vs Mexico in the 'Impact 99' legacy match, presented by New York Life..."
Insurance Innovation Reporter - 06/18/2024
New York Life Hires Alain Biem as Chief Data Science Officer
"...New York Life has announced the hiring of Alain Biem as chief data science officer (CDSO), to lead the company's artificial intelligence (AI) team. In this newly created position, Biem will play a pivotal role in advancing broad AI and data science collaborations across the New York Life enterprise, particularly in enhancing the delivery and enablement of AI solutions, according to a New York Life statement..."
News 12 Bronx - 06/09/2024
Libraries Partner with New York Life Foundation to Give Away over 15,000 books
“…Our three major library system's want to help kids avoid the summer slide. This has been a well-researched phenomenon that kids, if they're not actively engaged throughout the summer, can lose up to three, or even more, months of learning from the from the year. So the libraries are giving away over 15,000 books thanks to the New York Life Foundation. Heather Nesle of the New York Life Foundation, ‘The books that we're giving away are actually really contemporary modern book titles that students really want and want to read'..."
Insurance Innovation Reporter - 05/30/2024
New York Life Group Benefit Solutions Announces Strategic Leadership Promotions
"...New York Life Group Benefit Solutions (NYL GBS, New York) is pleased to announce the promotions of two executives, Meghan Shea and Kristina Welke, to key leadership roles. The company says the appointments reinforce New York Life's commitment to delivering exceptional client solutions and innovative product offerings in the group benefits market..."
HR Brew- 05/29/2024
How New York Life reduced employee turnover
"...Those elements may include a strong value proposition and positive culture, where employees have a voice-at least according to Joanne Rodgers, CHRO at New York Life. The insurance company's employee turnover rate was 7% in 2023, compared to 10% in 2022, she told HR Brew. (The average turnover rate in US businesses was 17.3% between 2022 and 2023, according to Mercer data.) And thanks to some creative recruiting strategies, New York Life saw a 300% rise in internship applications for this year, Rodgers added..."
MarketWatch- 05/29/2024
The elder-care crisis crushes workers. Employers now offer benefits to help.
"...In Harvard Business School's Project on Managing the Future of Work survey of caregiving employees in the U.S., a quarter of those over 55 said caregiving affected their ability to perform their best at work all or most of the time. About one in five said caregiving responsibilities had caused them to leave a job. New York Life's March 2024 Wealth Watch report found that a third of employed caregivers often must take off work to care for loved ones..."
MarketWatch- 05/28/2024
You don't have to be dead to use life insurance. It can also fund long-term care.
"...Companies say they can afford these new hybrid policies because their actuaries and product developers have learned how to design better structures. 'There's a lot of developments around cost-sharing to incentivize better behaviors to keep cost increases lower,' said Jeff Beligotti, head of long-term-care solutions at New York Life, which offers a product called My Care that is based on health-insurance models..."
Bankrate- 05/14/2024
Will stubborn inflation force the Fed to raise interest rates again?
"...'Inflation may be sticky, but labor market and consumer indicators point to a slowdown in growth already occurring,' says Lauren Goodwin, economist and chief market strategist at New York Life Investments. 'The "goldilocks" mix of stable growth and disinflation is moving past us'..."
P&C Specialist- 05/07/2024
Five Ways Carriers Are Dropping Their Stodgy Image to Attract New Talent
"...Elizabeth Tyndell, head of talent acquisition at New York Life, says the company has been working with its marketing department to understand the perceptions of younger job seekers and making changes accordingly. 'Many job-seekers may not have thought about insurance historically or might have preconceived notions about what the industry might look like,' she said..."
BenefitsPro- 04/29/2024
Closing the 'financial literacy' gender gap: Younger women have more desire to save
"...'Although our research shows a perceived knowledge gap, the data shows an encouraging trend,' said Jessica Ruggles, corporate VP of financial wellness at New York Life. 'Financial education for women is evolving - Gen Z and millennial women report having received formal financial literacy education at much higher rates than Gen X and baby boomer women..."
