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New York Life has introduced Clear Income Advantage, a fixed deferred annuity featuring a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. This product aims to address retirement concerns, particularly for those within the five years leading up to retirement and five years into it. Key benefits include access to account value, guaranteed income for life, protection against market volatility, and potential income growth through deferral credits. This offering responds to the growing demand for flexible retirement solutions amid economic uncertainty.
New York Life announced robust financial results for 2022, driven by record annuity sales, which positioned the company as the industry leader. The company reported $2.9 billion in operating earnings and paid out $16.5 billion in policy owner benefits and dividends, with total individual life insurance in force reaching $1.2 trillion. A record dividend of $2 billion was declared for 2023, marking its 169th consecutive year of payouts. New York Life maintains strong financial strength ratings, supported by a surplus of $30.1 billion and highest ratings from major agencies, ensuring its ability to navigate economic uncertainty.
New York Life, the largest mutual life insurer in the U.S., announces key achievements in diversity, equity, and inclusion (DE&I) from their 2022 DE&I Report. Highlights include expanding the DE&I Center for Awareness and Advocacy and achieving a $1 billion commitment in impact investments aimed at addressing America's racial wealth gap, already allocated within 18 months. The report emphasizes the company's dedication to fostering a diverse workforce and supporting underrepresented communities, while acknowledging that their DE&I journey is ongoing.
New York Life, the largest mutual life insurer in the U.S., has appointed Sandi Tillotson as Chief Compliance Officer, succeeding Sara Badler who retired. Tillotson, a 20-year veteran of the company, previously served as Senior Vice President and has led various compliance functions since 2020. Her extensive experience includes roles in operational risk management and corporate compliance. The transition in leadership is expected to enhance the company’s ability to navigate complex regulatory environments effectively.
New York Life announced the appointment of
New York Life has appointed Craig DeSanto as the new Chair of the Board, effective April 15, 2023, succeeding Ted Mathas. DeSanto has served as CEO since April 16, 2022 and brings over two decades of experience to the role. The Board expressed unanimous support for his leadership, highlighting his industry knowledge and previous success at New York Life. The company, established in 1845, remains the largest mutual life insurer in the U.S. with top financial strength ratings.
MacKay Municipal Managers published their top five insights for the 2023 municipal bond market, emphasizing optimism driven by improved income accruals. Key insights include the importance of tax-exempt accruals for total returns, a preference for General Obligation and essential service bonds, and a focus on liquidity in the high yield municipal sector. They predict that the return of fund flows will enhance long municipal bond prices and advocate for investing in short taxable municipals for better after-tax performance. MacKay manages $126 billion in assets as of September 30, 2022.
New York Life has pledged
