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New York Life Earns Over $1 BillionPOSTED March 29, 2005 NEW YORK -- New York Life Insurance, the nation's largest mutual life insurance company, broke the $1 billiion mark in profits for 2004. The company set a new record in net income of $1.29 billion in 2004, an increase of 16% over the prior year's $1.12 billion. Surplus and Asset Valuation Reserve grew to $11.8 billion, the largest surplus of any mutual life insurer. "As New York Life marks 160 years of service to policyholders next month, the company's performance was remarkable in the year just passed, " said Chairman and CEO Sy Sternberg. "Adjusted operating earnings topped $1 billion for the first time, and net income achieved a historic high. Strong performances from the business lines also led to a new record in adjusted operating revenue, crossing $10 billion for the first time. Records including total life insurance sales, agent-sold life insurance, investment sales, and assets under management were also set. Surplus reached a new high, boosted by organic growth of $1 billion, reinforcing for policyholders our reputation for safety and security. These achievements are the result of our strategy to stay focused on life insurance, maintain our career agency system, remain a mutual and expand globally." The company's Assets Under Management increased by more than $12.8 billion to $215 billion in 2004, a new high. New York Life's International division reported strong growth up 24% from the previous year. Operations are in South Korea, Taiwan, China, Hong Kong, India, Phillippines, Thailand, Argentina and Mexico. International's career agent sales force continues to grow, with 18,000 agents registered in the nine markets. |
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