New York Life Insurance Company has reported rise in its fiscal 2013 operating earnings by 11% to $1.76bn, compared to $1.58bn last year.
The company attributed the rise to strong performances in both its Insurance and Agency and Investments operations.
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The surplus and asset valuation reserve has increased by 8% to $21.1bn, while assets under management were up 12% to $425bn in 2013. Individual life insurance in force also increased by $24bn to $840bn, compared to fiscal 2012.
New York Life Insurance chairman and CEO Ted Mathas said, "Looking at the company’s unprecedented earnings and surplus on one hand, and our record payout of benefits and dividends on the other, validates our success in doing what we as a mutual company do best: deliver long-term policyholder value."
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