Record 2024 Results Underscore New York Life's Unparalleled Financial Strength 
 
 
   Strong performance reflects the company's diversified business model and 
successful execution of its strategy 
 
 
NEW YORK--(BUSINESS WIRE)--March 19, 2025-- 
 
   New York Life, America's largest(1) mutual life insurer, today announced 
record financial results for 2024 that underscore the company's 
unsurpassed financial strength. Top-line growth was driven by a record 
$1.9 billion in insurance sales and $808 billion in assets under 
management. The company also posted record results of $33.3 billion in 
surplus, $3.5 billion in operating earnings, $17.6 billion in policy 
owner benefits and dividends paid, and $1.2 trillion in individual life 
insurance in force. 
 
 
   "In 2024, we delivered record-setting results that reflect the 
exceptional value of our diversified business model and our singular 
mission: Delivering financial security and peace of mind to our clients, 
" said Craig DeSanto, Chair, President & CEO, New York Life. "We believe 
that individuals, families and businesses are stronger when they are 
supported by a company with nearly 180 years of enduring financial 
strength." 
 
 
   The power of New York Life's diversified business model 
 
 
   New York Life's strong performance reflects the successful execution of 
the company's diversified business strategy, which centers on its 
Foundational Business and is complemented by its Strategic Businesses. 
The Foundational Business, which makes up roughly half of New York 
Life's earnings, delivers protection-first, holistic advice and guidance 
to millions of customers through its 12,000 agents and advisors across 
the United States. New York Life's Strategic Businesses strengthen and 
support the Foundational Business through a diverse portfolio, including 
investment management, group benefit solutions, institutionally owned 
life insurance and annuities, direct-to-consumer life insurance sales, 
affinity group solutions, and Latin America's largest agent-sold life 
insurance business. 
 
 
   This unique business mix enhances New York Life's financial profile, 
while also providing a diversified source of earnings that benefits both 
current and future policy owners. 
 
 
   Record $2.5 billion dividend payout in 2025 
 
 
   New York Life's record-setting financial results allowed for the 
declaration of a $2.5 billion dividend payout,(2) the highest in the 
company's history. The ability to pay a dividend is a direct result of 
New York Life's mutuality, which allows the company to share its success 
with participating policy owners. 
 
 
   Leading financial strength ratings 
 
 
   New York Life's company-record surplus -- capital above and beyond the 
reserves already set aside to pay benefits to policy owners -- is a key 
component of its leading financial strength ratings. 
 
 
   New York Life is one of only two life insurers with the highest 
financial strength ratings currently awarded to any U.S. life insurance 
company by all four major rating agencies.(3) 
 
 
   Financial performance highlights for the year ended Dec. 31, 2024, 
include: 
 
   -- $33.3 billion surplus (including the asset valuation reserve)4 
 
   -- $17.6 billion in total dividends and benefits paid to policy owners5 
 
   -- $2.5 billion total dividend payout declared for 20252 
 
   -- $3.5 billion in operating earnings6 
 
   -- $1.2 trillion of individual life insurance in force7 
 
   -- $808 billion in assets under management8 
 
   -- $1.9 billion in insurance sales9 
 
   -- $18.6 billion in insurance premiums10 
 
   -- $21.9 billion in annuity sales11 
 
 
   ABOUT NEW YORK LIFE 
 
 
   New York Life Insurance Company , a 
Fortune 100 company founded in 1845, is the largest(1) mutual life 
insurance company in the United States and one of the largest life 
insurers in the world. With headquarters in New York City, New York 
Life's family of companies offers life insurance and other solutions. 
New York Life has the highest financial strength ratings currently 
awarded to any U.S. life insurer from all four of the major credit 
rating agencies.(3) 
 
