New York Life Insurance Company – Wikipedia
New York Life Insurance Company – Wikipedia

New York Life Insurance Company – Wikipedia

American biography indemnity company
New York Life Insurance Company ( NYLIC ) is the third-largest life insurance company in the United States, [ 4 ] the largest reciprocal life indemnity company in the United States [ 5 ] and is ranked # 67 on the 2021 Fortune 500 list of the largest United States corporations by full tax income. [ 6 ] NYLIC has approximately $ 593 billion in full assets under management, and more than $ 25 billion in excess and AVR. [ 7 ] In 2007, NYLIC achieved the best possible ratings by the four mugwump rate companies ( Standard & Poor ‘s, AM Best, Moody ‘s and Fitch ). [ citation needed ] other New York Life affiliates provide an array of securities products and services, adenine well as institutional and retail reciprocal funds .

history [edit ]

early history [edit ]

page6 220px Sholes27 directory of the city of Macon2C December 1st2C 1894. Volume VII DPLA 33bbbeda62298ecf983e1a2e2b17c8b1.pdf ad from Shole ‘s Directory of the City of Macon, December 1st, 1894. New York Life Insurance Company first opened in Manhattan ‘s Financial District as Nautilus Mutual Life in 1841, 10 years after the first base life indemnity charter was granted in the United States. [ 8 ] [ 9 ] originally chartered in 1841, the company besides sold ardor and marine insurance. [ 10 ] The company ‘s beginning president, James De Peyster Ogden, was appointed in 1845. [ 11 ] Nautilus renamed itself New York Life Insurance Company in 1845 to concentrate on its life insurance commercial enterprise. [ 8 ] [ 10 ]

In its early years ( 1846–1848 ) the company, along with early insurance companies of the day including Aetna and US Life, insured the lives of slaves for their owners. By 1847 these accounted for one‑third of New York Life ‘s policies. [ 8 ] The display panel of trustees voted to end the sale of insurance policies on slaves in 1848. [ 8 ] The company besides sold policies to soldiers and civilians involved in battle during the American Civil War and paid claims under a flag of armistice during that clock. [ 12 ] [ 13 ] In the late 1800s, the company began employing female agents. [ 14 ] New York Life continued to grow throughout its first 100 years as the national population and the grocery store for life policy increased. [ 15 ] New York Life ‘s increase was in separate fueled by its insertion of a system by which the ship’s company used agents to find new commercial enterprise. [ 15 ] In 1892, caller President John A. McCall introduced the branch position system : offices that served as liaisons between New York and field agents. [ 15 ] In 1894, the company became the first gear US-based indemnity provider to offer life insurance to women at the same monetary value as men ; sociable reformer Susan B. Anthony was one of the company ‘s first base female policyholders. [ 16 ] In 1896, New York Life became the first base company to insure people with disabilities or in hazardous occupations. [ 16 ]

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twentieth century [edit ]

The New York Life Building at 51 Madison Avenue in Manhattan, designed by american architect Cass Gilbert, opened in December 1928. [ 17 ] The caller moved into the 34-story skyscraper in 1929. [ 15 ] Later that class, New York Life ‘s assets survived the stock commercialize crash ; state of matter regulation and caller endow policy had led New York Life to invest in government bonds and very estate of the realm, not common stocks. [ 15 ] Following World War II, New York Life promote diversified ; it invested in real estate development in the recently 1940s and launched a mortgage-loan platform for veterans in 1946. [ 15 ] In 1957, New York Life hired one of the diligence ‘s first black agents, Cirilo McSween. [ 8 ] [ 18 ] In the 1970s, New York Life began selling annuities and reciprocal funds. [ 15 ] In the belated 1990s and early 2000s, as other common life insurance companies became publicly traded corporations, New York Life remained a reciprocal company. [ 15 ] New York Life entered the mexican marketplace in 1999 when it acquired Seguros Monterrey from Aetna. [ 19 ]

recent history [edit ]

