OLDWICK, N.J.-AM Best has confirmed the Financial Strength Rating of A-Plus (Superior) and the long-term credit ratings of “aaa” of the New York Life Insurance Company and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (formerly known as New York Life Life). In addition, AM Best confirmed the Long-Term IRs for Financing Guarantee-Backed Securities Programs (FABS), current bonds published there, and long IR terms on existing surplus bonds of the New York Life Insurance Company. The outlook for credit ratings is stable. All companies are headquartered in New York, NY. (See below for a detailed list of long- and short-term IRs.) In June 2018, New York Life ranked 69th in the Fortune 500.  In 2017, Fortune New York Life was named the most admired in the life insurance industry.  Forbes ranked New York Life #364 among the best U.S. employers for 2017.   Starting in 2019, New York Life ranks 71st out of the Fortune 500.  New York Life grew in the first 100 years, with the growth of the national population and the life insurance market.  New York Life`s growth was driven in part by the introduction of a system whereby the company used agents to find new businesses.  In 1892, the president of the company, John A.
McCall, inspired the branch system: offices serving as liaisons between New York and outside agents.  New York Life`s commodity is all life insurance, a kind of life insurance that offers lifetime coverage and increases the current value over time.   New York Life also markets life insurance, universal life insurance, universal life insurance, universal life insurance, dependency insurance and pensions.  The company operates New York Life Direct, sells direct consumer policies and is an exclusive life insurance partner of AARP.  In 2016, the New York Life Insurance Company was the third largest life insurance company in the country.  New York Life, a mutual insurance company, is owned by its policyholders and has no external shareholders.  As reciprocity, New York Life distributes a portion of its profits as an annual dividend to eligible policyholders.   Since 2016, the company has paid an annual dividend since 1854.  Through Seguros Monterrey New York Life, the company provides insurance in Mexico.  The group has a very strong operating performance, on a diversified revenue base, which, in a potential adverse economic scenario, offers the company material flexibility to generate shocks. The business profile mix of life products and annuities offers a diversification of risks for the group`s business profile, as it occupies dominant positions in the market of the segments in which it operates.
The New York Life Insurance Company was inaugurated in 1841 in the Financial District of Manhattan as Nautilus Mutual Life, ten years after the first life insurance charter in the United States.   Originally chartered in 1841, the company also sold fire and ship insurance.  The company`s first president, James De Peyster Ogden, was appointed in 1845.  Nautilus renamed itself in 1845 to the New York Life Insurance Company to focus on life insurance.   The New York Life Insurance Company (NYLIC) is the third largest life insurance company in the United States, the largest mutual life insurance company in the United States and will be removed in 2019 from #71 on the list of the largest U.S. companies in terms of overall revenue.  NYLIC has a total fortune of approximately $593 billion and a surplus of more than $25 billion and AVR.  In 2007, NYLIC received the best possible ratings from the four independent rating companies (Standard and Poor`s, AM Best, Moody`s and Fitch). [Citation required] Other New York Life subsidiaries offer a number of investment products and services as well as institutional and retail investment funds.