New York Life Insurance Company says it expects to pay about $1.8 billion in dividends to eligible policyholders in 2021.
The projected payout is 5.6% smaller than the $1.9 billion dividend payment total the New York-based insurer announced for 2020.
New York Life is a policyholder-owned mutual insurer that was founded in 1845. It has been paying dividends to policyholder since 1854.
The company is continuing to pay dividends to holders of participating life insurance policies, and to holders of its Mutual Income Annuity contracts.
The company says it also expects to pay dividends to some holders of its NYL MyCare stand-alone long-term care insurance policy, which was introduced in 2018. Holders of the policy will become eligible for dividend payments once they have reached their third policy anniversary, the company says.
Here are what other mutual life insurers have reported about their 2021 dividends:
- Massachusetts Mutual Life Insurance Company expects to cut its dividend rate to 6.2% for 2021, from 6.4% for 2020, and hold the total dividend payout steady, at about $1.7 billion.
- Northwestern Mutual Life Insurance Company expects to hold its dividend rate steady, at 5%, and to pay $6.2 billion in dividends, up from $6 billion.
- Ohio National expects to cut its dividend rate to 4.7% for open block policies, from 5.2%, and to 4%, from 4.5% for closed block policies.
- Security Mutual Life Insurance Company of New York expects to hold its dividend scale steady. It did not disclose the dividend rate.
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