new york life insurance company parent: new york life insurance company new york life insurance...

Ultimate Parent:New York Life Insurance Company

NEW YORK LIFEINSURANCE COMPANY

51 Madison Avenue, Room 353New York, NY 10010

Web: www.newyorklife.comTel: 212-576-7000 Fax: 212-576-7317AMB#: 006820 NAIC#: 66915Ultimate Parent#: 006820 FEIN#: 13-5582869

BEST’S CREDIT RATINGBest’s Financial Strength Rating: A++ Outlook: Stable

Best’s Financial Size Category: XV

RATING RATIONALEThe following text is derived from A.M. Best’s Credit Report on New

York Life Group (AMB# 069714).

Rating Rationale: The ratings of the members of New York Life Group(New York Life), which include New York Life Insurance Company andits insurance subsidiaries, reflect the group’s market position among theleaders in the U.S. life insurance industry, its highly productive careeragency force and its superior risk-adjusted capitalization. The ratings alsoconsider New York Life’s favorable liability profile, stable operating earn-ings and commitment to mutuality. Partially offsetting these positive fac-tors are the potential for higher than normal, but manageable, creditlosses within the group’s general account investment portfolio, its rela-tively large exposure to interest rate risk and the intense competition thegroup faces in its core individual life and asset accumulation businesses.

New York Life benefits from the competitive advantages associatedwith its core career agency force, which has led the industry inMillion Dollar Round Table membership for 58 consecutive years.The agency channel has contributed to the group’s strong persistencyand prominent market presence in individual life with particularstrength in the middle market, while delivering strong sales growth.With its sizable in-force block of traditional life insurance and con-servative product portfolio, New York Life has one of the more cred-itworthy liability profiles in the industry. The strong fundamentalswithin New York Life’s core domestic individual life operation con-tinue to be the foundation of the group’s operating performance,which supports its superior risk-adjusted and absolute capitalizationlevels. A.M. Best also notes that New York Life’s Investment Grouprealized a 25% increase in earnings in 2012, reflective of strongspread revenue and asset-based fees from higher assets under man-agement, which resulted from a combination of strong positive netflows, market appreciation and fund adoptions. Additionally, A.M.Best notes that New York Life has an added measure of financial flex-ibility in support of its strong risk-adjusted capital position throughthe management of its policyholder dividend scale. A.M. Best viewsNew York Life’s mutual form of ownership as a positive rating factor.As a mutual insurer, New York Life is able to manage its businesseswith a long-term perspective, as well as a singular focus on providingvalue to its policyholders.Overall, A.M. Best believes New York Life’s future investment loss-

es will be lower than the industry average (as a percentage of capitaland surplus) and that statutory earnings will exceed expected losses.While A.M. Best believes that New York Life’s investment manage-ment capabilities are strong, the potential still exists for higher thannormal, albeit manageable, credit losses within the group’s general

NEW YORK LIFE INSURANCE COMPANY

New York, New York

© 2013 A.M. Best Company, Oldwick, NJ 08858 Printed June 26, 2013 www.ambest.com of 6

A++

account investment portfolio, as the group maintains significant hold-ings in public/private corporate bonds and structured securities. Inaddition, New York Life has approximately $19 billion (representingroughly 97% of total adjusted capital) of direct exposure to wholecommercial mortgage loans, and the ongoing uncertainty in the com-mercial real estate market suggests the potential for impairments.However, A.M. Best notes that the commercial mortgage portfoliomaintains below average exposure to properties with higher loan-to-value ratios and lower debt service coverage ratios. A.M. Best alsonotes that New York Life maintains a relatively high exposure to inter-est rate risk related to its blocks of interest-sensitive life and annuityreserves, although this risk is actively managed through hedging andother techniques. Lastly, similar to its peers in the domestic individuallife and annuity marketplaces, New York Life continues to face intensecompetition and will be challenged to maintain its market positionsand sales momentum over the long term.

While the members of New York Life continue to maintain A.M.Best’s highest ratings, a potential negative rating action could resultfrom a significant increase in realized investment losses, a meaningfulincrease in interest-sensitive liabilities as a percentage of total generalaccount reserves, and/or a material decline in risk-adjusted capitaliza-tion.

