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About New York Life Insurance Company

New York Life Insurance provides life insurance policies in all US states, as well as internationally. One of the nation's top mutual life insurers has branched out a bit, but life insurance and annuities remain its core businesses. The company's products include life and long-term care policies for individuals and families and special group policies sold through AARP and other affinity groups and professional associations. Investment offerings include mutual funds for individuals and investment management services for institutional investors. New York Life is owned by its policyholders. 

Operations

New York Life boasts a total of more than $1 trillion in life insurance policies in force, as well as more than $570 billion in assets under management and a $25 billion policyholder surplus. Insurance premiums account for about half of annual revenue, while investment income accounts for about 40%.

The firm's primary offerings are divided into three segments: Insurance (life, disability, and long-term care policies), Investments (retirement and savings products), and Premium Services (small business, estate planning, and wealth management services).  

The company’s individual life insurance policies — written by the firm and its New York Life Insurance and Annuity Corporation subsidiary — include whole, term, universal, and variable life policies. Individual investment products include annuities, mutual funds, exchange traded funds (ETFs), and 529 plans. New York Life also sells some life and annuity products and provides investment management services for institutional clients.

 

Geographic Reach

New York Life sells insurance and annuity products in the US, Canada, and Mexico. It offers advisory and investment management in North America, Asia, Australia, and Europe. Headquartered in New York City, the company has offices across the US and in Belgium, France, Japan, Korea, Luxembourg, and Mexico. 

Sales and Marketing

New York Life distributes its products primarily through its network of about 12,000 career agents operating from sales offices across the US. 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, and pension funds. 

New York Life's marketing efforts include online video, social media, and digital sponsorship display campaigns. 

Financial Performance

New York life reported a 5% decline in revenue in 2018 to some $28.8 billion. The decrease stemmed from net investment losses (losses on sales of investments or security value impairments), despite a 2% increase in insurance premium revenue and 7% growth in net investment income.

Net income declined by 41% in 2018 to some $1.8 billion as a result of the revenue decline and higher policyholder benefit payouts, despite lower operating and tax expenses.

The company ended 2018 with $6.4 billion in cash, about the same as in 2017. Operating activities contributed $8.2 billion, while investing activities used $14.6 billion (mostly on fixed maturity acquisitions), and financing activities contributed $6.4 billion via policyholder deposits.

Strategy

New York Life has earned the rank as one of the nation's top providers of life insurance and annuities by being prudent and savvy. The company bases its strategy on protecting its financial strength, which it does by conservatively refusing to take risks or gamble on its policyholders' dime. 

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. The majority 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. Despite low interest rates, which have impacted the insurance sector negatively, the company marked its fifth straight year of record dividend payouts to policyholders in 2018.

The company has expanded its product offerings over the years to provide more diversified services to customers. In 2018 the company launched a new long-term care insurance solution, dubbed NYL My Care, aimed at providing more flexible policy features and affordable premiums. It also launched a new low-premium life policy, Value Whole Life, that year.

New York Life has transitioned its marketing strategy from a product-focus to a focus on the consumer. Under its new model, customers get information that pertains to them based on their personal stage of life and particular life events. As part of its “Be Good at Life” marketing campaign, which encourages individuals to take charge of their financial planning, the company launched its “Start a Plan the Flexes with Yours” slogan in 2018 to highlight its flexible life insurance solutions.

Company Background

The company began operating in 1845 as Nautilus Insurance Co., which became New York Life in 1849. In 1928 the company occupied its landmark headquarters building on Madison Avenue in New York City.

New York Life Insurance Company

51 MADISON AVE
New York, NY 10010-1655
Phone: 1 (212) 576-7000

Stats

Employer Type: Privately Owned
EVP, Chief Legal Officer, and General Counsel: Sheila K. Davidson
Vice Chairman, President, and President, Insurance and Agency Group: John Y. Kim
Chairman and CEO: Theodore A. Mathas
Employees (This Location): 4,400
Employees (All Locations): 12,150

Major Office Locations

New York, NY

Other Locations

Anchorage, AK
Juneau, AK
Birmingham, AL
Huntsville, AL
Montgomery, AL
Little Rock, AR
Scottsdale, AZ
Tucson, AZ
Brea, CA
Brentwood, CA
Fremont, CA
Fresno, CA
Glendale, CA
Irvine, CA
Los Angeles, CA
Monterey Park, CA
Oxnard, CA
Redding, CA
Riverside, CA
Roseville, CA
Sacramento, CA
San Diego, CA
San Dimas, CA
San Francisco, CA
San Jose, CA
San Mateo, CA
San Ramon, CA
Santa Barbara, CA
Woodland Hills, CA
Arvada, CO
Craig, CO
Denver, CO
Fort Collins, CO
Grand Junction, CO
Stratford, CT
Windsor, CT
Washington, DC
Newark, DE
Doral, FL
Jacksonville, FL
Lake Geneva, FL
Maitland, FL
Sebring, FL
Sunrise, FL
Tampa, FL
Alpharetta, GA
Atlanta, GA
Duluth, GA
Macon, GA
Savannah, GA
Lahaina, HI
Ankeny, IA
Hiawatha, IA
Coeur D Alene, ID
Bloomington, IL
Deerfield, IL
Downers Grove, IL
Schaumburg, IL
Carmel, IN
Fort Wayne, IN
Leawood, KS
Overland Park, KS
Wichita, KS
Baton Rouge, LA
Lafayette, LA
Monroe, LA
New Orleans, LA
Shreveport, LA
Waltham, MA
Bethesda, MD
Lutherville Timonium, MD
South Portland, ME
Grand Rapids, MI
Portage, MI
Minneapolis, MN
Saint Louis, MO
Springfield, MO
Hattiesburg, MS
Ridgeland, MS
Raleigh, NC
Fargo, ND
Omaha, NE
Manchester, NH
Lebanon, NJ
Livingston, NJ
Mount Laurel, NJ
Saddle Brook, NJ
Las Vegas, NV
Reno, NV
Brooklyn, NY
Fairport, NY
Latham, NY
Melville, NY
Monsey, NY
New York, NY
Rego Park, NY
White Plains, NY
Williamsville, NY
Cincinnati, OH
Dublin, OH
Independence, OH
Lakewood, OH
Youngstown, OH
Eugene, OR
Portland, OR
Salem, OR
Bala Cynwyd, PA
Horsham, PA
Jenkintown, PA
Johnstown, PA
Monroeville, PA
Charleston, SC
Greenville, SC
Rapid City, SD
Sioux Falls, SD
Chattanooga, TN
Franklin, TN
Knoxville, TN
Memphis, TN
Austin, TX
College Station, TX
Corpus Christi, TX
Dallas, TX
El Paso, TX
Fort Worth, TX
Houston, TX
Plano, TX
Sugar Land, TX
Texarkana, TX
Provo, UT
Glen Allen, VA
Norfolk, VA
Roanoke, VA
Vienna, VA
Rutland, VT
Aberdeen, WA
Bellevue, WA
Bremerton, WA
Federal Way, WA
Kennewick, WA
Appleton, WI
Madison, WI
Milwaukee, WI
Casper, WY
Ciudad De Mexico, Mexico
Frankfurt Am Main, Germany