AM Best Affirms Credit Ratings of New York Life Insurance Company and Its Subsidiaries
- July 23, 2026 10:16 AM (EDT)
//BestWire// - AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aaa” (Exceptional) of New York Life Insurance Company, New York Life Insurance and Annuity Corporation (NYLIAC), Life Insurance Company of North America (LINA), New York Life Group Insurance Company of NY (NYLGICNY) and NYLIFE Insurance Company of Arizona. All companies are referred to as New York Life and are headquartered in New York, NY. AM Best also has affirmed the Long-Term ICRs of “aaa” (Exceptional) of New York Life Global Funding and New York Life Funding. Lastly, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of the funding agreement-backed securities programs, the outstanding notes issued therein and the Long-Term IRs on the existing surplus notes of New York Life Insurance Company. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long- and Short-Term IRs)
The ratings reflect New York Life’s balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management.
The rating affirmations reflect New York Life’s ability to continue to generate record earnings, prudent expense management and financial flexibility. In addition, New York Life has maintained its competitive market positioning through business growth and the payment of policyowner dividends. The balance sheet strength assessment is further supported by the company’s well-diversified investment portfolio, low credit losses and its available liquidity. Additionally, the balance sheet strength is also supported by New York Life’s capital adequacy remaining at a strong level, as measured by a statutory surplus plus asset valuation reserve and Best’s Capital Adequacy Ratio (BCAR), supporting the company’s ongoing strategic initiatives and risk-adjusted capitalization relative to peers.
The group’s very strong operating performance is derived from a well-diversified business providing multiple sources of revenue, including earnings momentum from its asset management business. This performance has continued to improve, supported by a near-doubling of pre-tax net operating gains, a surge in consolidated net income, and the strength of its agency sales force. An expanding and diverse profitable book of retail annuity sales, foundational whole life insurance, and group benefits provide support for New York Life’s very favorable business profile.
New York Life’s financial leverage remains solid at 13.3%, as calculated by AM Best, with a capitalization profile consisting of long-term surplus notes and balanced operational leverage. Interest coverage remains strong under AM Best's criteria, supported by consistent earnings growth that ensures the group can easily service its fixed debt obligations.
The following Long-Term IRs has been affirmed with stable outlooks:
New York Life Global Funding — “aaa” (Exceptional) program rating
- “aaa” (Exceptional) on all outstanding notes issued under the program
New York Life Funding — “aaa” (Exceptional) program rating
New York Life Insurance Company—
- “aa” (Superior) on $1 billion 5.875% surplus notes, due May 2033
- “aa” (Superior) on $1 billion 6.75% surplus notes, due November 2039
- “aa” (Superior) on $1.25 billion 3.75% surplus notes, due May 2050
- “aa” (Superior) on $1 billion 4.45% surplus notes, due May 2069
The following Short-Term IR has been affirmed:
New York Life Capital Corporation —
- AMB-1+ (Strongest) on the commercial paper program
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.