KEY FINANCIAL INDICATORS ($000)Total Capital

Capital Asset Net NetSurplus Valuation Premiums Invest Net

Year Assets Funds Reserve Written Income Income2008 117,305,625 11,793,474 648,853 11,285,898 5,148,919 -564,3592009 117,835,521 13,686,268 831,822 11,161,524 5,035,365 455,2672010 122,007,530 14,716,846 1,477,334 12,473,513 4,860,580 525,5572011 130,685,773 15,128,949 2,070,302 14,107,160 4,865,404 262,6132012 134,726,848 16,568,538 2,279,222 13,720,802 5,060,276 690,465(*) Data reflected within all tables of this report has been compiled from the company-filed statutorystatement.

CORPORATE OVERVIEWNew York Life Insurance Company (NYLIC), a mutual life insurer, and

its subsidiaries (collectively referred to as NYL), offers a wide range ofinsurance and investment products and services including life, long termcare (LTC) insurance, annuities, pension products, mutual funds andother investments and investment advisory services. NYL maintainsstrong market positions in the life insurance, annuities and executive ben-efits markets for middle and upper income individuals, as well as institu-tions of all sizes throughout the United States and abroad. NYL is one ofthe largest ordinary life writers in the country. The company’s vast careeragency distribution network, with a wide geographic reach, helped estab-lish this strong competitive position, which has been enhanced in recentyears by new distribution sources. NYL includes New York LifeInsurance and Annuity Corporation (NYLIAC), a wholly owned sub-sidiary through which NYL offers variable and interest-sensitive prod-ucts, and NYLIFE Insurance Company of Arizona (NYLAZ). Thecompany intends to maintain its status as a mutual company in order toremain uniquely aligned with its customers, with sufficient capital avail-able to support its growth strategies. NYL’s businesses are managed undertwo primary segments: Insurance Group and Investments Group.

BUSINESS PROFILEThe following text is derived from A.M. Best’s Credit Report on

New York Life Group (AMB# 069714).

In 2012, NYL reorganized into two major business units: InsuranceGroup and Investments Group. Businesses that operate within theInsurance Group include: Domestic Life, Long Term Care Insurance,New York Life Direct, Group Membership Association and Mexico.The NYL Investments Group is focused around the following keybusinesses: General Account Investment Management; InvestmentAnnuities; Retail Mutual Funds; Investment Management Boutiques;Guaranteed Products; Retirement Solutions.INSURANCE GROUPNYL is one of the leading writers of individual life insurance in the

U.S. and offers a broad array of participating whole life, survivorshipwhole life, fixed and variable universal life, fixed and variable sur-vivorship universal life, term life insurance, and LTC insurance. Thecompany also offers corporate-owned life insurance (COLI) andbank-owned life insurance (BOLI) opportunistically.NYL markets its traditional life insurance products primarily to

middle and also to upper income individuals primarily through itslarge career agency system. This nationwide system is one of NYL’smost valuable strengths, typically producing over half of total lifeinsurance sales. Approximately one-fifth of active field agents in theU.S. are members of the “Million-Dollar Round Table” (MDRT),demonstrating their success in meeting high standards for productiv-ity and professionalism. In addition to the wide geographic reach, thesystem has a strong presence in various cultural and women’s mar-kets. To increase productivity through the career agency channel,NYL has introduced innovative new products and technology-aidedsupport and training. Life and annuity sales through this channel havegrown steadily.LTC insurance products are also sold on an individual basis through

NYL’s career agency force. NYL brings a strong pricing and under-writing discipline to this market which is appropriate for the risk inthe business.The Advanced Markets Network (AMN) provides an additional dis-

tribution channel for the sale of COLI and BOLI through specializedinsurance brokers. This channel distributes products that are oftencustomized for the needs of these markets.New York Life Direct is responsible for the AARP Life Insurance

