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New York Life Reports Lower 2001 Net Income

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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.

“Our decision to remain a mutual is proving to be a competitive advantage, because a mutual can best deliver on the promise to policyholders of long-term safety and stability,” Sternberg says.

New York Life’s life and annuity business increased its operating revenue 12%, to $10 billion, and the company’s agency system increased its life product sales revenue 17%, to $707 million, according to company figures.

Revenue from sales through a group life programs sponsored by the American Association of Retired Persons, Washington, increased 14%, to $262 million.