Articles from New York Life

New York Life, America’s largest1 mutual life insurer, today announced that Christopher D. Kastner, president and chief executive officer of Huntington Ingalls Industries, Inc. (NYSE: HII), has joined the company’s board of directors, effective immediately. Kastner will serve as a member of the board’s Audit and Investment committees.

New York Life, America’s largest1 mutual life insurer, today announced record financial results for 2024 that underscore the company’s unsurpassed financial strength. Top-line growth was driven by a record $1.9 billion in insurance sales and $808 billion in assets under management. The company also posted record results of $33.3 billion in surplus, $3.5 billion in operating earnings, $17.6 billion in policy owner benefits and dividends paid, and $1.2 trillion in individual life insurance in force.

New York Life, the largest1 mutual life insurance company in the United States, today announced a planned leadership transition in New York Life Real Estate Investors (NYLREI), the $68 billion real estate investment arm of New York Life.

New York Life, the largest1 mutual life insurance company in the United States, has announced planned leadership transitions in the company’s Foundational Business, which delivers protection-first holistic advice and guidance to millions of customers through its 12,000 agents and advisors across the United States.

New York Life, America’s largest mutual life insurer1, today pledged $150,000 toward disaster-relief efforts in response to the devastating wildfires impacting the Los Angeles region. This includes a $100,000 contribution to the California Fire Foundation’s Wildfire & Disaster Relief Fund and a $50,000 donation to the American Red Cross.

New York Life has announced the appointment of Xin Wang, Ph.D., CFP®, AEP® as the company’s 2024 Council President, a once-in-a-career honor afforded to the top-ranking individual among the company’s more than 12,000 advisors and agents. Wang, who was a heart surgeon in China before immigrating to the United States in 2003, is the first person to achieve this honor after serving two consecutive terms as Council Vice President, which is the second ranking among all the company’s advisors and agents. He also amassed a New York Life-record three-year production total from 2022-24.

New York Life has announced the launch of Balance Wellbeing with New York Life™ (“Balance Wellbeing™”), its new financial wellbeing offering. Balance Wellbeing™ highlights New York Life’s long history of helping families build secure futures by providing access to holistic financial guidance and support designed to address employees’ financial challenges and positively impact workforce outcomes. Balance Wellbeing™ is currently available to eligible Group Benefit Solutions and Business Solutions clients.

New York Life today announced a $100,000 donation to SCAN Harbor, the largest youth service provider in Harlem, East Harlem and the South Bronx, through the Company’s Strikeout Series partnership with the New York Yankees. Aligning with the New York Life Foundation’s focus on middle school education, the funding will support essential afterschool programming and resources for Bronx-based middle schoolers, reflecting New York Life’s commitment to positively impacting communities and helping individuals and families build secure futures.

As open enrollment season for employees across the U.S. begins, a new survey from New York Life's Group Benefit Solutions highlights the crucial role of supplemental health insurance in employees' financial well-being and overall peace of mind.

New York Life’s latest Wealth Watch survey finds that American adults overwhelmingly report they are not financially preparing for major life events like purchasing a home, starting a family, changing careers, or retirement. Half of adults who are currently preparing for a major life event say their biggest challenge is not having enough money.

New York Life’s latest Wealth Watch survey finds that inflation and credit card debt continue to present challenges for everyday Americans, despite some progress.

New York Life today announced the hiring of Alain Biem as chief data science officer (CDSO). Mr. Biem will lead the company’s artificial intelligence (AI) team. In this newly created position, he will play a pivotal role in advancing broad AI and data science collaborations across the New York Life enterprise, particularly in enhancing the delivery and enablement of AI solutions. Mr. Biem will report to Don Vu, chief data and analytics officer, who joined New York Life in October 2023.

New York Life Group Benefit Solutions (NYL GBS) is pleased to announce the promotions of two executives, Meghan Shea and Kristina Welke, to key leadership roles. These appointments reinforce New York Life’s commitment to delivering exceptional client solutions and innovative product offerings in the group benefits market.

A recent survey by New York Life Group Benefit Solutions (NYL GBS) reveals a sense of uncertainty and financial unpreparedness surrounding pregnancy, childbirth, and parental leave among adults planning to have a child. In response, NYL GBS today announced the launch of myLeaveGuideSM, an online tool that simplifies parental leave planning.

The latest findings from New York Life’s Wealth Watch survey provide insights into the existing financial confidence and knowledge gaps between men and women. Confidence is the top emotion that men report feeling toward managing their household finances (45%) while stress is the leading emotion for women (38%). The survey found that women report feeling the most knowledgeable about paying bills, maintaining good credit, and saving for emergencies. However, they report feeling significantly less knowledgeable than their male counterparts about building wealth, creating investment portfolios, understanding protection products like insurance, and legacy planning.