Program and the AARP Lifetime Income Program, which marketgroup life insurance products and guaranteed lifetime immediateincome annuities to AARP members. Through an exclusive market-ing arrangement with AARP, NYL directly markets life insuranceand fixed immediate annuities to the association’s 37 million mem-bers. By virtue of this relationship, NYL is the largest direct marketerof life insurance in the U.S., insuring over 2.0 million AARP mem-bers with over $35 billion of life insurance inforce. NYL has consis-tently increased its sales in this line, while maintaining strongpersistency, favorable mortality and expense management. In 2006,NYL began to directly market fixed immediate annuity products(AARP Lifetime Income Program) to its members and has becomethe number two direct marketer of fixed annuities in the country.Additionally, NYL’s direct marketing expertise has recently been


expanded to generate leads for products sold through the career agencyforce. This year NYL extended its contract with AARP on the LifeProgram and is confident it will continue to grow its presence in the50 year old plus market with AARP.

Group Membership Association sells life insurance and related prod-ucts to members of professional associations through specialized bro-kers. Group Membership Association underwrites Group Life,Accidental Death and Dismemberment (AD&D) and DisabilityIncome insurance programs to large professional associations andother groups. The portfolio also includes an in-force block of majormedical business. Serving the members of more than 600 associations,Group Membership Association is the leading provider of life insur-ance programs to professional associations.

Mexico is NYL’s single strategic presence in international markets.The company has exited India, China, Hong Kong, Thailand and SouthKorea. The largest remaining subsidiary, Seguros Monterrey New YorkLife, S.A. (SM), was acquired in 2000 and ranks among top insurersproviding individual life insurance in the Mexican marketplace.

INVESTMENTS GROUPWith the increasing market demand for retirement solutions and asset

management services, along with low capital requirements and poten-tial for high profit margins, investment management represents anattractive business for NYL. The Investments Group leverages itsinvestment management expertise, its established multi-channel distri-bution network and its diversified customer base to expand theirinvestment management services. As of December 31, 2012, theInvestments Group held over $364 billion of assets under manage-ment, an increase of 14% over prior year; driven by strong net flows,market performance and fund adoptions.

General Account Investment ManagementThis business is primarily focused on delivering superior risk-adjust-

ed performance for the General Account of New York Life. This isdone through the company’s Fixed Income and Real Estate Groups-that manage over $184 billion in assets under management. In additionto managing the general account assets of the New York Life insurancecompanies, General Account Investment Management business gener-ates third party fee revenue predominantly by syndicating mid-marketfinancing and then structuring and managing collateralized debt trans-actions through, Madison Capital Funding.

Madison Capital Funding provides financing solutions primarily toprivate equity backed middle market companies in the form of seniorloans, mezzanine financing and equity co-investment.

Investment AnnuitiesNYL’s Investment Annuities include fixed and variable deferred

annuities, structured settlements and guaranteed income annuities.Other than structured settlements, Investment Annuities are soldthrough NYLIAC. Variable products are offered exclusively throughNYL agents while fixed annuities and guaranteed income annuities aresold through banks and other financial institutions in addition to thecore agency channel. For more than half of new variable annuity pre-miums, fees are based on a percentage of premium versus the commonindustry practice of a percentage of assets. This approach providesgreater earnings stability for the company, as fee revenue is not sensi-tive to equity market volatility.

Guaranteed Lifetime Income, GLI, products are immediate fixedannuities that are sold through NYLIAC. The company’s strongagency and bank distribution performance has led to record sales ofGuaranteed Lifetime Income products for several years.Mutual FundsNYL’s Mutual Funds are sold under the company’s MainStay fund

brand, which offers over 50 mutual funds, representing over $70 bil-lion in assets under management. MainStay is among the fastestgrowing fund complexes, ranked by Barron’s for five consecutiveyears among the top fund families for long term investment perfor-mance. The funds leverage the expertise of NYL’s boutiques to pro-vide investment solutions across a broad array of asset classes. Theproducts are sold through a substantial Third Party Distributiongroup who market through leading financial intermediaries in 3 pri-mary channels: national / regional broker dealers, independents andbanks. NYL Agents are another key sales channel as well as NewYork Life Retirement Plan Services.Institutional Investment ManagersThrough its multiple boutique investment structure, The

