New York Life Insurance Company

History

Early history

New York Life Insurance Company first opened in Manhattan's Financial District as Nautilus Mutual Life in 1841, 10 years after the first life insurance charter was granted in the United States. Originally chartered in 1841, the company also sold fire and marine insurance. The company's first president, James De Peyster Ogden, was appointed in 1845. Nautilus renamed itself New York Life Insurance Company in 1845 to concentrate on its life insurance business.

In its early years (1846–1848) the company, along with other insurance companies of the day including Aetna and US Life, insured the lives of slaves for their owners. By 1847 these accounted for onethird of New York Life's policies.

New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased. New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business. In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.

In 1894, the company became the first US-based insurance provider to offer life insurance to women at the same cost as men; social reformer Susan B. Anthony was one of the company's first female policyholders. In 1896, New York Life became the first company to insure people with disabilities or in hazardous occupations.

20th century

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928. The company moved into the 34-story skyscraper in 1929. Later that year, New York Life's assets survived the stock market crash; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.

Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. In the 1970s, New York Life began selling annuities and mutual funds.

Recent history

New York Life, along with other insurance companies, relaxed the claims process for missing persons in the wake of the September 11 attacks. During the 2008 financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department.

Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States.

NYLIC acquired a unit of The Cigna Group's business in 2020 that sold non-health insurance products for 6.3 billion. The unit became New York Life Group Benefit Solutions. In November 2021, the company announced that company president Craig DeSanto was replacing CEO Ted Mathas. The transition was finalized in April 2022, and Mathas stayed with the company as a non-executive chairman until DeSanto assumed the role of chairman in April 2023.

Operations

As of 2024, New York Life Insurance Company was the country's second-largest life insurance company. As a mutual life insurer, New York Life is owned by its policyholders and has no outside shareholders. In 2024, New York Life reported approximately $27 billion in revenue and $470 million in net income. That year, it had approximately $245 billion in total assets and $26 billion in total equity. New York Life has 12,000 agents and advisors, as of 2025. As a mutual life insurer, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2025, the company has paid a dividend every year since 1854.

Products and services

New York Life's core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time. The insurance businesses portfolio includes: Institutional Life, Institutional Annuities, New York Life Direct, New York Life Group Benefit Solutions, Group Membership Association Department, and Seguros Monterrey New York Life. New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance, annuities and disability insurance.

Asset management and investment

New York Life Investments is a subsidiary global asset management business which serves both institutional and retail clients. New York Life Ventures launched in 2012. It is the corporate venture capital business of New York Life. Investments have included startup technology companies. The group manages money through independent investment boutiques. These affiliated boutiques include:

• Apogem, a private equity formed by the merger of GoldPoint Partners, Madison Capital Funding, and PA Capital
• Ausbil, an Australian investment boutique specializing in equities
• Candriam Investors Group, which focuses on high yield, absolute return, emerging debt, sustainable investments and asset allocation strategies
• Credit Value Partners, which specializes in opportunistic, distressed debt and high-yield corporate credit
• GoldPoint Partners, a private equity firm
• IndexIQ, which specializes in exchange-traded funds and alternative investment strategies
• MacKay Shields, an asset management firm that focuses on income generation and offers capital growth through mutual and hedge funds
• Madison Capital Funding, which provides financing to private equity firms
• Private Advisors, an asset manager specializing in hedge funds and private equity funds

Charitable efforts

New York Life Foundation is the insurance company's philanthropic arm. The Foundation was established in 1979 and primarily supports programs that benefit young people, particularly childhood bereavement support. It first became involved in childhood bereavement programs when it supported the Comfort Zone Camp in 2007. as well as Sesame Workshop's "Growing as We Grieve" grief toolkit, which won Webby and Anthem awards in 2024.

The company also emphasizes giving to various cultural communities, including the African-American community.

Ratings and rankings

In 2024 Fortune named New York Life among its Most Admired Companies in the life insurance industry. Forbes ranked New York Life #364 among America's Best Employers for 2017. As of 2025, New York Life ranks No. 69 on the Fortune 500.

By the end of 2024, New York Life had earned the highest financial strength ratings from major four rating agencies: A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor's.

