Company info
 
Why New York Life? The First Choice Since 1845 Since becoming the first American life insurance company to pay a cash dividend to policyholders in the mid–1800s, New York Life has continued to build a history of innovation—enhancing our existing product lines, creating new financial products, and maintaining a diversified portfolio to best accommodate our customers’ changing needs and lifestyles. Central to our success are our New York Life agents, who are widely recognized as the best-trained professionals in the industry. Our agents have the ability to understand each customer’s objectives and draw upon New York Life’s products to best address those objectives. As you seek financial security for yourself and your loved ones, you want the best: A strong and vital company with a competitive product line and a superior sales force that is committed to providing personal attention to your individual needs. This section of the Web site is designed to provide you with a brief overview of New York Life—our core strength, our commitment to excellence, and our people. Learn why we’re The Company You Keep.® Why We’re a Mutual Company That’s why it’s important that we’re a mutual insurance company. A mutual insurance company is a company that is not publicly traded. Therefore, it has no stock to be bought and sold and no shareholders. Instead, policyholders share in the ownership of the company. For this reason, unlike publicly traded companies that manage their business for the short-term benefit of shareholders, we are guided by the longer-term needs and expectations of our policyholders. This makes New York Life, essentially, a partner in your long-term planning. Financial Strength: Promises Kept Our Ratings
Total Surplus: Another Critical Benchmark Surplus is essentially New York Life’s net worth. It represents the accumulated earnings over the years from our business operation after all obligations are met. It’s our safety margin in economic downturns and can be used to fuel the Company’s growth. Surplus is the most important single indicator of a mutual insurance company’s financial strength. This strength ensures our ability to fulfill our long-term commitments to our policyholders. New York Life’s Surplus: Strength in Our Numbers Capital & Surplus
Disciplined Investment Management Diligent expense control—reflected in New York Life’s low expense ratio (this refers to the ratio of general expenses to net premiums written)—is further testimony to our sound financial management and our commitment to providing the best possible value to our policyholders. Translating Strength into Value Since the mid-1800s, New York Life has paid more than $35 billion in dividends to our participating policyholders with permanent life insurance policies. In 2004 alone, we paid approximately $1.4 billion in dividends to our participating policyholders. When dividends are declared, as a participating policyholder, you’ll have several options. For example, you can use the dividend to enhance the value of an existing policy or purchase new life insurance, if you think your family needs more protection. If you’ve made consistent premium payments for a number of years, you can have future payments made from current and accumulated dividends. Or you can simply spend the dividends. It’s up to you. Humanity is Our Cornerstone In 1951, the Company established the first formal contributions budget. In 1979, the New York Life Foundation—the primary vehicle through which the Company supports charitable causes—was established. Since then, the Foundation has donated more than $75 million to national and local nonprofit organizations, including Camp Fire USA, the Hispanic Scholarship Fund, Girls Inc., and the Schomburg Center for Research in Black Culture. In 1998, the foundation implemented its Nurturing the Children initiative, which focuses on childhood education and mentoring programs. Since the Foundation’s inceptions, we’ve given more than $100 million in grants. $26 million has been devoted to the Nurturing the Children initiative as of Janurary 1, 2006. For all of these reasons, we believe that while we are known for a long history of financial strength, our greatest strength comes from our firm belief in humanity and compassion. Always Leading the Way
Agents: Putting Clients First Customer satisfaction is our agents’ driving force, so their primary responsibility is to ensure that clients and their loved ones have optimal protection, and to help policyholders achieve a variety of financial goals. Our agents are well qualified for this important work. Many have received their CLU (Chartered Life Underwriter) and ChFC (Chartered Financial Consultant) designations, and hold higher level degrees. Our field force’s ongoing commitment to continuing education reflects their dedication to equip themselves with the best tools available in order to serve you better. New York Life agents rightfully earn the trust and loyalty of their clients. Perhaps that’s why our agents have led the world in Million Dollar Round Table memberships—the most prestigious of life insurance honors—for 50 consecutive years. The Million Dollar Round Table is an association of leading sales professionals in the life insurance industry. Join the New York Life Family Throughout our long and distinguished history, we have insured more than our share of famous faces, including Babe Ruth, J.C. Penney, Nat King Cole, and 10 U.S. presidents. But you don’t have to be famous to be important to New York Life. We believe each of our policyholders is special, and we are committed to being there for all who have entrusted us with their financial future. 1 As of December 31, 2005. Presented in conformity with accounting principles generally accepted in the United States of America (GAAP) 2 Represents the statutory consolidation of New York Life Insurance Company and its domestic wholly owned life insurance subsidiaries as of December 31, 2005. 3 A.M. Best Statistical Study, 4/3/06, “U.S. Life Insurers Realized 6% Asset Growth in 2005.” 4 Dividends are not guaranteed, nor are current dividends an estimate of future performance. |
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