New York Life, America’s largest mutual life insurer1, today announced that Todd Taylor has been named Head of Life Insurance Solutions, a key area of the company’s Foundational Business. In this role, Mr. Taylor leads product development and management, strategy, third-party distribution and operations, and optimization of the inforce block of individual life policies. He will also oversee the company’s Business Solutions organization, which provides group and individual solutions to small businesses. He will continue to report to SVP and Head of Product Solutions Dylan Huang.

New York Life, America’s largest1 mutual life insurer, today announced company-record financial results for 2023 that reflect its enduring financial strength. Top-line growth was driven by new company records in insurance sales and assets under management. In addition to posting a company record of $31.9 billion in surplus and $3.1 billion in operating earnings, New York Life reported record results of $16.7 billion in policy owner benefits and dividends paid, and $1.2 trillion in individual life insurance in force in the U.S. These superior financial results demonstrate the company’s continued commitment to enabling millions of individuals, families, and businesses to protect what matters most and prosper.

A recent survey conducted by New York Life Group Benefit Solutions (NYL GBS) among U.S. adults with employer-sponsored health insurance shows that many feel financially unprepared to handle medical costs. This financial burden has led some to delay care as a result, underscoring a widespread need for additional financial protection solutions.

New York Life, America's largest mutual life insurer1, Major League Baseball (MLB), and Little League International today announced that New York Life is expanding its long-term commitment to baseball and youth sports to become the Official Financial Guidance Partner of Major League Baseball. This multi-year partnership between three iconic organizations with deep-rooted values aims to build deeper connections with fans and families – and make a lasting impact on the communities we serve. Beginning this year, New York Life will become the Presenting Sponsor of the National First Game Certificate Program and a Sponsor of MLB at Rickwood Field, hosted at the oldest professional ballpark in the United States and former home of the Birmingham Black Barons of the Negro Leagues.

New York Life, America's largest mutual life insurer1, and U.S. Soccer today announced a new, multi-year partnership that will make New York Life the federation’s official life insurance partner. The new partnership enables New York Life to celebrate trailblazers of the sport and support the growth of the game from youth leagues to professional levels. Beginning this year, New York Life will become the presenting partner of the federation’s Coach for Community program and U.S. Youth Soccer’s National Championship Series.

New York Life today announced the launch of a new portfolio of voluntary benefits, aimed at enhancing employees' financial security. These benefits include accident, critical illness, and hospital indemnity insurance and will be available to employers through New York Life Group Benefit Solutions (NYL GBS).

New York Life today announced the hiring of industry veteran Don Vu as senior vice president and chief data and analytics officer. Mr. Vu will lead a newly formed artificial intelligence (AI) and data team with responsibility for AI, data, and insights capabilities and aligning data architecture with business architecture in support of the company’s business strategy and objectives. Mr. Vu will report to Alex Cook, senior vice president and head of Strategic Capabilities.

New York Life, America’s largest mutual life insurer1, today pledged $200,000 toward relief efforts in the aftermath of the wildfires that struck Maui and the surrounding areas. This includes immediate support of $150,000 to the Maui Strong Fund and $50,000 to the Maui Food Bank. In addition, the company will match workforce donations to these two organizations up to $100,000.

New York Life, America’s largest mutual life insurer1, today announced the launch of a suite of new, attractively priced term life products that provide greater value for clients’ protection dollars and support preparedness for life’s financial challenges and opportunities.

New York Life, America’s largest mutual life insurer1, today pledged $20,000 in immediate support to the Arkansas Food Bank in response to tornadoes that struck Arkansas and other nearby communities.

Against a backdrop of economic challenges, adults are beginning to feel less positive about the current state of their finances in 2023, according to the latest findings from the New York Life Wealth Watch survey.

New York Life, America’s largest mutual life insurer1, today announced the launch of Clear Income Advantage, a fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider that offers a combination of income, security, liquidity and flexibility in one retirement income solution.

New York Life, America’s largest1 mutual life insurer, today announced strong financial results for 2022 that underscore the power of the company’s differentiated business model and its significant contributions to New York Life’s enduring financial strength. The company’s top-line growth was driven by a new record in annuity sales, making New York Life the industry leader in retail annuity sales for 20222. In addition to posting a company record of nearly $2.9 billion in operating earnings, New York Life records of $16.5 billion in policy owner benefits and dividends paid and $1.2 trillion in individual life insurance in force in the U.S. demonstrate the company’s enduring commitment to the millions of individuals, families, and businesses it serves.

