NEW YORK--(BUSINESS WIRE)--New York Life, America’s largest mutual life insurer, at this time introduced that the corporate expects to pay eligible collaborating coverage homeowners a dividend payout of $1.9 billion in 2020, the biggest within the firm’s historical past. This file milestone will mark the 166th consecutive yr that New York Life has paid a dividend to coverage homeowners, underscoring the corporate’s continued monetary power. New York Life is the one main U.S. mutual life insurance coverage firm to declare a file whole dividend payout in every of the final six years.
In line with Chairman and CEO Ted Mathas, “New York Life’s file whole dividend payout exemplifies our ongoing dedication to our noble objective as a mutual firm and to delivering long-term worth to our coverage homeowners. As we put together to rejoice New York Life’s first 175 years in 2020, we proceed to ship on our guarantees by investing correctly, constructing on our monetary power, and making certain our coverage homeowners’ pursuits are absolutely aligned with our mission of offering monetary safety and peace of thoughts.”
The dividend payout declared for 2020 highlights the strategic advantages of the corporate’s dedication to human steerage which is delivered in communities throughout the U.S. by New York Life’s business main, best-trained, and highest-achieving agent power of over 12,000 monetary professionals.
The payout follows one other distinctive yr of economic efficiency, supported by New York Life’s robust enterprise diversification. The corporate’s strategic insurance coverage companies complement New York Life’s foundational life insurance coverage franchise and help the corporate’s earnings and monetary power by delivering diversified income streams.
New York Life may even pay dividends on collaborating Mutual Earnings Annuities for the fourth consecutive yr. As earnings annuities have grown to turn out to be a core retirement resolution for hundreds of thousands of Individuals, New York Life and its subsidiaries stay a number one earnings annuity supplier in line with LIMRA.
For coverage homeowners, the dividend payout validates their resolution to buy collaborating life insurance coverage from New York Life. Dividends can add worth to a life insurance coverage coverage in a number of methods. As coverage homeowners’ monetary wants change over time, many use dividends to extend life insurance coverage protection with out extra underwriting (referred to as Paid-Up Additions, or PUAs). By selecting PUAs, coverage homeowners could buy more money worth and demise profit, and their cash continues to develop earnings tax deferred. Dividends are payable on PUAs, as properly. Dividends can be used to pay a portion of premiums, thus reducing out-of-pocket prices; taken within the type of a examine for use any approach a coverage proprietor sees match; or left on deposit with the corporate the place dividends can earn curiosity.
New York Life stays one in every of solely two life insurance coverage firms with the very best monetary power rankings at present awarded to any U.S. life insurer by all 4 main ranking businesses, out of 800 life insurers working in america at this time. As well as, surplus and asset valuation reserve stay robust at a file $27.1 billion, bolstered by the corporate’s skill to strategically handle its $267.1 billion common account.
About New York Life
New York Life Insurance coverage Firm (www.newyorklife.com), a Fortune 100 firm based in 1845, is the biggest mutual life insurance coverage firm in america and one of many largest life insurers on the earth. Headquartered in New York Metropolis, New York Life’s household of firms affords life insurance coverage, retirement earnings, investments and long-term care insurance coverage. New York Life has the very best monetary power rankings at present awarded to any U.S. life insurer from all 4 of the main credit standing businesses.
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