New York Life, America’s largest1 mutual life insurer, today announced strong financial results for 2022 that underscore the power of the company’s differentiated business model and its significant contributions to New York Life’s enduring financial strength. The company’s top-line growth was driven by a new record in annuity sales, making New York Life the industry leader in retail annuity sales for 20222. In addition to posting a company record of nearly $2.9 billion in operating earnings, New York Life records of $16.5 billion in policy owner benefits and dividends paid and $1.2 trillion in individual life insurance in force in the U.S. demonstrate the company’s enduring commitment to the millions of individuals, families, and businesses it serves.
Record $2 billion dividend payout in 2023
New York Life declared a record dividend of $2 billion to eligible participating policy owners in 2023, the largest in company history. Paying a dividend3 for a 169th consecutive year highlights New York Life’s ability to deliver ongoing, long-term value to clients.
“We delivered healthy performance across our diversified portfolio of businesses in 2022. Despite ongoing economic uncertainty, New York Life’s financial strength is as robust as ever and we remain exceptionally well-positioned to manage through any environment,” said Craig DeSanto, CEO & President, New York Life.
Strong surplus and leading financial strength ratings
New York Life’s strong surplus – capital above and beyond the reserves already set aside to pay the benefits the company promises – is a key component of its leading financial strength ratings. New York Life is one of only two life insurers with the highest financial strength ratings currently awarded to any U.S. life insurance company by all four major rating agencies4.
According to Craig DeSanto, “Our financial strength enables us to continue to invest in solutions and tools that help us meet our customers’ evolving needs and position our 12,000 agents and advisors to deliver protection-first advice and guidance.”
Financial performance highlights as of and for the year ended December 31, 2022 include:
- $30.1 billion surplus (including the asset valuation reserve) 5
- $16.5 billion in total dividends and benefits paid to policy owners6
- $2.0 billion total dividend payout declared for 20233
- $1.2 trillion of individual life insurance in force in the U.S. 7
- $710 billion in assets under management8
- $1.7 billion in insurance sales9
- $17.7 billion in insurance premiums10
- $23.2 billion in annuity sales11
- $2.9 billion in operating earnings12
