NU Online News Service, March 11, 10:35 a.m. – New York Life Insurance Company, New York, is reporting $1.1 billion in net income for 2001 on $13 billion in operating revenue, compared with $1.2 billion in net income on $12 billion in operating revenue for 2000.
New York Life, a policyholder-owned mutual, does not follow the same reporting conventions as publicly traded, shareholder-owned insurers. The company did not publish separate results for the fourth quarter in the 2001 earnings release.
Sy Sternberg, the company’s chairman, says in the release that he is glad New York Life is still a mutual.