New York Life Insurance Company
New York Life Insurance Company
51 Madison Avenue
New York, New York 10010
New York Life Insurance Company is the largest mutual life insurance company in the United States, providing life and health insurance since 1845. Its headquarters is located in New York, New York, housing 12,650 employees headed by Ted Mathas, the company’s Chief Executive Officer.
Founded by Sir Hunter Clarke in New York City, the company was first named Nautilus Insurance Company and was renamed New York Life Insurance Company in 1849. New York Life is a company of firsts by providing fair and equitable products and services to its clients. It is the first U.S. life insurance company to give cash dividends to policyholders, and the first American company to issue policies with similar rates for men and women. It is also the first life insurance provider to issue policies for people with disabilities in 1896. In addition, it is the first company to issue a policy with a disability benefit that takes on complete disability to be permanent after a preordained period.
The 2010 Fortune 100 list ranks New York Life at #64, making it the highest privately held insurance company on the list. The company has outstanding financial strength and stability, attaining superior ratings from A.M. Best, Fitch Ratings, Moody’s and Standard and Poor’s. It is one of the only three life insurance companies to have the highest ratings from the four major rating companies. New York Life has maintained its superior ratings even after the 2008 financial crisis. The company has about $287 billion in total assets under management, and more than $15 billion in surplus and asset valuation reserve. Its revenue reached $34,014.3 million in 2009 and it made $682.7 million net income in the same year.
New York Life is licensed to do business in all 50 states and the District of Columbia. The company provides life insurance, lifetime income, investment annuities, long-term care insurance, mutual funds and other products and services. Mutual funds are sold through New York Life Securities, a subsidiary and a registered broker-dealer. Institutional asset management and retirement plan services are supplied by another subsidiary, the New York Life Investment Management.
The company’s life insurance plans include corporate sponsored plans such as corporate sponsored universal life. Single premium life insurance is also offered, including asset preserver and single premium variable universal life. Moreover, it provides survivorship life insurance, also known as second-to-die insurance, which insures both client and spouse under one policy, with earnings payable after the second death. Survivorship life insurance also benefits children with special needs, providing definite funding for a trust to provide for a child with special needs after the death of the second parent. Charities can benefit from survivorship life insurance as well, where charitable gifts helps create a living legacy for a favorite charitable organization after both spouses’ needs have been provided for.
Term life, universal life, variable universal life, and whole life insurance along with investment annuities are likewise offered by New York Life. Other insurance products and services include sponsored marketing relationships, individual and group health, disability income, and impaired risk life and annuity.