Investments Group offers a broad array of investment capabilities andstrategies managed for the benefit of institutional and individualclients representing over $128 billion in assets under management.In addition to sub-advising the MainStay mutual funds, the boutiquesalso manage over $76 billion in other third party assets.Guaranteed ProductsGuaranteed Products (GP) provides a full array of products to both

the qualified and non-qualified markets via guaranteed interest con-tracts and funding agreement-backed note programs to serve theneeds of institutional investors (including plan sponsors, pensionfunds, and institutional fixed income managers) seeking stablereturns and superior credit quality. The business is managed oppor-tunistically to increase profitability by leveraging New York Life’sstrong balance sheet and high credit ratings to raise liabilities at anattractive cost of funding. In addition, GP provides maturity and ter-minal funding solutions for institutional pension plans.Retirement Plan ServicesNew York Life Retirement Plan Services provides a comprehensive

array of bundled retirement programs and investment solutions todefined benefit and defined contribution plans. Clients include corpo-rations, governments, collective bargaining units and non-profit orga-nizations. Distribution is through intermediaries including benefitsconsultants, financial advisors and New York Life’s agent field force.Additionally, Retirement Plan Services distributes Mainstay Funds

to competing bundled retirement platforms and key retirement advi-sors through the Defined Contribution Investment Only team andprovides custom stable value solutions to large corporate plan spon-sors and leading stable value managers through its Stable ValueInvestment products.Territory: The company is licensed in the District of Columbia,Guam, Puerto Rico, U.S. Virgin Islands and all states. The companyalso is licensed in Canada.


OPERATING PERFORMANCEThe following text is derived from A.M. Best’s Credit Report on New

York Life Group (AMB# 069714).Operating Results: As a mutual company with a long-term focus anda large block of ordinary life insurance in force, NYL’s new businessdevelopment utilizes a strict pricing discipline in order to deliver sta-ble profits. The investment in future business results is a strain on cur-rent statutory earnings, but better positions the company for futureprofitability.

On a consolidated GAAP basis, NYL reported strong operating earn-ings in 2012 of $1,586 million, which represented an 18% increaseover the $1,340 million recorded in 2011. NYL’s GAAP net incomewas strong at $1,999 million in 2012, representing a 72% increaseover the $1,163 million in 2011.

Insurance sales increased 3% in 2012 led by strong annual premiumsales of individual life insurance; led by custom whole life and corewhole life products, offset by lower single premium universal lifesales. Investment group sales increased 27% driven from growth insales of recurring mutual funds, investment annuities and guaranteedincome annuities. On a statutory basis, NYL reported combined pre-tax net operating gains of $1,633 million in 2012 compared to the$1,233 million reported in 2011. Drivers of the increase include a $210million increase in net investment income, primarily due to a dividendfrom New York Life Investments of $75 million and higher distributionincome from limited partnerships of $67 million; as well as reserveincrease of $129 million in 2011 for universal life policies with a NoLapse Guarantee provision that did not recur in 2012. Consolidated netincome was $1,333 million in 2012 compared to $557 million in 2011.Contributing to the increase was a lower tax liability in 2012 comparedto 2011, primarily due to a non-recurring tax benefit of $148 millionfor contributions the company made to its qualified pension plan; aswell as the aforementioned increase in net investment income andreserve increase in 2011 for universal life policies with No LapseGuarantee provision that did not recur in 2012.

BALANCE SHEET STRENGTHThe following text is derived from A.M. Best’s Credit Report on New

York Life Group (AMB# 069714).

Capitalization: NYL maintains a superior capital position relative toits overall insurance and investment risks. For year-end 2012, NYLreported its highest-ever statutory surplus and AVR of $19.6 billion,increasing by 10% over the prior year. In addition to its recent organ-ic surplus growth, a portion of the 2009 increase was attributable to$1 billion of 6.75% surplus notes issued in October 2009. A.M. Bestviews surplus notes as a lower quality of capital than retained earn-ings or paid-in capital as surplus notes are debt instruments that havethe expectation of repayment. Therefore, A.M. Best notes that NYL’squality of capital is negatively impacted as a result of the surplusnote issuance. Surplus notes represented 12.1% of capital and sur-plus as of year-end 2012 compared to 8.4% at year-end 2008. NewYork Life’s adjusted GAAP financial leverage of 8.7% (excludingaccumulated other comprehensive income along with secured andnon-recourse debt) is within A.M. Best’s guidelines for the compa-

ny’s current ratings. Also, GAAP interest coverage is very strong atalmost 23 times.NYL has more than ample resources for funding planned growth in the

near term with the ability to take advantage of growth opportunities.The company also maintains flexibility in managing surplus accumula-tion through its ability to adjust its policyholder dividend scale.