New York Life, along with other insurance companies, relaxed the claims action for missing persons in the wake of the September 11 attacks. [ 15 ] Fearful of the constancy of the market during the two years anterior to the fiscal crisis of 2007–2008, New York Life moved its cash into early investments such as treasury bonds. [ 13 ] In the ensuing fiscal crisis, New York Life Insurance Company rejected aid from the U.S. Treasury Department. [ 20 ] Following the 2013 learning of Dexia Asset Management, belated renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States. [ 21 ]

Operations [edit ]

As of 2016, New York Life Insurance Company was the state ‘s third-largest liveliness indemnity party. [ 4 ] A common indemnity company, New York Life is owned by its policyholders and has no outside shareholders. [ 22 ] As a reciprocal, New York Life distributes a dowry of its earnings to eligible policyholders as annual dividends. [ 15 ] [ 23 ] As of 2016, the company has paid a dividend every year since 1854. [ 24 ] Through Seguros Monterrey New York Life, the party offers policy in Mexico. [ 25 ] New York Life ‘s kernel product is solid life indemnity, a character of life sentence insurance oblation lifelong auspices that builds cash value over time. [ 22 ] [ 23 ] New York Life besides sells condition life indemnity, universal life insurance, variable universal life insurance, long-run care indemnity and annuities. [ 23 ] The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life policy spouse of the AARP. [ 26 ]
220px NY Life Bldg St Gaudens Eagle Kansas City MO New York Life Building, Kansas City

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Asset management businesses [edit ]

New York Life Investments is a subordinate ball-shaped asset management occupation which serves both institutional and retail clients. [ 27 ] It ranks No. 26 by sum cosmopolitan institutional assets under management, according to Pensions & Investments’ Largest Money Managers Survey 2017. [ 28 ] The group manages money through freelancer investment boutiques. [ 29 ] These boutiques include :

  • Ausbil, an Australian investment boutique specializing in equities[30][31]
  • Candriam Investors Group, which focuses on high yield, absolute return, emerging debt, sustainable investments and asset allocation strategies[32][33][34]
  • Credit Value Partners, which specializes in opportunistic, distressed debt and high-yield corporate credit[35]
  • GoldPoint Partners, a private equity firm[36][37]
  • IndexIQ, which specializes in exchange-traded funds and alternative investment strategies[38][39]
  • MacKay Shields, an asset management firm that focuses on income generation and offers capital growth through mutual and hedge funds[40]
  • Madison Capital Funding, which provides financing to private equity firms[41]
  • Private Advisors, an asset manager specializing in hedge funds and private equity funds[42]

charitable efforts [edit ]

New York Life Foundation is the insurance company ‘s beneficent arm. Its areas of focus include childhood mourning. [ 43 ] [ 44 ] New York Life Foundation first became involved in childhood mourning programs when it supported the Comfort Zone Camp in 2007. [ 44 ] Its partners and programs include the National Alliance of Grieving Children, Grief Reach, Coalition to Support Grieving Students, Camp Erin/Moyer Foundation, Tragedy Assistance Program for Survivors and Boys and Girls Clubs of America. [ 44 ] It sponsored the HBO documentary One Last Hug. [ 44 ] The company besides emphasizes giving to diverse cultural communities, including the african-american community. [ 4 ] The company besides funded a $ 10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging african-american Issues in 2006. [ 4 ] [ 45 ]

Ratings and rankings [edit ]

In June 2018, New York Life ranks No. 69 on the Fortune 500. [ 46 ] In 2017 Fortune named New York Life among its Most admire Companies in the biography policy industry. [ 47 ] Forbes ranked New York Life # 364 among America ‘s Best Employers for 2017. [ 48 ] [ 49 ] As of 2019, New york Life ranks No. 71 on the Fortune 500. [ 6 ] By the end of 2019, New York Life had earned the highest fiscal military capability ratings from major four evaluation agencies : A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor ‘s. [ 50 ]

References [edit ]

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