New York Life Insurance Building; New York City New York Life Insurance Building (Credit: New York Life)

New York Life Insurance Company is expecting to pay about $1.9 billion in dividends to eligible policyholders in 2020.

The projected payout is 5.6% bigger than the $1.8 billion dividend payment total the New York-based insurer announced for 2019.

(Related: New York Life Posts 2019 Dividend Rate)

Between 2018 and 2019, the projected dividend total increased 1.1%.

New York Life is a mutual insurer. That means it’s owned by its policyholders.

The company was founded in 1845, and it has paid dividends every year since 1854.

The company pays dividends on participating life insurance policies and participating income annuities.

New York Life noted in the 2020 dividend announcement that it has 12,000 financial professionals in its agent force.

Other mutual life insurers have also started announcing their 2020 dividend rates.

Northwestern Mutual Life Insurance Company recently said it expects to hold the dividend interest rates it uses to calculate 2020 dividends steady at 5%, and pay $5.6 billion in dividends.

Massachusetts Mutual Life Insurance Company said it expects to cut the dividend rate to 6.2%, from 6.4%, and pay $1.7 billion in dividends.

 

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