New York Life Insurance

Type: Mutual
Founded:1845
Headquarters: New York, New York, USA
Key people: Seymour G. Sternberg, CEO
Industry: Insurance: Life & Health
Products:
Website: www.newyorklife.com

General Information

The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. The company is listed as #78 in the 2007 Fortune 100. In 2007, Standard and Poor's upgarded New York Life Insurance Company's insurance financial strength rating to AAA, the highest rating Standard and Poor's assigns. The company is now one of only three life insurers to hold the highest possible rating from all four major rating agencies.

Business Scope

Both NYLIC and NYLIAC (its primary American insurance subsidiary, New York Life Insurance and Annuity Corporation) are licensed to do business in all 50 states and the District of Columbia. The company also sells annuities and long-term care insurance; mutual funds through its subsidiary NYLIFE Securities, a registered broker-dealer; and provides institutional asset-management and retirement-plan services from subsidiary New York Life Investment Management (NYLIM). It also has arrangements with organizations such as AARP to comarket its products. Internationally, New York Life has a strong presence, both through wholly owned affiliates and joint ventures. Its 2005 Annual Report lists nine other nations in which it conducts business, including Argentina, China, India, and Mexico. New York Life International, LLC, is the subsidiary through which international business is conducted.