Record $1.8 billion and 165th consecutive payout reflect company’s financial strength and commitment to delivering value to policy ownersNew York Life is the only major U.S. mutual life insurance company to declare a record dividend payout in each of the past five years
NEW YORK, November 15, 2018 — New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.8 billion in 2019. This milestone will mark the 165th consecutive year that New York Life has paid a dividend to policy owners, underscoring the company’s continued financial strength.1 New York Life is the only major U.S. mutual life insurance company2 to declare a record dividend payout in each of the last five years.
According to CEO and Chairman Ted Mathas, “Paying dividends to our eligible policy owners for the 165th consecutive year is New York Life’s mutual structure in action. This unparalleled consistency in sharing our success reflects the disciplined execution of our diversified business strategy and superior financial strength. As a mutual company, our interests are aligned with those of our policy owners, not Wall Street or shareholders, meaning the value we create is carefully managed with their long-term interests in mind.”
Safety & Soundness
The dividend payout declared in 2018 follows an outstanding year of performance. This year also marks the third anniversary of paying dividends on participating Mutual Income Annuities. Income annuities have grown to become a core retirement solution for millions of Americans. New York Life and its subsidiaries remain the income annuity leader according to LIMRA.3
With its success driven by the industry’s largest, best-trained, and highest-achieving4 agent force, New York Life remains one of only two life insurance companies in the country with the highest financial strength ratings currently awarded to life insurers by the four major rating agencies5, reflecting a level of safety and soundness that is unsurpassed in the industry.
In addition, surplus and asset valuation reserve remain strong at a record $25.1 billion, bolstered by the company’s ability to strategically manage its $252.9 billion general account6 and successfully operate its portfolio of supporting businesses, which deliver diversified revenue streams to support New York Life’s financial strength.