New York Life Insurance Company

Source: Wikipedia, the free encyclopedia.
New York Life Insurance Company
Decrease US$-1.13 billion (2022)[2]
AUMIncreaseUS$670 billion (2023)[3]
Total assetsIncrease US$392.13 billion (2022)[2]
Total equityIncrease US$23.88 billion (2022)[2]
Number of employees
Increase 15,050 (2022)[2]
SubsidiariesNew York Life Investments
Websitenewyorklife.com

New York Life Insurance Company (NYLIC) is the third-largest

Moody's and Fitch Ratings).[7] Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds
.

History

Early history

Advertisement from Shole's Directory of the City of Macon, December 1st, 1894.

New York Life Insurance Company first opened in

James De Peyster Ogden, was appointed in 1845.[11] Nautilus renamed itself New York Life Insurance Company in 1845 to concentrate on its life insurance business.[8][10]

In its early years (1846–1848) the company, along with other insurance companies of the day including

board of trustees voted to end the sale of insurance policies on slaves in 1848.[8] The company also sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under a flag of truce during that time.[12][13] In the late 1800s, the company began employing female agents.[14]

New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased.[15] New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business.[15] In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.[15]

In 1894, the company became the first US-based insurance provider to offer life insurance to women at the same cost as men; social reformer Susan B. Anthony was one of the company's first female policyholders.[16] In 1896, New York Life became the first company to insure people with disabilities or in hazardous occupations.[16]

20th century

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928.[17] The company moved into the 34-story skyscraper in 1929.[15] Later that year, New York Life's assets survived the stock market crash; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.[15]

Following

veterans in 1946.[15] In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween.[8][18] In the 1970s, New York Life began selling annuities and mutual funds.[15] In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company.[15] New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna.[19]

Recent history

New York Life, along with other insurance companies, relaxed the claims process for missing persons in the wake of the

U.S. Treasury Department.[20]

Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States.[21]

In November 2021, the company announced that company president Craig DeSanto was replacing CEO Ted Mathas. The transition was finalized in April 2022, and Mathas stayed with the company as a non-executive chairman.[1]

Operations

As of 2016, New York Life Insurance Company was the country's third-largest life insurance company.[4] A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders.[22] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.[15][23] As of 2016, the company has paid a dividend every year since 1854.[24] Through Seguros Monterrey New York Life, the company offers insurance in Mexico.[25]

New York Life's core product is

annuities and disability insurance.[23] The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP.[26]

New York Life Building, Kansas City

Asset management businesses

New York Life Investments is a subsidiary global asset management business which serves both institutional and retail clients.[27] It ranks No. 26 by total worldwide institutional assets under management, according to Pensions & Investments' Largest Money Managers Survey 2017.[28]

The group manages money through independent investment boutiques.[29] These boutiques include:

Charitable efforts

New York Life Foundation is the insurance company's philanthropic arm. Its areas of focus include childhood bereavement.

Boys and Girls Clubs of America.[44] It sponsored the HBO documentary One Last Hug.[44]

The company also emphasizes giving to various cultural communities, including the African-American community.

Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging African-American Issues in 2006.[4][45]

Ratings and rankings

In 2017 Fortune named New York Life among its Most Admired Companies in the life insurance industry.[46] Forbes ranked New York Life #364 among America's Best Employers for 2017.[47][48] As of 2023, New York Life ranks No. 71 on the Fortune 500.[6]

By the end of 2023, New York Life had earned the highest financial strength ratings from major four rating agencies: A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor's.[7]

