Largest dividend payout in company history underscores long-term value delivered to policy owners; marks 172^nd consecutive annual dividend

NEW YORK–(BUSINESS WIRE)–New York Life, the nation’s largest¹ mutual life insurer, today announced that the company will pay an estimated $2.78 billion in dividends to eligible participating policy owners in 2026 — the largest dividend payout in New York Life’s 180-year history and its 172nd consecutive annual dividend.

“Dividends are a tangible expression of our mutuality,” said Craig DeSanto, Chair, President & Chief Executive Officer. “Our focus is simple and consistent: make long-term decisions that strengthen New York Life and deliver enduring value to the millions of individuals, families and businesses who place their trust in us.”

Dividends will be paid on participating Whole Life policies. For the tenth consecutive year, dividends will also be paid on participating Mutual Income Annuities. In addition, dividends will be paid on NYL My Care and NYL Secure Care long-term care insurance products (sixth year and first year, respectively). NYL MyIncome Protector individual disability insurance will pay dividends for the first time.²

Strong, diversified foundation

New York Life’s ability to deliver consistent dividends reflects its long-term investment approach, disciplined risk management and diversified earnings from its Strategic Businesses. The company maintains leading positions in asset management, group benefits, institutional life insurance and annuities, and affinity channels, and owns Seguros Monterrey New York Life, which reaches consumers through the largest life-insurance agent network in Latin America. These diversified businesses contribute to a resilient earnings base that directly benefits participating policy owners.

By the numbers

• >$1 billion in annual dividends every year since 1990, totaling over $53 billion over that period.
• Highest financial strength ratings currently awarded to any U.S. life insurer by all four major rating agencies.³
• $34 billion in surplus and asset valuation reserve.⁴
• $3.5 billion in operating earnings.⁵
• $1.2 trillion of individual life insurance in force in the U.S. in 2024.⁶
• $17.6 billion in policy owner benefits and dividends paid in 2024.⁷
• $879 billion of Assets Under Management (AUM).⁸

“For 180 years, we’ve stayed true to who we are: a mutual company operated to serve its policy owners,” DeSanto added. “That clarity of purpose is why New York Life has delivered on its promises through all environments.”

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, disability income 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.³

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2025. For methodology, please see https://fortune.com/company/new-york-life-insurance/.
²Annuity, NYL My Care, NYL Secure Care and NYL MyIncome Protector premiums are invested in portfolios that are separate and distinct from the life insurance portfolio and have their own dividend scales. Dividends are not guaranteed. The dividends paid on NYL My Care, NYL Secure Care, and NYL MyIncome Protector are applied to the premium to reduce out-of-pocket costs.
³Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).
⁴Surplus and general account as of 9/30/2025. Please see New York Life’s 2024 Report to Policy Owners for additional information.
⁵Operating 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.
⁶Individual 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 December 31, 2024 (including $183.6 billion for NYLIAC).
⁷Policy 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. LINA is not authorized in New York and does not conduct insurance business in New York.
⁸Assets 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. As of Sept. 30, 2025, New York Life’s assets under management total $879 billion.

SMRU 8612237