The following text is derived from A.M. Best’s Credit Report onNew York Life Group (AMB# 069714).

Liquidity: With $180 billion in invested assets on a consolidatedbasis at year-end 2012, NYL maintains an investment portfolio thatis very well diversified and of high quality. Based on past perfor-mance and current positions of the portfolio, A.M. Best anticipatesthat realized losses will be manageable. However, holdings in struc-tured securities expose the portfolio to potentially higher realizedlosses and impairments than in the past.Bonds represent almost three quarters of invested assets. NYL’s

large corporate bond portfolio (approximately 43% of investedassets) is well diversified by sector and has significantly below aver-age exposure to financial institutions. Investments in non-agencymortgage-backed securities, asset-backed securities and commercialmortgage-backed securities totaled approximately $21.5 billion atyear-end 2012. In the event of a new real estate downturn, these assetclasses have the potential to experience higher defaults and delin-quencies; however, NYL’s portfolio has performed very well withlosses well below industry averages in these asset classes. NYL’sexposure to public/private equity and mezzanine debt (4.1% ofinvested assets) represents additional risk to the investment portfolio.Historically, NYL has maintained a lower exposure to commercial

mortgage loans than its peers, comprising 10.5% of invested assets.A.M. Best considers the company to be very conservative in manag-ing this asset class and notes NYL’s low level of underperformingassets. Nevertheless, A.M. Best expects defaults to rise and is mostcautious on retail, hotel and office properties within close proximityto distressed housing markets and/or labor markets where unemploy-ment is high. NYL is well positioned in most of these areas withbelow industry average exposure to retail and virtually no exposureto hotel properties.With the predominance of reserves in participating ordinary life

insurance, a very stable line of business, and a strong surplus posi-tion, NYL has extremely strong liquidity. Sources of liquidity of over$88 billion includes NYL’s portfolio of liquid assets and other fund-ing sources including the company’s facility for short-term borrow-ing arranged through New York Life Capital Corporation (NYLCC).NYLCC serves as a conduit for NYL to the credit markets and isauthorized to issue up to $2 billion of commercial paper. For back-upliquidity needs, NYL maintains $4.9 billion of available borrowingcapacity through the Federal Home Loan Bank of NY, and has a $1.0billion revolving credit facility with a consortium of banks. To date,NYL has not utilized this facility.


MANAGEMENTOfficers: Chairman of the Board, President and Chief ExecutiveOfficer, Theodore A. Mathas; Executive Vice President and ChiefFinancial Officer, John T. Fleurant; Executive Vice President and ChiefInvestment Officer, John Y. Kim (Investments Group); Executive VicePresident and Chief Administrative Officer, Frank M. Boccio;Executive Vice President, General Counsel and Chief Legal Officer,Sheila K. Davidson; Executive Vice Presidents, Christopher O. Blunt(Insurance Group), Mark W. Pfaff (Agency); Senior Vice President andChief Information Officer, Susan B. Ericksen; Senior Vice President,Secretary and General Counsel, Susan A. Thrope; Senior VicePresident and Treasurer, Thomas A. Hendry; Senior Vice President,Chief Actuary and Chief Risk Officer, Joel M. Steinberg; Senior VicePresident and General Auditor, Patricia Barbari; Senior Vice Presidentand Chief Human Resource Officer, Hy Pomerance; Senior VicePresidents, George Nichols, III (Office of Government Affairs), BarryA. Schub. Directors: Betty C. Alewine, Ralph de la Vega, Mark L. Feidler, KentB. Foster, Christina A. Gold, Conrad K. Harper, Theodore A. Mathas(Chairman), S. Thomas Moser, Joseph W. Prueher, Thomas C.Schievelbein, Gerald B. Smith, William G. Walter.


