Sources
Help build the largest human-edited directory on the web.
Submit a site - Become an editor
Wikipedia. Licensed under the GNU Free Documentation License.
Are you an expert in this subject? Join the discussion and share your knowledge at Wikipedia.org.
New York Life Insurance Company
From Wikipedia, the free encyclopedia
| New York Life Insurance Company | |
|---|---|
 |
|
| Type | Mutual |
| Founded | 1845 |
| Headquarters | New York, New York, USA |
| Key people | Seymour G. "Sy" Sternberg, CEO |
| Industry | Insurance: Life & Health |
| Revenue |  $28.3651 Billion[1] USD (2006) |
| Net income | $2.3 Billion.[2] USD (2006) |
| Employees | 12,650 (2005) |
| Slogan | The Company You Keep |
| Website | www.newyorklife.com |
The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. The company is listed as #78 in the 2007 Fortune 100.[4] In 2007, Standard and Poor's upgarded New York Life Insurance Company's insurance financial strength rating to AAA, the highest rating Standard and Poor's assigns. The company is now one of only three life insurers to hold the highest possible rating from all four major rating agencies.[5]
Contents |
The company was founded in 1845 as the Nautilus Insurance Company in New York City, with assets of just $17,000. It was renamed the New York Life Insurance Company in 1849. Its first headquarters were at 112-114 Broadway; the first president was James DePeyster Ogden. The current New York Life headquarters was designed by noted architect Cass Gilbert and completed in 1928. The New York Life building, at 51 Madison Avenue, was constructed during the presidency of Darwin P. Kingsley. He expanded the company's operations and developed new types of insurance.
As with other early insurance companies in the U.S., in its early years the company insured the lives of slaves for their owners. In response to bills passed in California in 2001 and in Illinois in 2003, the company reported that Nautilus sold 485 slaveholder life insurance policies during a two-year period in the 1840s; they added that their trustees voted to end the sale of such policies 15 years before the Emancipation Proclamation.[6]
The company became known for innovative business practices. In 1860, well before state laws required it, New York Life developed the non-forfeiture option, the predecessor to the guaranteed cash values of modern policies, under which a policy remains in force even if a premium payment is missed. It was also the first American life insurance company to pay a cash dividend to policyholders, and the first U.S. company to issue policies to women at the same rates as men. Susan B. Anthony was one of their first female policy holders, and her father worked for NYLIC.[7] In 1896, New York Life became the first company to insure people with disabilities and the first to issue a policy with a disability benefit that presumes total disability to be permanent after a predetermined period.
In the late 1990s New York Life was one of several large mutual life insurers to back a bill that would allow demutualization into a structure known as a mutual holding company (MHC). CEO Sternberg himself argued strongly in favor of the bill,[8] which was ultimately defeated. The NYLIC board of directors subsequently reversed course, with the company strongly and publicly embracing their mutual nature in a series of advertisements.
Both NYLIC and NYLIAC (its primary American insurance subsidiary, New York Life Insurance and Annuity Corporation) are licensed to do business in all 50 states and the District of Columbia.[9][10] The company also sells annuities and long-term care insurance; mutual funds through its subsidiary NYLIFE Securities, a registered broker-dealer; and provides institutional asset-management and retirement-plan services from subsidiary New York Life Investment Management (NYLIM).[11][12] It also has arrangements with organizations such as AARP to comarket its products. Internationally, New York Life has a strong presence, both through wholly owned affiliates and joint ventures. Its 2005 Annual Report[13] lists nine other nations in which it conducts business, including Argentina, China, India, and Mexico. New York Life International, LLC, is the subsidiary through which international business is conducted.
- ^ CNNMoney.com (2006-04-17). New York Life Insurance - Fortune 500 2006 - CNNMoney (html). Cable News Network LP, LLLP. Retrieved on 2007-01-03.
- ^ New York Life Sets Many New Records In 2006 (html). New York Life Insurance Company. Retrieved on 2007-08-24.
- ^ New York Life's Ranking On Fortune 100 List (html). New York Life Insurance Company. Retrieved on 2007-01-03.
- ^ CNNMoney.com (2006-04-17). New York Life Insurance - Fortune 500 2006 - CNNMoney (html). Cable News Network LP, LLLP. Retrieved on 2007-01-03.
- ^ S&P Upgrades new York Life's Ratings To AAA, The Agency's Highest (html). New York Life Insurance Company. Retrieved on 2007-08-24.
- ^ Slavery Era Policies Report August 2004 (html). Illinois Department of Financial & Professional Regulation. Retrieved on 2007-01-08.
- ^ Blake McKelvey. Susan B. Anthony (pdf). Rochester History. Retrieved on 2007-01-08.
- ^ Alexander B. Grannis, Chairman; et al.. The Feeling's Not Mutual (html). New York State Assembly. Retrieved on 2007-01-08.
- ^ Consumer Information for NYLIC (2005) (html). NAIC. Retrieved on 2007-01-06.
- ^ Consumer Information for NYLIAC (2005) (html). NAIC. Retrieved on 2007-01-06.
- ^ Assets Under Management (html). New York Life Investment Management LLC. Retrieved on 2007-01-03.
- ^ About NYLIM Retirement Plan Services (html). New York Life Investment Management LLC. Retrieved on 2007-01-03.
- ^ 2005 Annual Report (pdf). New York Life Insurance Company. Retrieved on 2007-01-06.