Strong performance reflects the company’s diversified business model and successful execution of its strategy
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 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 (https://www.newyorklife.com/), a Fortune 100 company founded in 1845, is the largest1 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. |
|
Contacts
Kevin Maher
New York Life
(212) 576-6955
[email protected]
