Note: “New York Life” or “the company” as used throughout the Report, 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 and LINA are not authorized in New York, and do not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions 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.
1 Operating 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 figure is based on Statutory Accounting principles on insurance operations with certain adjustments we believe are more appropriate as a measurement approach. The New York State Department of Financial Services recognizes only unadjusted 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.
Policy owners can view a detailed reconciliation of our management performance measure by visiting our website, www.newyorklife.com, beginning in mid-March.
2 Individual independent rating agency commentary: Standard & Poor’s (AA+), affirmed 8/10/23; Fitch Ratings (AAA), affirmed 10/6/23; A.M. Best (A++), affirmed 10/19/23; Moody’s Investors Service (Aaa), affirmed 11/17/23.
3 Total 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 $25.29 billion and $23.89 billion at December 31, 2023 and 2022, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.93 billion and $8.54 billion at December 31, 2023 and 2022, respectively, and LINA’s statutory surplus of $1.86 billion and $1.65 billion at December 31, 2023 and 2022, respectively. AVR for NYLIC was $4.51 billion and $4.23 billion at December 31, 2023 and 2022, respectively. AVR for NYLIAC was $1.94 billion and $1.89 billion at December 31, 2023 and 2022, respectively. AVR for LINA was $0.12 billion and $0.09 billion at December 31, 2023 and 2022, respectively. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com, beginning in mid-March.
4 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.
5Dividends are not guaranteed. New York Life Insurance Company is a mutual company that issues participating products that are eligible for dividends, but is also the parent of subsidiaries which issue non-participating products. The participating products are invested in separate and distinct portfolios and have their own dividend scales.
BUILT FOR TIMES LIKE THESE is a trademark of New York Life Insurance Company.