Balance SheetAssets ($000)

12/31/2012*Total bonds . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,459,473*Total preferred stocks . . . . . . . . . . . . . . . . 61,976*Total common stocks . . . . . . . . . . . . . . . . . 10,651,386Mortgage loans . . . . . . . . . . . . . . . . . . . . . . 10,681,396Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . 519,297Contract loans . . . . . . . . . . . . . . . . . . . . . . . 8,396,905Cash & short-term inv . . . . . . . . . . . . . . . . . 1,622,393Other invested assets . . . . . . . . . . . . . . . . . 9,450,555Funds held or dep with reins . . . . . . . . . . . . 4,616,319Prems and consids due . . . . . . . . . . . . . . . 1,656,469Accrued invest income . . . . . . . . . . . . . . . . 1,125,943Other assets . . . . . . . . . . . . . . . . . . . . . . . . 6,486,415Separate account bus . . . . . . . . . . . . . . . . . 10,998,321

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . $134,726,848

Liabilities ($000)

Net policy reserves . . . . . . . . . . . . . . . . . . . $ 82,172,559Policy claims . . . . . . . . . . . . . . . . . . . . . . . . 723,591Deposit type contracts . . . . . . . . . . . . . . . . 13,224,197Interest maint reserve . . . . . . . . . . . . . . . . . 511,865Comm taxes expenses . . . . . . . . . . . . . . . . 1,140,910Asset val reserve . . . . . . . . . . . . . . . . . . . . . 2,279,222Contingency reserve . . . . . . . . . . . . . . . . . . 384,551Other liabilities . . . . . . . . . . . . . . . . . . . . . . . 6,729,645Separate account bus . . . . . . . . . . . . . . . . . 10,991,771

Total Liabilities . . . . . . . . . . . . . . . . . . . . $118,158,310Surplus notes . . . . . . . . . . . . . . . . . . . . . . . 1,991,219Unassigned surplus . . . . . . . . . . . . . . . . . . . 14,577,319

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $134,726,848

*Securities are reported on the bases prescribed by the National Association of Insurance Commissioners.


A Rating Report from the A.M. Best Company represents an independentopinion from the leading provider of insurer ratings of a company's financialstrength and ability to meet its obligations to policyholders.

The A.M. Best Company is the oldest, most experienced rating agency in theworld and has been reporting on the financial condition of insurancecompanies since 1899. The Best's Financial Strength Rating opinionaddresses the relative ability of an insurer to meet its ongoing insuranceobligations. The rating is not assigned to specific insurance policies orcontracts and does not address any other risk, including, but not limited to,an insurer's claims-payment policies or procedures; the ability of an insurerto dispute or deny claims payment on grounds of misrepresentation or fraud;or any specific liability contractually borne by the policy or contract holder.A Best's Financial Strength Rating is not a recommendation to purchase,hold or terminate any insurance policy, contract or any other financialobligation issued by an insurer, nor does it address the suitability of anyparticular policy or contract for a specific purpose or purchaser.

The company information appearing in this pamphlet is an extract from thecomplete company report prepared by the A.M. Best Company.

A Best's Financial Strength Rating is assigned after a comprehensivequantitative and qualitative evaluation of a company's balance sheet strength,operating performance and business profile.

Best's Financial Strength Ratings are assigned according to the following scale:

Secure Best's Financial Strength RatingsA++ and A+ . . . . . . . . . . . . . . . . . . . . . . . . . . .SuperiorA and A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ExcellentB++ and B+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Good

Vulnerable Best's Financial Strength RatingsB and B- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .FairC++ and C+ . . . . . . . . . . . . . . . . . . . . . . . . . .MarginalC and C- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WeakD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PoorE . . . . . . . . . . . . . . . . . .Under Regulatory SupervisionF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .In LiquidationS . . . . . . . . . . . . . . . . . . . . . . . . . . . .Rating Suspended

For the latest Best's Financial Strength Ratings and AMB Credit Reportsvisit the A.M. Best web site at www.ambest.com. You may also obtain AMBCredit Reports by calling our Customer Service department at +1-908-439-2200, ext. 5742. To expedite your request, please provide the company'sidentification number (AMB #).

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