References

  1. ^ a b "DeSanto assumes position as New York Life CEO". Reinsurance News. April 19, 2022. Retrieved May 24, 2022.
  2. ^ a b c d e "New York Life Insurance | 2023 Fortune 500".
  3. ^ "New York Life Investments Announces Name Change for the MainStay CBRE Global Infrastructure Megatrends Fund". Yahoo Finance. June 20, 2023. Retrieved July 11, 2023.
  4. ^
    New York Times
    .
  5. ^ Jarboe, Michelle (16 April 2016). "New York Life leases 3 floors at 200 Public Square, will bring hundreds of jobs to downtown Cleveland". The Plain Dealer. Retrieved 15 February 2018.
  6. ^ a b "New York Life Insurance - 2023 Fortune 500". Fortune. Retrieved 2023-07-11.
  7. ^ a b "Financial Strength Ratings from Four Rating Agencies | New York Life". www.newyorklife.com. Retrieved 2023-12-31.
  8. ^
    New York Times
    . Retrieved May 26, 2017.
  9. ^ "An early history of life insurance". Library of Congress. 15 August 2012. Retrieved 30 May 2017.
  10. ^ a b "Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512" (PDF). New York City Landmarks Preservation Commission. 10 February 1987. Retrieved 30 May 2017.
  11. ^ Hudnut, James Monroe (1906). History of the New York Life Insurance Company, 1895-1905. New York: New York Life Insurance Company. p. 2.
  12. ^ Hudnut, James Monroe (1906). History of the New York Life Insurance Company, 1895-1905. New York: New York Life Insurance Company. p. 169.
  13. ^ a b t (December 8, 2010). "NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16". Trustedadvisor.com. Trusted Advisor. Retrieved March 26, 2017.
  14. ^ Niccolls, J. Fremont (July 1937). "A woman agent in the '90's". NYLIC Review.
  15. ^ a b c d e f g h i j "New York Life Insurance Company History". fundinguniverse.com. International Directory of Company Histories. Retrieved 30 May 2017.
  16. ^
    ISBN 9781581313208
    . Retrieved 30 May 2017.
  17. ^ "New York Life Building". Cass Gilbert Society. Retrieved 30 May 2017.
  18. ISBN 9780820350455
    . Retrieved 30 May 2017.
  19. ^ Lohse, Deborah; Millman, Joel (7 December 1999). "New York Life Insurance to buy Mexican insurer for $570 million". The Wall Street Journal. Retrieved 30 May 2017.
  20. ^ "Two insurers reject government bailout help". NBC News. 9 November 2008. Retrieved 30 May 2017.
  21. ^ Orzeck, Kurt (24 September 2013). "New York Life buys Dexia Asset Management arm for $512M". Law360. Retrieved 30 May 2017.
  22. ^ a b John E. Girouard (February 10, 2009). "A Financial Bunker For Scary Times". Forbes. Retrieved May 11, 2017.
  23. ^ a b c "New York Life Insurance Review 2017". NerdWallet. 2017. Retrieved 30 May 2017.
  24. ^ 2016 Annual Report, p. 2
  25. Bloomberg LP
    . Retrieved 30 May 2017.
  26. Bizjournals
    . Retrieved May 11, 2017.
  27. ^ Matt Ackermann (October 26, 2000). "N.Y. Life Relaunches Asset Unit". American Banker. Retrieved May 11, 2017.
  28. ^ "The largest money managers". Pensions & Investments. 29 May 2017. Retrieved 27 June 2017. 26: New York Life Investments: $373,225 [in millions]
  29. ^ "Investments group". New York Life Insurance Company. Retrieved 31 May 2017.
  30. ^ Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (22 June 2017). "Ausbil MicroCap Fund makes key appointments". Australian Financial Review. Retrieved 27 June 2017. Ausbil Investment Management has hired Mason Willoughby-Thomas as a portfolio manager and Arden Jennings as an equities analyst at its MicroCap fund
  31. ^ Moullakis, Joyce (24 October 2013). "Fund manager Ausbil Dexia will embrace New York Life". Australian Financial Review. Retrieved 17 May 2018. Fund manager Ausbil Dexia will embrace New York Life Insurance Co, the largest US life-insurer owned by policyholders, as its new equity partner, likely leading to a bolstering of funds under management and a rebranding within months. New York Life's investment unit has agreed to acquire Dexia Asset Management unit for €380 million ($542 million), and hopes to close the transaction about December 31. Dexia has about $US100 billion in funds under management and owns 70 per cent of Sydney-based Ausbil Dexia.
  32. ^ Rolland, Sophie (13 March 2017). "Candriam bien parti pour atteindre 150 milliards d'euros d'actifs dans cinq ans". Les Echos. Retrieved 27 June 2017.
  33. ^ "Candriam Investors opens New York office". Global Investor Group. 9 January 2017. Retrieved 27 June 2017.
  34. ^ Caon, Viola; Paredes-Vanheule, Adrien (5 June 2015). "Candriam looks to seize the retail space". Investment Europe. Retrieved 27 June 2017.
  35. ^ Comtois, James (4 January 2017). "New York Life Investments takes majority stake in Credit Value Partners". Pensions & Investments. Retrieved 27 June 2017. New York Life Investments has agreed to acquire a majority stake in Credit Value Partners, a boutique investment firm specializing in opportunistic and distressed debt and high-yield corporate credit, spokesman Kevin Maher said.
  36. ^ Griffith, Erin (11 May 2017). "Term sheet — Thursday, May 11". Fortune. Retrieved 27 June 2017.
  37. ^ Kamaron Leach (11 May 2017). "GoldPoint reaffirms middle-market mezzanine financing with fourth fund". Mergers & Acquisitions. Retrieved 1 August 2017. GoldPoint, the private equity affiliate of New York Life Investments, currently manages $11.8 billion in private equity assets.
  38. ^ Lau, Ashley (4 December 2014). "New York Life to enter ETF market with acquisition of IndexIQ". Reuters. Retrieved 27 June 2017.
  39. ^ Lisa Shidler (3 April 2017). "Why ProShares yanked ETFs from Schwab's no-commission OneSource ETF exchange". RIABiz. Retrieved 27 June 2017.
  40. ^ J.B. Maverick (18 March 2016). "MacKay Shields: Investment Manager Highlight". Investopedia. Retrieved 27 June 2017.
  41. ^ Beltran, Luisa (10 January 2017). "Madison Capital Funding's Klimmeck, Marks to exit at end of 2017". Buyouts. Retrieved 27 June 2017. Chicago-based Madison Capital provides financing for PE firms. It operates as a unit of New York Life Insurance Co and had $8.2 billion in assets under management as of Sept. 30.
  42. ^ Delevingne, Lawrence (22 June 2016). "Private advisors shakes up hedge fund investments, staff". Reuters. Retrieved 27 June 2017.
  43. ^ Zaslow, Jeffrey (2 June 2010). "Families With a Missing Piece". The Wall Street Journal. Retrieved 24 May 2018.
  44. ^ a b c d Kyoko Uchida (18 November 2015). "Heather Nesle, president, New York Life Foundation". Philanthropy News Digest. Retrieved 31 May 2017.
  45. ^ Samantha Marshall (5 December 2006). "New York Life gives $10M to City College". Crain Communications. Retrieved 31 May 2017.
  46. ^ "New York Life Insurance". Fortune. 2017. Retrieved 31 May 2017.
  47. ^ "America's Best Employers". Forbes. 2017. Retrieved 1 August 2017.
  48. ^ New York Life Forbes

External links

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