LIFE INSURANCE
New York Life Reports Record Surplus in 2024; Net Income Climbs to $470 Million
NEW YORK //BestWire// - New York Life Insurance Co. posted record financial results in 2024, driven by a highest-ever $1.9 billion in insurance sales and $808 billion in assets under management, it said in a year-end financial report.
New York Life reported net income of $470.2 million for the full year, up from $28 million in the previous year, according to the report.
The company reported a record surplus of $33.3 billion and $3.5 billion in operating earnings. NY Life also paid $17.6 billion in policy owner benefits and dividends, according to a company statement.
Individual life insurance in force was $1.2 trillion.
The company attributed the financial results to its strategy of dividing itself into two types of businesses, those deemed foundational, and others deemed strategic.
Foundational businesses revolve around protection-first advice and guidance to customers through 12,000 agents and advisers throughout the United States. The strategic category involves businesses that support the former through such things as investment management, group benefit solutions, institutionally owned life insurance and annuities and direct-to-consumer insurance sales.
New York Life is among several mutual life insurers that plan to offer record dividends to policy owners, as it sees strong levels of surplus (BestWire, Feb. 14, 2025).
In November, New York Life declared a record-high dividend of $2.5 billion payable to participating policy owners in 2025, which it said marked the highest payout in almost 180 years as a company. The company said it has paid out more than $1 billion in annual dividends every year since 1990 and more than $50 billion in cumulative payouts since then.
Underwriting entities of New York Life Insurance Co. have current Best's Financial Strength Ratings of A++ (Superior).
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)