New York Life, America’s largest mutual life insurer1, highlights the progress and impacts of the company’s diversity, equity, and inclusion (DE&I) efforts over the last year with the release of its 2022 DE&I Report.

New York Life, America's largest mutual life insurer1, today announced the appointment of Senior Vice President Sandi Tillotson to Chief Compliance Officer. Ms. Tillotson succeeds Sara Badler who retired at the end of 2022. She will report to Michael McDonnell, General Counsel at New York Life.

New York Life, America’s largest mutual life insurer1, today announced the appointment of Jomil Guerrero as the company’s next Chief Diversity Officer (CDO). Ms. Guerrero will be responsible for building on existing work and continuing to foster a diverse and inclusive culture into New York Life’s talent practices, business strategy, and community engagement. Most recently a Managing Director within New York Life Investment Management, LLC, she will report to Kathleen Navarro, Senior Vice President, head of Business Enablement, who will continue to oversee all DE&I efforts.

New York Life, America’s largest1 mutual life insurer, today announced that the company’s Board of Directors has elected Chief Executive Officer (CEO) and President Craig DeSanto as the next Chair of the Board, effective April 15, 2023. Mr. DeSanto, who will be the company’s 14th Chair since the position was established in 1931, will succeed current Chair Ted Mathas who retired as New York Life’s CEO last year after serving in the role for 14 years.

New York Life today pledged $500,000 toward relief and rebuilding efforts in the aftermath of Hurricane Ian. This includes immediate support of $150,000 to Feeding Florida and $100,000 to the American Red Cross, up to $100,000 for New York Life’s disaster matching gifts program for workforce donations to both nonprofit organizations as well as the company’s Emergency Assistance Fund, and support for longer-term recovery needs in the impacted communities.

New York Life today announced the launch of Wealth Plus, two new, innovative life insurance solutions. The Wealth Plus* series is designed to provide death benefit protection and early, tax-advantaged cash value accumulation potential, enabling clients to further maximize the benefits of life insurance as part of a holistic financial strategy. With the addition of Wealth Plus, New York Life is now positioned to offer the most comprehensive and unique suite of accumulation-oriented life insurance solutions.

New York Life announced today that it donated $100,000 to Team Eastern Kentucky Flood Relief Fund in response to the deadly flooding in Eastern Kentucky. Team Eastern Kentucky Flood Relief Fund is a special fund set up by the Kentucky Governor’s office to provide immediate relief to families impacted by the flooding.

New York Life, America’s largest1 mutual life insurer, announced the appointment of Senior Vice President Todd Taylor as Head of Retail Annuities, the company’s second-largest profit center and a top five annuity provider2 with over $13 billion in sales in 2021. In this role, Mr. Taylor will lead the product development and management, strategy, marketing, third-party sales and service, and operations functions for New York Life’s retail annuity business line.

New York Life, America’s largest1 mutual life insurer, today announced the appointment of Thomas Schievelbein as Lead Director of New York Life’s Board of Directors, effective July 1, 2022. Thomas Schievelbein was the chairman, president, and chief executive officer of the Brink’s Company and was also the president of Northrop Grumman Newport News. He has served on New York Life’s Board since 2006 and Mr. Schievelbein is a member of the Governance Committee, the Investment Committee and the Talent, Diversity & Compensation Committee. Mr. Schievelbein also serves on the board of Huntington Ingalls Industries Inc.

The latest New York Life Wealth Watch survey revealed that while inflation is impacting short-term financial decisions, Americans report that their retirement strategies remain largely intact. In fact, 65% of adults report that as a result of inflation, they are cutting back on short-term spending to stay on track with their long-term financial goals. One-in-four respondents report that their long-term financial strategy has not been impacted due to inflation and 72% of respondents still expect to retire at their desired age.

Today New York Life, America’s largest1 mutual life insurer, launches its inaugural podcast series, Love Takes Action, hosted by actor and writer Ellen Adair. The bi-weekly pilot series will deliver eight exceptional and diverse stories of everyday people who have put their love into action in real life situations or during extraordinary events, sharing moments of love, strength, resiliency and humanity.

New York Life, America’s largest1 mutual life insurer, today announced exceptional financial results for 2021 that highlight the company’s enduring stability and financial strength despite the ongoing challenges posed by the global pandemic. New company record results, including $30.7 billion in surplus, $1.4 billion in insurance sales, and $760 billion in assets under management, underscore strong top-line growth while all-time company highs of $16.5 billion in policy owner benefits and dividends and $1.1 trillion in individual life insurance in force in the U.S. showcase New York Life’s ongoing commitment to policy owners.

New York Life, America’s largest1 mutual life insurer, reports how its approach to Diversity, Equity and Inclusion (DE&I) underscores its commitment to employees, agents, policy owners, and communities in its 2021 DE&I Report.

