New York Life Insurance

Type of Insurance Company: Mutual

Insurance subsidiaries:
New York Life Insurance and Annuity Corp.

Company Overview:

Company History: Founded 1845, New York Life's capital position is among the strongest in the financial services industry.

New York Life is the largest mutual life insurance company in the United States in terms of 2006 revenues. Unlike several other large mutual life insurers, New York Life has not changed to stockholder ownership and has continued to focus on traditional life insurance and annuity products through the parent company and several subsidiaries. New York Life was incorporated in 1841, began business in 1845 and adopted the present name in 1849.

New York Life offers certain products through AARP and other distribution channels, but primarily New York
Life’s marketing and sales efforts take place via its career agency force, which is one of the most productive agency forces in the industry. New York Life’s 7,500 person agency force has long led the industry with the largest number of U.S. agents achieving membership in the Million Dollar Round Table (MDRT), the organization for highly productive life insurance sales agents. About one of every six MDRT agents in the United States is with New York Life and about one-third of New York Life agents are MDRT members. The average life insurance policy sold by New York Life in 2005 was for about $250,000 of insurance. In addition to traditional life insurance and annuity products, New York Life sells variable life and annuity products, interest rate sensitive products, single and flexible premium fixed and variable annuities, universal and variable life, Corporate Owned Life Insurance (COLI) and Bank Owned Life Insurance (BOLI). COLI and BOLI sales are mostly through brokers and sales of annuities through banks have been increasing. Other products include mutual fund sales to individuals, investment management services to institutional investors, long term care insurance and other products sold through affinity groups and professional associations. In 2005, New York Life sold about 7% of the country’s ordinary life insurance. In 2005, about 24% of New York Life’s direct premium came from New York, Delaware (11.4%), New Jersey (7.8%), California (5.0%) and Massachusetts (4.9%).

New York Life’s international business is active in Hong Kong, China, Mexico, Argentina, South Korea, the Philippines, Thailand, India and Taiwan. International sales now represent approximately 26% of all insurance sales.

New York Life Insurance Company earns top marks for financial
strength from all the major independent rating agencies – including the
highest possible rating from Moody’s Investors Service, Fitch Ratings
and A.M. Best.

Principal Methods: Career agents.

New York Life offers certain products through AARP and other distribution channels, but primarily New York
Life’s marketing and sales efforts take place via its career agency force, which is one of the most productive agency forces in the industry. New York Life’s 7,500 person agency force has long led the industry with the largest number of U.S. agents achieving membership in the Million Dollar Round Table (MDRT), the organization for highly productive life insurance sales agents. About one of every six MDRT agents in the United States is with New York Life and about one-third of New York Life agents are MDRT members. The average life insurance policy sold by New York Life in 2005 was for about $250,000 of insurance. In addition to traditional life insurance and annuity products, New York Life sells variable life and annuity products, interest rate sensitive products, single and flexible premium fixed and variable annuities, universal and variable life, Corporate Owned Life Insurance (COLI) and Bank Owned Life Insurance (BOLI). COLI and BOLI sales are mostly through brokers and sales of annuities through banks have been increasing. Other products include mutual fund sales to individuals, investment management services to institutional investors, long term care insurance and other products sold through affinity groups and professional associations. In 2005, New York Life sold about 7% of the country’s ordinary life insurance. In 2005, about 24% of New York Life’s direct premium came from New York, Delaware (11.4%), New Jersey (7.8%), California (5.0%) and Massachusetts (4.9%).

Life Annuity Business: New York Life offers a broad spectrum of Life and Annuity coverages to individuals and companies nationwide.

The average life insurance policy sold by New York Life in 2005 was for about $250,000 of insurance. In addition to traditional life insurance and annuity products, New York Life sells variable life and annuity products, interest rate sensitive products, single and flexible premium fixed and variable annuities, universal and variable life, Corporate Owned Life Insurance (COLI) and Bank Owned Life Insurance (BOLI). COLI and BOLI sales are mostly through brokers and sales of annuities through banks have been increasing. Other products include mutual fund sales to individuals, investment management services to institutional investors, long term care insurance and other products sold through affinity groups and professional associations. In 2005, New York Life sold about 7% of the country’s ordinary life insurance. In 2005, about 24% of New York Life’s direct premium came from New York, Delaware (11.4%), New Jersey (7.8%), California (5.0%) and Massachusetts (4.9%).