Standard & Poor's Corp. has raised its insurance financial strength rating for New York Life Insurance Co. by one notch, to AAA.
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New York Life, which announced the upgrade Thursday, also said S&P upgraded its principal subsidiary, New York Life Insurance and Annuity Corp. to AAA, the agency's highest rating.
As a result of the upgrade, New York Life Insurance Co. now holds the highest possible rating from all four major agencies — a distinction held by only two other life insurers. As of June 30 it had $14.7 billion of surplus and asset valuation reserve. Last year its operating earnings increased 17%, to $1.1 billion, and its operating revenue increased 11%, to $12.3 billion.