In response to tornadoes and storms that struck several Midwest and Southern states, New York Life announced today a pledge of $150,000 in corporate grants to disaster response organizations supporting Arkansas, Illinois, Kentucky, Mississippi, Missouri, and Tennessee and $100,000 to New York Life’s Emergency Assistance Fund.

New York Life, America’s largest1 and most admired2 mutual life insurer, has ranked as the highest group life insurance provider for customer satisfaction3 in the J.D. Power U.S. Group Life Insurance Study.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced that the company has declared a dividend of $1.9 billion to eligible participating policy owners in 2022, the largest in company history. Declaring a dividend for the 168th consecutive year underscores New York Life’s commitment to financial strength, mutuality, and delivering ongoing value to policy owners. The company has paid in excess of $1 billion in dividends every year since 1990 and more than $44 billion in total dividend payouts over that time.

New York Life, America's largest1 and most admired2 mutual life insurer, today announced that the company’s Board of Directors has named Craig DeSanto CEO-elect of New York Life. Mr. DeSanto, who is currently the company’s president, will succeed Ted Mathas, who has served as CEO for nearly fourteen years. Mr. DeSanto will assume the chief executive position upon the retirement of Mr. Mathas on April 15, 2022. Mr. Mathas will remain chairman of the board in a non-executive capacity for a transition period.

New York Life, America's largest1 and most admired2 mutual life insurer, today announced two appointments to newly created roles focused on advancing diversity, equity, and inclusion initiatives (DE&I) within the company’s workforce and agency field force.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced a $50 million investment in Enterprise Community Loan Fund (ECLF), Enterprise Community Partners’ U.S. Treasury-certified Community Development Financial Institution (CDFI). ECLF provides flexibly designed loans to improve access to affordable housing for low- and moderate-income communities across the United States.

New York Life today announced the appointment of Carrie Hall as its 2022 Council President, an honor afforded to the top-ranking agent among New York Life’s more than 12,000 financial professionals. With her devotion to her clients, business expertise, and passion for empowering her community while adhering to the highest standards of ethics and professionalism, Ms. Hall has spent her more than three decade-long career exemplifying what it means to serve as New York Life Council President.

The latest New York Life Wealth Watch survey found that nearly one-in-three Millennials (29%) reported having built a nest egg, saving an average of $4,241.21 due to paused costs such as deferred student loans, fewer daily expenses, and forgoing leases to move home with parents. Further, a higher number in this cohort now report being open to guidance from a financial professional.

New York Life, America's largest1 and most admired2 mutual life insurer, today announced that Barbara G. Novick has joined the company’s Board of Directors, effective October 4, 2021. Ms. Novick is a co-Founder of BlackRock, the largest asset manager in the world. She will join the Board’s Insurance & Operations and Investment Committees.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced the launch of MyIncome Protector, the first in a suite of solutions designed to replace a portion of income in the event of a disability. The launch continues the company’s long tradition of meeting the evolving needs of customers at every stage of life.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced the launch of an exclusive partnership with The American College of Financial Services that marks a major step forward in defining and supporting the path to specialization for the company’s financial professionals. The partnership includes a new curriculum featuring five modular development tracks including Financial Guidance, Retirement Planning, Wealth Advisory, Business Solutions, and Estate Planning. The Financial Guidance and Retirement Planning curriculum modules are currently available, and the other three modules will become available over the next year.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced a $50 million investment to support the preservation of affordable housing rental properties throughout the United States via an equity investment with IMPACT Community Capital.

The foundations of New York Life and Cigna today announced that the Brave of Heart Fund (the Fund), which provides monetary grants to the families of heroic healthcare workers and volunteers nationwide who lost their lives in the fight against COVID-19, has extended its application deadline through the end of 2021. The Fund is also expanding its Phase 1 eligibility criteria to include parents, grandparents, siblings and non-dependent children in addition to spouses, domestic partners and dependent children.

New York Life, America’s largest and most admired1 mutual life insurer, announced today that it has donated $150,000 to Project Hope and $150,000 to American-India Foundation (AIF) to support COVID-19 relief efforts in India.

New data released today by New York Life found that over the course of the past year, Americans feel more confident in their short-term financial goals, including in the status of their savings and the ability to pay their bills month-to-month. Despite increased confidence in their ability to achieve short-term financial goals, the COVID-19 pandemic has many feeling like their long-term goals are still out of reach.

New York Life, America’s largest1 and most admired2 mutual life insurer, today announced a $1 billion impact investment initiative with the aim to address the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. The company will partner with diverse asset managers, federally chartered community development financial institutions (CDFI), and other mission-driven organizations to amplify their efforts on the ground.