New York Life Insurance Co. announced Thursday that its insurance financial strength rating was upgraded to AAA by Standard & Poor’s.
New York Life’s principal subsidiary, New York Life Insurance and Annuity Corporation, was also upgraded to AAA, which is the highest rating that the company assigns. The company now holds the highest possible rating from all four major rating agencies, a distinction held by only two other life insurers.
As of June 30, 2007, New York Life’s surplus and asset valuation reserve grew to $14.7 billion. The company's operating earnings increased 17% to $1.1 billion last year and operating revenue increased 11% to $12.3 billion from a year earlier.
New York Life also set new company records last year for total insurance sales ($2.85 billion), total investment sales ($34.9 billion) and assets under management (more than $264 billion.)
New York Life has the highest possibl ratings from Moody’s, Fitch and A.M. Best.