CBS News - 04/19/2024
3 reasons long-term care insurance is better than paying out of pocket
"...'The risk of a long-term care event is not only financial,' explains Jeff Beligotti, vice president and head of long-term care solutions at insurance company New York Life. 'Long-term care events can quickly deplete a retirement portfolio, result in burdensome caregiving responsibilities for your loved ones, including lost wages from taking time off work, and cause emotional distress'..."
NASDAQ - 04/18/2024
Actionable Outcomes for Advisors and Clients
"...Jennifer McCauley-Weiss, MBA, RICP, CLU, Vice President and Head of Annuity Services and Marketing at New York Life Insurance Company... ‘Moving into retirement can be one of the trickiest moments where even the most prepared person might not feel prepared for a couple of reasons. You face risks in retirement that simply weren’t present in your accumulation years'…"
Hamden, CT Patch - 04/11/2024
Special Olympics Connecticut Receives Community Impact Grant
"...'We are grateful for New York Life's investment in Special Olympics Connecticut, which will change many lives for the better,' said Michael Mason, President and CEO of Special Olympics Connecticut. 'Without the support from New York Life, we wouldn't be able to provide programs like Summer Games that help create more inclusive communities and allow our athletes to thrive and shine.'..."
Yahoo! Finance - 04/11/2024
For women who stay single, the pressure is higher to save more for retirement
"...Only a quarter of single women have a retirement account vs. half of married women, according to New York Life Wealth Watch data. And two-thirds are not confident that their retirement savings will last the rest of their life. At the same time, 6 in 10 feel very knowledgeable or somewhat knowledgeable about saving for retirement..."
Hartford Business Journal - 04/11/2024
New York Life acquires minority stake in West Hartford's Fairview Capital
"...West Hartford-based Fairview Capital Partners Inc., one of the largest minority-owned private equity investment management firms in the United States, said late Thursday that New York Life has acquired a minority ownership stake in it..."
Life Annuity Specialist - 04/10/2024
See Which Insurers Had Higher - or Lower - New Individual Life Sales in 2023
"...The biggest winner in terms of raw growth was New York Life, which saw new sales increase by 22% in 2023 - growth that amounts to around $675 million in additional sales. Prudential Financial also had a good year, growing its new sales by 12%. The majority of insurers, however, only saw their sales improve by amounts smaller than $100 million..."
Journal-News.net - 04/10/2024
Spring Mills Primary participates in New York Life's Grief-Sensitive Schools Initiative
"...Spring Mills Primary has been designated a 'Grief-Sensitive School' by the New York Life Foundation, receiving a $500 grant to help create a bereavement support plan and encourage ongoing staff development as part of the national Grief-Sensitive Schools Initiative..."
Wall Street Journal - 04/03/2024
Deepfakes Are Coming for the Financial Sector
"...'There were always fraudulent calls coming in. But the ability for these [AI] models now to imitate the actual voice patterns of an individual giving instructions to somebody with the phone to do something-these sorts of risks are brand new,' said Bill Cassidy, chief information officer at New York Life..."
CNBC - 04/02/2024
How much money Americans in their 20s saved in 2023-and how to save more
"...But saving in your 20s isn't impossible. In fact, people in their 20s were able to save an average of nearly $5,580 last year, according to data from New York Life, putting them third on the list of age groups that saved the most in 2023..."
Investment News - 03/26/2024
What separates men, women when it comes to household finances
"...'Financial wellness is a journey, not a destination,' Jessica Ruggles, corporate vice president of financial wellness at New York Life, said in a statement. 'This is especially true for women's financial journeys, as we see women making progress in their savings and spending, while facing major societal challenges and unique life events that impact their financial strategies'..."
CBS News - 03/26/2024
How much does long-term care insurance cost for a 75 year-old?
"...Compare your long-term care insurance options today. 'The amount and type of coverage you need will depend on a variety of factors, including where you prefer to receive care, the role family may play in providing care, and whether you live or are planning to move to a location that offers a state-level LTC program,' explains Jeff Beligotti, vice president and head of long-term care solutions at New York Life..."
Ignites - 03/25/2024
NYLife Appoints Stable Value Sales Lead
"...As SVIO head, Macdonald leads NYLife teams assigned to stable value sales for retirement and 529 plans through consultants, financial advisors, recordkeepers and program managers..."
