New York Life Insurance Co. set new records last year in operating revenue as well as sales of insurance and investment products. The company also added more than $2 billion to surplus for the year, expanding policyholders’ cushion of safety to more than $15 billion, also an all-time high.
Operating earnings for the year were $1.22 billion, down slightly from $1.28 billion, while operating revenue was $14.38 billion, up from $13.94 billion.
Insurance sales increased 11% to $2.66 billion, up from $2.4 billion, while investments sales were $32.85 billion, up from $26.87 billion.
Ted Mathas, chairman, president and CEO, said in a press release Wednesday that these increases came at a time when industry-wide sales declined by double digits.
He said that this was a testament to the financial strength of the company and the fact that it is one a handful of life insurers in New York State that carries the “highest possible rating from all four of the rating agencies.” He also said that the mutual ownership structure resonates with customers as their interests are aligned with the company.