 
   Note: "New York Life" or "the company" 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   Based on revenue as reported by "Fortune 500 ranked within Industries, 
     Insurance: Life, Health (Mutual)," Fortune magazine, 6/4/2024. For 
     methodology, please 
     see https://fortune.com/franchise-list-page/fortune-500-methodology-2023/ 
     . 
 2   Dividends 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. 
 3   Individual independent rating agency commentary as of 10/4/2024: A.M. 
     Best (A++), Fitch $(AAA)$, Moody's Investors Service (Aaa), Standard & 
     Poor's (AA+). 
 4   Total surplus, which includes the 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 
     $26.4 billion and $25.3 billion at Dec. 31, 2024 and 2023, respectively. 
     Included in NYLIC's statutory surplus is NYLIAC's statutory surplus 
     totaling $8.4 billion and $8.9 billion at Dec. 31, 2024 and 2023, 
     respectively, and LINA's statutory surplus of $2.2 billion and $1.9 
     billion at Dec. 31, 2024 and 2023, respectively. AVR for NYLIC was $4.6 
     billion and $4.5 billion at Dec. 31, 2024 and 2023, respectively. AVR for 
     NYLIAC was $2.1 billion and $1.9 billion at Dec. 31, 2024 and 2023, 
     respectively. AVR for LINA was $0.2 billion and $0.1 billion at Dec. 31, 
     2024 and 2023, respectively. 
 5   Policy owner benefits primarily include death claims paid to 
     beneficiaries and annuity payments. Dividends are payments made to 
     eligible policy owners from divisible surplus. Divisible surplus is the 
     portion of the company's total surplus that is available, following each 
     year's operations, for distribution in the form of dividends. Dividends 
     are not guaranteed. Each year the board of directors votes on the amount 
     and allocation of the divisible surplus. Policy owner benefits and 
     dividends reflect the consolidated results of NYLIC and its domestic 
     insurance subsidiaries. Intercompany transactions have been eliminated in 
     consolidation. NYLIC's policy owner benefits and dividends were $9.1 
     billion and $8.7 billion for the years ended Dec. 31, 2024 and 2023, 
     respectively. NYLIAC's policy owner benefits were $6.3 billion and $5.9 
     billion for the years ended Dec. 31, 2024 and 2023, respectively. LINA's 
     policy owner benefits were $1.9 billion for the years ended Dec. 31, 2024 
     and 2023. Benefits have been adjusted to exclude implications of a 
     strategic reinsurance transaction executed in 2023. 
 6   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 chart 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. 
 7   Individual life insurance in force is the total face amount of individual 
     life insurance contracts (term, whole, and universal life) outstanding 
     for NYLIC and its domestic insurance subsidiaries at a given time. The 
     company's individual life insurance in force totaled $1,227.3 billion at 
     Dec. 31, 2024 (including $183.6 billion for NYLIAC). 
 8   Assets under management consist of cash and invested assets and separate 
     account assets of the company's domestic and international insurance 
     operations, and assets the company manages for third-party investors, 
     including mutual funds, separately managed accounts, retirement plans and 
     assets under administration. 
     The company's general account investment portfolio totaled $346.9 billion 
     at Dec. 31, 2024 (including $130.2 billion invested assets for NYLIAC and 
     $8.5 billion invested assets for LINA). At Dec. 31, 2024, total assets 
     equaled $431.9 billion (including $204.8 billion total assets for NYLIAC 
     and $9.5 billion total assets for LINA). Total liabilities, excluding the 

     Asset Valuation Reserve $(AVR)$, equaled $398.7 billion (including $194.3 
     billion total liabilities for NYLIAC and $7.2 billion total liabilities 
     for LINA). See Note 4 for total surplus. 
 9   Insurance sales represent annualized first-year premiums on participating 
     issued whole life insurance, term life insurance, universal life 
     insurance, long-term care insurance, disability insurance, and other 
     health insurance products. A sale is generally counted when the initial 
     premium is paid and the policy is issued. Adjustments are made to 
     normalize nonrecurring premiums to align with our annualized recurring 
     premium methodology for insurance sales. Some examples are: 
     single-premium individual and Corporate Owned Life Insurance products 
     sold through our agents and third party distribution channels, which are 
     counted in this metric at 10 percent of their premium. Sales are 
     generated from both domestic and Mexican operations. 
10   Insurance premiums include direct and assumed premiums, net of ceded 
     premiums on life and accident and health policies, as reported in the 
     Statutory Annual Statement ("Exhibit 1 Part 1 -- Premiums and Annuity 
     Considerations for Life and Accident and Health Contracts"). Recurring 
     premiums include both renewal and first-year (other than single) net 
     premiums. NYLIC's insurance premiums were $12.6 billion and $12.5 billion 
     for the years ended Dec. 31, 2024 and 2023, respectively. NYLIAC's 
     insurance premiums were $2.7 billion and $3.2 billion for the years ended 
     Dec. 31, 2024 and 2023, respectively. LINA's insurance premiums were $2.9 
     billion for the years ended Dec. 31, 2024 and 2023. Premiums have been 
     adjusted to exclude implications of a strategic reinsurance transaction 
     executed in 2023. 
11   Total annuity sales represent premiums on our deferred annuities (both 
     fixed and variable) and on our guaranteed income annuities. Sales are 
     generally recognized when premiums are received. Annuities are primarily 
     issued by NYLIAC. 
 
Where applicable, prior period numbers have been restated to conform to the 
current-year definition. In addition, non-U.S.-denominated results are 
generally valued using applicable year-end exchange rates. 
 
A copy of our statutory financial statements, and reconciliation to our 
performance measure are also available by writing to the Secretary of New York 
Life Insurance Company, 51 Madison Avenue, New York, NY 10010. 
 
 
 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319086321/en/

 
 
    CONTACT:    Kevin Maher 
 
   New York Life 
 
   (212) 576-6955 
 
 
   kevin_b_maher@newyorklife.com 
 
 
 
 
 
 

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March 19, 2025 09:30 ET (13:30 GMT)