Barron's - 03/24/2024
These Retirees Have a Good Problem. They Aren't Spending Enough.
"...'Most people didn't know,' says Todd Taylor, head of New York Life's retail annuities business and co-author of the report. They weren't spending down anything close to 4%, he adds. Taylor was referring to the 4% withdrawal rule, which states that a retiree can safely withdraw that amount annually, adjusted for inflation, from a portfolio of stocks and bonds for 30 years..."
NBC: Today - 03/22/2024
New York Life Partners with U.S. Women's Soccer
"...Briana Scurry, former U.S. women's national soccer team goalie and 1999 World Cup champion... 'What's so intriguing and fascinating to me about this game is, if it weren't for New York Life being the presentation sponsor of this game, we wouldn't be able to do that. What's wonderful now about women's soccer is there is so much more investment in the game and this is what's really helping us. So, this partnership they have, they're not only doing this amazing legacy game, they will help with the She Believes Cup and the She Believes Summit and help underserved communities teach players how to play and all these different things. So, the multifaceted partnership that U.S. Soccer and New York Life have is revolutionary'..."
ThinkAdvisor - 03/19/2024
New York Life Names Matt Wion to Lead Retail Annuities
"...Wion has been the chief financial officer for a unit that handles many different types of products, including institutional life insurance and institutional annuities. He will succeed Todd Taylor, who previously held that post and is now head of New York Life's life insurance solutions business..."
A.M. Best - 03/19/2024
New York Life Marks Financial Highs in 2023, $1.2 Trillion in Life In-Force: Report
"...Craig DeSanto, president and chief executive officer of New York Life, said the results are a 'testament' to the benefits of mutuality, as well as the company's business model. 'Our exceptional performance positions us well for continued business growth as we leverage our competitive strengths - including our iconic brand, leading market position, and extraordinary capital strength - to deliver peace of mind and better financial futures to our clients,' DeSanto said in a statement announcing the results..."
Spectrum News NY1 - 03/13/2024
New York Life Foundation Partners with Troop 6,000 and Women's Initiative
"...Some local Girl Scouts were hosting their cookie sale. Members of Troop 6000 set up their booth at the New York Life building. The troop is made up of kids who live in family shelters around the city. Yesterday's cookie sale highlighted a partnership with the New York Life Foundation and the Women's Initiative and this marks 112 years of the Girl Scouts of Greater New York..."
Fox Business - 03/12/2024
High debt is causing more consumers to live paycheck-to-paycheck
"...Many Americans with credit card debt carry high balances. The average debt owed is about $7,931, compared to about $6,320 in 2022, according to a New York Life report. And consumers are finding it difficult to make higher credit card payments. About a quarter of respondents to the New York Life report paid less toward their credit cards in 2023. 'Our data clearly show that having a financial strategy is a key factor in not only feeling confident about reaching one's goals, but in actually reaching them,' said Donn Froshiesar, New York Life head of consumer insights..."
Insurance Innovation Reporter - 03/12/2024
Empathy Announces $47M Series B Funding Round Led by Index Ventures
"...'Our relationship with Empathy dates back to 2021 and as their first carrier partner, we were early in seeing the significant potential for how their solution can positively impact the life insurance industry and provide further support to grieving families,' comments Joel Albarella, SVP, Head of New York Life Ventures..."
Life Annuity Specialist - 03/10/2024
NY Life Trades Places with Northwestern Mutual for Top Life Honors in 2023
"...New York Life edged ahead of Northwestern Mutual last year as the largest writer of direct life insurance premiums, ending Northwestern's two-year reign at the top, new data shows..."
Market Realist - 03/08/2024
Working Adults Demand Reduction in Out-of-Pocket Medical Costs
"...Meghan Shea, Vice President at New York Life Group Benefits Solutions, highlighted the concerning gap in financial preparedness among employed adults amidst rising healthcare costs. 'In working with employers there's been an increased focus on employees' financial wellbeing. Unfortunately, our latest research shows that the needle hasn't been moved when it comes to unexpected healthcare costs.'..."
