New York Life Declares Largest Dividend in Company History With $2.0 Billion Total Payout Expected In 2023
November 22, 2022 by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced that the company has declared a record dividend payout of $2.0 billion expected to be paid to eligible participating policy owners in 2023. Declaring a dividend for the 169th consecutive year underscores the company’s commitment to financial strength, mutuality, and delivering ongoing value to policy owners. New York Life has paid in excess of $1 billion in dividends every year since 1990 and more than $46 billion in total dividend payouts over that time.
“New York Life’s ability to declare the largest dividend in company history despite an extraordinary environment that includes the global pandemic, volatile financial markets, and uncertain economic conditions is a testament to the sustaining strength of our business,” said Craig DeSanto, New York Life chief executive officer and president. “In challenging times, New York Life shines through thanks to our financial stability and long-term orientation enabled by our mutuality.”
New York Life’s Foundational Business, which delivers trusted advice and guidance provided by over 12,000 agents that make up the company’s industry leading2 field force, is supported and made stronger by a diverse portfolio of Strategic Businesses. These complementary businesses strengthen and diversify the company’s earnings and contribute to surplus and dividends.
“There is a direct connection between New York Life’s mutuality and our ability to provide financial security and peace of mind to the tens of millions of policy owners and families who place their trust in us. In fact, our mutuality creates the ultimate alignment between New York Life and our policy owners,” said DeSanto. “Every decision we make is focused on best serving our policy owners and the value created across the company directly benefits our participating policy owners, including through our dividend.”
In addition to announcing a dividend to whole life policy owners, New York Life has also declared dividends on participating Mutual Income Annuities for the seventh consecutive year3 and on NYL My Care, a standalone long-term care product introduced in 2018, for the third consecutive year.4
One of only two life insurance companies with the highest financial strength ratings currently awarded to any U.S. life insurers by all four major rating agencies,5 New York Life’s surplus and asset valuation reserve remains robust at $30.2 billion, bolstered by the company’s ability to strategically manage its $312 billion general account.6
Consistent with the company’s ongoing efforts to best serve policy owners, New York Life announced the launch of Secure Wealth Plus and Market Wealth Plus, two new, innovative life insurance solutions in September. The Wealth Plus7 series is designed to provide death benefit protection and early, tax-advantaged cash value accumulation potential, enabling clients to further maximize the benefits of life insurance as part of a holistic financial strategy. The Wealth Plus products add to New York Life’s comprehensive and unique suite of accumulation-oriented life insurance solutions.
ABOUT NEW YORK LIFE
New York Life Insurance Company (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. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. 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.5
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
2New York Life has led U.S. membership in the Million Dollar Round Table (MDRT), the Premier Association of Financial Professionals®, for 68 consecutive years. The 2022 MDRT membership list is as of 7/31/22.
3Annuity premiums are invested in a portfolio that is separate and distinct from the life insurance portfolio and has its own dividend scale. Dividends are not guaranteed.
4The dividends paid on NYL My Care are payable as a premium offset.
5Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
6Surplus and general account as of 9/30/2022. Please see New York Life’s 2021 Report to Policy Owners for additional information.
7Secure Wealth Plus is a whole life insurance product issued by New York Life Insurance Company (NY, NY). Market Wealth Plus is variable universal life insurance product issued by New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware Corporation and a wholly-owned subsidiary of New York Life Insurance Company, and is offered through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. NYLIAC, NYLIFE Securities LLC, and New York Life Insurance Company are affiliated companies. Market Wealth Plus is not a dividend eligible life insurance product. Please note that Market Wealth Plus offers market growth potential: its cash values fluctuate according to how the selected investment options perform, and gains and losses are possible.
Please consider the investment objectives, risks, and charges before investing in variable life insurance. The product and fund prospectuses contain this and other important information and can be obtained from your New York Life financial professional. Please read the prospectus carefully before investing.
In most jurisdictions, the policy form numbers are as follows (state variations may apply): Secure Wealth Plus (ICC18217-50P (4/18)); Market Wealth Plus (ICC22-322-32P). Products available in jurisdictions where approved. New York Life Insurance Company (NYLIC) is a mutual insurer which issues participating products that are eligible to share in annual dividends declared by the board of directors. Policies issued by NYLIC’s wholly owned life insurer subsidiaries, including NYLIAC, are not participating and are not eligible for dividends.
New York Life