New York Life Insurance Company

 

American life insurance company

New York Life Insurance Company (NYLIC) is the third-largest life insurance company within the United States, the largest mutual life insurance firm within the United States and is ranked #67 on the 2021 Fortune 500 record of the most important United States corporations by complete income. NYLIC has about $593 billion in total assets under management, and greater than $25 billion in surplus and AVR. In 2007, NYLIC achieved the absolute best ratings by the 4 independent rating corporations (Standard & Poor’s, AM Best, Moody’s and Fitch).[citation needed] Other New York Life associates present an array of securities services, as properly 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 Manhattan’s Financial District as Nautilus Mutual Life in 1841, 10 years after the primary life insurance coverage charter was granted within the United States. Originally chartered in 1841, the company also sold fire and marine insurance. The firm’s first president, James De Peyster Ogden, was appointed in 1845. Nautilus renamed itself New York Life Insurance Company in 1845 to focus on its life insurance coverage business.

In its early years (1846–1848) the corporate, along with other insurance firms of the day including Aetna and US Life, insured the lives of slaves for his or her owners. By 1847 these accounted for one‑third of New York Life’s insurance policies. The board of trustees voted to finish the sale of insurance coverage insurance policies on slaves in 1848. The firm also bought policies to soldiers and civilians involved in combat through the American Civil War and paid claims underneath a flag of truce during that point. In the late 1800s, the company started using feminine agents.

New York Life continued to grow all through its first a hundred years as the nationwide inhabitants and the market for life insurance increased. New York Life’s progress was partially fueled by its introduction of a system by which the corporate used agents to search out new enterprise. In 1892, firm President John A. McCall launched the branch workplace system: places of work that served as liaisons between New York and subject agents.

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In 1894, the corporate grew to become the first US-based insurance provider to offer life insurance coverage to girls on the similar value as males; social reformer Susan B. Anthony was one of the firm’s first female policyholders. In 1896, New York Life became the primary firm to insure folks with disabilities or in hazardous occupations.

20th century

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928. The firm moved into the 34-story skyscraper in 1929. Later that yr, 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 actual estate, not common shares.

Following World War II, New York Life further diversified; it invested in real estate development within the late Forties and launched a mortgage-loan program for veterans in 1946. In 1957, New York Life hired one of the trade’s first black brokers, Cirilo McSween. In the Nineteen Seventies, New York Life began selling annuities and mutual funds. In the late Nineteen Nineties and early 2000s, as different mutual life insurance firms turned publicly traded firms, New York Life remained a mutual firm. New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna.

Recent history

New York Life, along with different insurance companies, relaxed the claims process for missing persons within the wake of the September 11 attacks. Fearful of the stability of the market through the two years previous to the financial crisis of 2007–2008, New York Life moved its cash into different investments similar to treasury bonds. In the ensuing monetary disaster, New York Life Insurance Company rejected assistance from the U.S. Treasury Department.

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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 entry to markets in Europe, Asia and Australia, in addition to the United States.

Operations

As of 2016, New York Life Insurance Company was the country’s third-largest life insurance coverage company. A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders. As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2016, the company has paid a dividend every year since 1854. Through Seguros Monterrey New York Life, the corporate presents insurance in Mexico.

New York Life’s core product is whole life insurance, a sort of life insurance providing lifelong protection that builds cash worth over time. New York Life additionally sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance and annuities. The firm operates New York Life Direct, selling direct-to-consumer policies, and is the unique life insurance coverage partner of the AARP.

New York Life Building, Kansas City

Asset management businesses

New York Life Investments is a subsidiary world asset management business which serves each institutional and retail clients. It ranks No. 26 by whole worldwide institutional property underneath administration, according to Pensions & Investments’ Largest Money Managers Survey 2017.

The group manages money through impartial funding boutiques. These boutiques embrace:

  • Ausbil, an Australian funding boutique specializing in equities
  • Candriam Investors Group, which focuses on excessive yield, absolute return, emerging debt, sustainable investments and asset allocation strategies
  • Credit Value Partners, which focuses on opportunistic, distressed debt and high-yield corporate credit
  • GoldPoint Partners, a non-public fairness firm
  • IndexIQ, which makes a speciality of exchange-traded funds and alternative funding strategies
  • MacKay Shields, an asset management agency that focuses on revenue technology and provides capital progress via mutual and hedge funds
  • Madison Capital Funding, which supplies financing to non-public fairness firms
  • Private Advisors, an asset supervisor specializing in hedge funds and personal fairness funds
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Charitable efforts

New York Life Foundation is the insurance firm’s philanthropic arm. Its areas of focus include childhood bereavement. New York Life Foundation first became involved in childhood bereavement applications when it supported the Comfort Zone Camp in 2007. Its partners and programs embody the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and Boys and Girls Clubs of America. It sponsored the HBO documentary One Last Hug.

The company also emphasizes giving to various cultural communities, including the African-American group. The firm additionally funded a $10 million endowment to the Colin Powell Center for Policy Studies on the City College of New York referred to as the New York Life Endowment for Emerging African-American Issues in 2006.

Ratings and rankings

In June 2018, New York Life ranks No. 69 on the Fortune 500. In 2017 Fortune named New York Life among its Most Admired Companies in the life insurance coverage business. Forbes ranked New York Life #364 amongst America’s Best Employers for 2017. As of 2019, New york Life ranks No. seventy one on the Fortune 500.

By the top of 2019, New York Life had earned the highest monetary energy ratings from main four ranking agencies: A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor’s.

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