BNN Bloomberg - 03/01/2024
New York Life's Lauren Goodwin Discusses Real Estate Investing
"...Lauren Goodwin, New York Life Investments Economist, Chief Market Strategist: 'In the U.S., there's also been a lot of migration within the U.S. to different areas of the country. This creates a lot of disruption and potentially some concerns and risk. But there's also opportunities, data centers, especially data centres inner city where they're more required for the AI boom. This is one area of structured investment, multifamily housing, especially in areas where it's in such high demand..."
PLANSPONSOR - 02/21/2024
New York Life Forges Partnerships with MLB, U.S. Soccer
"...New York Life will be the official financial guidance partner of Major League Baseball and expanded its commitment to U.S. soccer and Little League Baseball and Softball. New York Life entered into separate multiyear partnerships with Major League Baseball, Little League International, and U.S. Soccer, to emphasize the importance of financial advice and guidance, coaching and community..."
Sports Business Journal - 02/21/2024
New York Life inks major deals with MLB, USSF
"...Heralding a seismic change in the magnitude of its sports sponsorships, New York Life has two new high-profile national rights deals, signing on as MLB's 'Official Financial Guidance' sponsor and U.S. Soccer's "Official Life Insurance" sponsor. 'We're shifting from traditional media and advertising to more experiential, so consumers can know our brand better,' said New York Life SVP/CMO Amy Hu…"
Politics NY - 02/14/2024
2024 Power Players in Corporate Social Responsibility
"...Heather Nesle is president of the New York Life Foundation and senior vice president of New York Life's Corporate Responsibility Department, where she manages sustainability strategy and reporting. The New York Life Foundation focuses on supporting educational enhancement in middle school, childhood bereavement, and social justice causes. Since 1979, the Foundation has donated nearly $415 million across the U.S. Nesle also serves on the boards of the Afterschool Alliance, Philanthropy New York, and Monumental Women..."
Insurance News Net - 02/13/2024
The Decumulation Paradox: Why many retirees underspend
"...'The decumulation paradox, fundamentally, is the misalignment between assumed behavior of retirees once they reach retirement and what's observed,' said Todd Taylor, senior vice president and head of annuities for New York Life. Taylor, along with Kelli Faust, corporate vice president and actuary at New York Life, authored ' Understanding underspending in retirement: The Decumulation Paradox reexamined'..."
Investor's Business Daily - 02/09/2024
The Megacap Song Remains The Same For Stocks And ETFs
" ... Julia Hermann, global market strategist with New York Life Investments, also thinks there are still good values in the stock market, especially if investors start looking beyond tech. 'Some investors may have felt they missed the boat, but there are plenty of opportunities ahead,' Hermann said... "
Money.com - 02/08/2024
Employers Have a New Way to Help Student Loan Borrowers Save for Retirement. Will They Use It?
" ... One example is health insurance provider Aetna, which offers up to $10,000 for employees who have graduated within the past three years. The cosmetics brand Estee Lauder provides $100 in monthly debt assistance up to $10,000, and companies like New York Life, Fidelity Investments and Ally offer similar benefits. Employees of the U.S. government may also be eligible for loan repayment assistance via the Federal Student Loan Repayment program ... "
CNBC - 02/07/2024
"...Nearly three quarters of American adults - 74% - are confident they'll be able to retire at 64, per New York Life's recent 'Wealth Watch' survey. The life insurance firm polled around 2,200 people of various ages, genders, races and educational backgrounds..."
MoneyWise (US) - 02/05/2024
"...The average American with credit card debt owed $7,932 on their credit cards in 2023, according to New York Life's latest Wealth Watch survey - a pretty significant increase from $6,321 the previous year..."
WKRC (CBS Cincinnati) - 02/05/2024
Resources to help care for aging parents
"...More millennials are entering the sandwich generation. That's according to New York Life. If you're not familiar with the term, the sandwich generation refers to adults who are caring for both children and aging loved ones. New York Life says many of them report an impact on their mental health, finances, and social life..."
Business Insider - 02/03/2024
"...Lauren Goodwin, the chief market strategist at New York Life Investments, said in a LinkedIn post on Friday that the Fed's likely response to the robust job gains in January will be to leave rates elevated, raising recession risks..."
Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com