New York Life Releases 2022 DE&I Report

Rhea-AI Summary

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.

Positive

• Expanded DE&I Center for Awareness and Advocacy programming.
• Achieved a $1 billion commitment in impact investments to address the racial wealth gap.
• Diverse agency salesforce maintained, with growth plans in DE&I.
• New York Life Foundation added social justice as a strategic pillar.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- 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.

“From expanding our DE&I Center for Awareness and Advocacy programming to achieving our $1 billion commitment in impact investments to help address the racial wealth gap in America, we made significant progress against our DE&I goals in 2022,” said Craig DeSanto, CEO & President, New York Life. “We are committed to embedding diversity, equity, and inclusion in everything we do, and look forward to furthering our impact in the years ahead.”

Lasting positive impacts

New York Life’s 2022 DE&I Report underscores that the company’s programming is designed to have lasting positive impacts through well-defined focus areas involving our employees, agents, and the communities we serve:

• Through the DE&I Center for Awareness and Advocacy, we have expanded our support of under-represented employees in enhancing their professional strengths and helping them thrive in their careers at New York Life.
• While already maintaining the most diverse agency salesforce in the industry, the company is laying the groundwork for continued growth in the areas of diversity, equity, and inclusion across its field force by fostering awareness of important DE&I topics and pathways to management positions.
• When it comes to the community at large, the New York Life Foundation added social justice as its third strategic pillar in 2022, further enabling it to put the power of our people and resources behind organizations that address economic and societal inequalities across the country.
• We announced our $1 billion impact investment initiative in April 2021 to help address the racial wealth gap in America and expand economic opportunity more broadly, with a goal to invest these funds over three years. Just 18 months later, that milestone was met, with the company already committing the entire sum to underserved and undercapitalized communities across the country.

An unending DE&I journey

“While we accomplished a great deal in 2022 and are proud to be an industry leader in our DE&I efforts, we also recognize that our DE&I journey has no end,” said Kathleen Navarro, Senior Vice President Human Resources, Head of Business Enablement and Diversity, Equity, and Inclusion, New York Life. “We will continue to address the vital issues and further our commitment to becoming an even more diverse and inclusive company that creates equal opportunities for people from all walks of life.”

To view the DE&I report and learn more about our DE&I efforts, click here.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
²Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005416/en/

Jacqueline Meere

New York Life

(212) 576-5301

jacqueline_meere@newyorklife.com

Source: New York Life

FAQ

What are the key achievements of New York Life in their 2022 DE&I Report?

New York Life achieved significant milestones in their 2022 DE&I Report, including expanding their DE&I Center for Awareness and Advocacy, committing $1 billion to impact investments, and adding social justice as a strategic focus.

What is New York Life's commitment to impact investments?

New York Life has committed $1 billion to impact investments aimed at addressing the racial wealth gap in America, a goal they met within 18 months.

How does New York Life support diversity in its workforce?

New York Life supports diversity through its DE&I Center for Awareness and Advocacy and maintains the most diverse agency salesforce in the industry, with ongoing growth plans.

When was the $1 billion impact investment initiative announced by New York Life?

The $1 billion impact investment initiative was announced in April 2021.

What strategic pillar was added by New York Life Foundation in 2022?

In 2022, the New York Life Foundation added social justice as its third strategic pillar.