New York Life

Topics: Insurance, Mutual insurance, Investment Pages: 3 (782 words) Published: November 10, 2008
New York Life Insurance Company
Founded in 1845, New York Life started with $17,000 in assets (http://en.wikipedia.org). In its fledgling years, the company insured the lives of slaves for slave owners (http://en.wikipedia.org). Now, New York Life is one of the largest mutual life insurance companies in the world. The company was listed in the 2007 Fortune 100 and received the highest possible rating from Standard and Poor’s (http://en.wikipedia.org). Professional agents, excellent customer service, strategic financial practices, and offering original products to policyholders are the ingredients that have kept New York Life a thriving mutual insurance company.

According to New York Life’s CEO Sy Sternberg, being a mutual life insurance company means that the company can provide for its policyholders in the long-run, unlike an investment life insurance company (www.newyorklife.com).

One of New York Life’s greatest attributes would be its financial strength. In addition to its nearly $169 billion in consolidated assets, New York Life holds a well-diversified portfolio, and receives some of the highest ratings for financial strength from the life insurance industry’s rating agencies (www.newyorklife.com). Most of New York Life’s assets are invested in fixed securities that have investment grade ratings by the National Association of Insurance Commissioners (www.newyorklife.com). The company’s diligence in keeping costs low also assists with its financial stability. An insurer’s total surplus measures its financial solidity. Surplus is a company’s net worth and it corresponds to the company’s earnings after all debts are met. It is also a cushion in case of economic recession. Surplus is the key indicator of a mutual insurance company’s financial strength (www.newyorklife.com). New York Life’s surplus is nearly one and a half times the average of the top 25 insurers (www.newyorklife.com).

New York Life’s products not only include life...

Cited: 1. New York Life Annual Report 2006. 29 January 2008. http://www.newyorklife.com.
2. New York Life Insurance Company. 25 January 2008. 29 January 2008. http://en.wikipedia.org/wik/New_York_Life.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Personal Narrative about moving from Virginia to New york Essay
  • Essay on Annotated Bibliography: Prison Treatments Laws in New York State
  • New Yorker from Tondo Research Paper
  • Rizal Life in Us Essay
  • Essay on New Yorker in Tondo Short Script
  • New Technology Essay
  • Dbq Although New England and the Chesapeake Region Were Both Settled Largely by of English Origin, by 1700 the Region Had Evolved Into Two...
  • Essay about New York

Become a StudyMode Member

Sign Up - It's Free