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April 13, 2006 at 03:49 PM
A large mutual insurer says results in markets such as India helped compensate for the cost of investment risk-management efforts.
New York Life Insurance Company, New York, is reporting $855 million in GAAP net income for 2005 on $11 billion in revenue, compared with $10 billion in revenue for 2004.
New York Life says 2004 was an excellent year and that 2005 net GAAP results were affected by a $512 million capital loss caused by “an effective risk-management strategy that does not qualify for hedge accounting.”
Operating earnings were $934 million in 2005, compared with $974 million in 2003, according to New York Life.
