New York Life Insurance has been providing life insurance policies in the Big Apple since the city was a tiny seed. While the nation's top mutual life insurer has branched out a bit, life insurance and annuities remain its core businesses. The company's products include long-term care insurance and special group policies sold through
New York Life boasts a total of more than $957 billion in life insurance policies in force, as well as $538 billion in assets under management. The firm's operations are divided into three segments: Insurance (life, health, and long-term care for individuals and families), Investments (retirement and savings products for retail and institutional clients), and Agency (consisting of its field distribution operations).
New York Life operates service and marketing offices nationwide, as well as in Mexico.
Sales and Marketing
New York Life distributes its products primarily through its network of some 12,000 career agents operating from around 120 sales offices across the US. A network of brokers represents the company's corporate and bank-owned products and those aimed at high net-worth customers. It also offers its services through third parties, such as brokers and financial advisors.
In addition to individuals and families, the company serves institutional customers including businesses, government agencies, not-for-profit entities, financial service firms, and multi-employer trusts.
The company also provides group annuities and funding agreements to institutional clients such as businesses, municipalities, pension funds.
New York Life's marketing efforts include online video, social media, and digital sponsorship display campaigns.
In 2016 New York Life and its subsidiaries logged a 7% increase in revenue to $27.9 billion, thanks to increases in premiums, fees, and investment income. However, net income dropped 8% to $1.4 billion, due to increases in benefits payouts, liabilities for future benefits, and operating expenses.
With the lower net income, cash flow from operations fell a modest 2% to $7.6 billion in 2016.
New York Life has earned the rank as one of the nation's top providers of guaranteed lifetime income annuities by being prudent and savvy. To its benefit, the firm's mutual fund sales have grown steadily thanks to successes across the MainStay Funds family and from adding a few new funds to its portfolio.
New York Life bases its strategy on protecting its financial strength, which it does by conservatively refusing to take risks or gamble on its policyholders' dime. Despite low interest rates, which have impacted the insurance sector negatively, the company is stronger than ever and, in 2016, it declared its largest dividend payout to date. The firm manages its investments for long-term strength through its own research and analysis, and as a result, it does not fall into deficit. More than 70% of New York Life's invested assets are in fixed-income investments diversified across multiple industries and regions, allowing the firm to avoid the pitfalls of riskier investment choices.
New York Life has transitioned its marketing strategy from a product-focus to a focus on the consumer. Under its new model, customers are able to get information that pertains to them based on their personal stage of life and particular life events. As part of this consumer-centric strategy, in 2016 the company launched a marketing campaign named "Be Good at Life" to encourage individuals to take charge of their financial planning. Among those targeted by the campaign are millennials, who faced growing up during the global financial crisis.
Mergers and Acquisitions
In 2015 New York Life acquired, through reinsurance, some 60% of
Also in 2015, New York Life purchased IndexIQ, a participant on the liquid alternative exchange-traded fund market.
51 MADISON AVE
New York, NY 10010-1655
Phone: 1 (212) 576-7000
Employer Type: Privately Owned
Vice Chairman, President, and President, Insurance and Agency Group: John Y. Kim
Chairman and CEO: Theodore A. Mathas
SVP, Chief Risk Officer, and Chief Actuary: Joel M. Steinberg
Employees (This Location): 4,400
Employees (All Locations): 12,150
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