References

References

1. (December 31, 2024). "New York Life Insurance Company Statutory Financial Statements". New York Life Insurance Company.
2. (2024). "New York Life Insurance". Fortune.
3. Swarns. (December 18, 2016). "Insurance Policies on Slaves: New York Life's Complicated Past". [[New York Times]].
4. (16 April 2016). "New York Life leases 3 floors at 200 Public Square, will bring hundreds of jobs to downtown Cleveland". [[The Plain Dealer]].
5. Rachel Swarns. (December 18, 2016). "Insurance Policies on Slaves: New York Life's Complicated Past". [[New York Times]].
6. (15 August 2012). "An early history of life insurance". [[Library of Congress]].
7. (10 February 1987). "Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512". New York City Landmarks Preservation Commission.
8. Hudnut, James Monroe. (1906). "History of the New York Life Insurance Company, 1895-1905". New York Life Insurance Company.
9. Hudnut, James Monroe. (1906). "History of the New York Life Insurance Company, 1895-1905". New York Life Insurance Company.
10. (July 1937). "A woman agent in the '90's". NYLIC Review.
11. "New York Life Insurance Company History". International Directory of Company Histories.
12. (2005). "Vault Guide to the Top Insurance Employers". Vault, Inc..
13. "New York Life Building". Cass Gilbert Society.
14. Martin L. Deppe. (2017). "Operation Breadbasket: An Untold Story of Civil Rights in Chicago, 1966–1971". [[University of Georgia Press]].
15. (9 November 2008). "Two insurers reject government bailout help". [[NBC News]].
16. (24 September 2013). "New York Life buys Dexia Asset Management arm for $512M". [[Law360]].
17. (December 18, 2019). "New York Life to Pay $6.3 Billion for Cigna’s Life and Disability Insurance Business". The Wall Street Journal.
18. (November 17, 2021). "New York Life Taps Current President Craig DeSanto as Next CEO".
19. (January 17, 2023). "New York Life Names CEO and President Craig DeSanto Chairman of the Board". Insurance Innovation Reporter.
20. (April 19, 2022). "DeSanto assumes position as New York Life CEO".
21. (June 20, 2024). "Largest Life Insurance Companies in the US in 2025". Business Insider.
22. (18 December 2019). "New York Life Swoops In With Rare $6.3 Billion Cigna Unit Deal". Bloomberg.
23. (12 September 1978). "N.Y. Life Co. Next Target In Anti-Stevens Campaign". The Washington Post.
24. (30 Apr 2025). "Best Life Insurance Companies of May 2025". Business Insider.
25. (18 May 2010). "New York Life: Playing it safe with insurance pays off - May. 18, 2010". CNN.
26. (9 Oct 2024). "New York Life Insurance Review 2025".
27. (10 June 2025). "New York Life Insurance Review". U.S. News & World Reports.
28. (29 March 2024). "New York Life names Todd Taylor Head of Life Insurance Solutions {{!}} Insurance Innovation Reporter". iireporter.com.
29. (1 June 2025). "New York Life Insurance Review 2024". Bankrate.
30. Matt Ackermann. (October 26, 2000). "N.Y. Life Relaunches Asset Unit". [[American Banker]].
31. (27 January 2020). "Fintech-Focused Firm Founded by New York Life’s Former President Makes First Deal". Wall Street Journal.
32. "Investments group". New York Life Insurance Company.
33. (January 9, 2023). "Former GoldPoint Executives Launch Midmarket-Focused Dextra Partners". The Wall Street Journal.
34. (22 June 2017). "Ausbil MicroCap Fund makes key appointments". Australian Financial Review.
35. (24 October 2013). "Fund manager Ausbil Dexia will embrace New York Life". Australian Financial Review.
36. (13 March 2017). "Candriam bien parti pour atteindre 150 milliards d'euros d'actifs dans cinq ans". Les Echos.
37. (9 January 2017). "Candriam Investors opens New York office". Global Investor Group.
38. (5 June 2015). "Candriam looks to seize the retail space". Investment Europe.
39. (4 January 2017). "New York Life Investments takes majority stake in Credit Value Partners". Pensions & Investments.
40. (11 May 2017). "Term sheet — Thursday, May 11". [[Fortune (magazine).
41. Kamaron Leach. (11 May 2017). "GoldPoint reaffirms middle-market mezzanine financing with fourth fund". Mergers & Acquisitions.
42. (4 December 2014). "New York Life to enter ETF market with acquisition of IndexIQ". [[Reuters]].
43. Lisa Shidler. (3 April 2017). "Why ProShares yanked ETFs from Schwab's no-commission OneSource ETF exchange". RIABiz.
44. J.B. Maverick. (18 March 2016). "MacKay Shields: Investment Manager Highlight". Investopedia.
45. (10 January 2017). "Madison Capital Funding's Klimmeck, Marks to exit at end of 2017". Buyouts.
46. (22 June 2016). "Private advisors shakes up hedge fund investments, staff". [[Reuters]].
47. (2 June 2010). "Families With a Missing Piece". [[The Wall Street Journal]].
48. Kyoko Uchida. (18 November 2015). "Heather Nesle, president, New York Life Foundation". Philanthropy News Digest.
49. (September 2, 2021). "How schools are addressing students' mental health needs due to trauma of COVID-19". ABC News.
50. "Growing as We Grieve".
51. "Growing as We Grieve".
52. Samantha Marshall. (5 December 2006). "New York Life gives $10M to City College". [[Crain Communications]].
53. (2024). "New York Life Insurance". [[Fortune (magazine).
54. (2017). "America's Best Employers". [[Forbes]].
55. [https://www.forbes.com/companies/new-york-life/#6320342355e1 New York Life] ''[[Forbes]]''
56. "Financial Strength Ratings from Four Rating Agencies {{!}} New York Life".