New York Life Insurance

Anyone considering taking out a life insurance policy are well advised to approach the New York Life Insurance Company which is the biggest mutual life insurance company in America as well as being one of the largest in the world.  It was founded in 1845 and in 2009 it had revenue of $34,014.3 million USD and a net income of $682.7 million.  It has 12,650 employees and its headquarters are in New York, USA.  NYLIC is the highest private insurance company on the 2010 Fortune 100 list ranking at number 64.  It has also achieved the best possible ratings by four other independent rating companies in June 2009 based on New York Life's superior financial strength. By achieving the best possible ratings from Standard & Poor, AM Best, Moody's and Fitch the New York Life Insurance Company became one of only three insurance companies to achieve the best possible ratings from four independent rating agencies. It also kept the ratings in 2008 despite the financial crisis.  

When the Company first began business in 1845 it was called the Nautilus Insurance Company but changed its name to New York Life Insurance Company in 1849.  When the offices at 112-114 Broadway became too small they had a new building designed for them by Cass Gilbert who was a well known architect.  The new building at 51 Madison Avenue was completed in 1928 upon which the president of the company Darwin P Kingsley developed new types of insurances.  Like many other insurance companies around this time they insured the lives of slaves and Nautilus had sold 485 slaveholder life policies in the 1840's.  However, the trustees had decided to stop selling such policies at least fifteen years before the Emancipation Proclamation. By 1896 it was paying a cash dividend to policyholders which no other insurance company had done before as well as being the first to insure people with disabilities. Today it provides insurance cover for life insurance, disability, long term care insurance and also sells annuities.  It is licensed to do business in the District of Columbia as well as all 50 states of America.  It has maintained its superior financial ratings even through the financial crisis of 2008. This is an amazing achievement due to the fact that the Company's managers began getting concerned about the credit market problems as early as February 2007. While many other insurance companies ignored the first signs of a financial crisis New York Life Insurance made safer investments and moved much of its cash into US Treasury bonds. By staying one step ahead the Company were able to meet all its objectives and remained strong and profitable without government capital.  It still remains as a mutual company where the policyholders benefit from dividends paid instead of any profits going to shareholders.