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Note: "New York Life" or "the company" as used throughout the Report, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life companies, which include NYLIC and its subsidiaries and affiliates, including New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ is not authorized in New York or Maine, and does not conduct insurance business in New York or Maine. LINA is not authorized in New York and does not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions business. Any discussion of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products' performances will fluctuate with market conditions.
MISSION STATEMENT AND VALUES
Our mission is to provide financial security and peace of mind through our insurance, annuity, and investment solutions.
We act with integrity and humanity in all our interactions with our policy owners, business partners, and one another.
Grounded in both confidence and humility, we serve as stewards for the long term.
We are here for good, reflecting both the permanence of New York Life and our commitment to do the right thing in business and society.
Everything we do has one overriding purpose: to be there when our policy owners need us.
2022 INVESTMENT REPORT
2022 saw a paradigm shift for the macro environment, global financial markets, and geopolitics.
Most market participants came into last year with a positive view that the environment was normalizing. However, record fiscal and monetary stimulus, coupled with factors such as supply chain constraints, labor shortages, and geopolitical tensions, contributed to the highest inflation in more than 40 years. To tame inflation, the Federal Reserve raised interest rates at the fastest and steepest pace since the early 1980s. This sudden shift in monetary policy and the macro environment led to significant volatility and sharp market movements, with equity and fixed income markets experiencing their worst annual declines since 2008 and 1980, respectively, a sharp contrast from the outperformance seen in 2021.
We entered 2023 with cautious optimism about the health and resilience of the U.S. economy. Unemployment has declined to the lowest level since 1969, consumer spending remains robust, supply chains have normalized, and inflation, while persistently above the Fed's target rate, has steadily declined since peaking in October of last year. However, March of 2023 has brought a new wave of market volatility. The collapse of Silicon Valley Bank and three other banks triggered fears of a global financial crisis. These recent bank failures may cause credit conditions to tighten, increasing the risk of recession later this year.
New York Life is well-positioned to manage through a wide range of economic scenarios. We maintain ample liquidity to meet all our obligations in full and on time. We remain disciplined in managing our exposure to interest rate risk and closely match cash flows and the duration of our assets and liabilities.
We maintain a high quality, well-diversified investment portfolio that supports the long-term promises and guarantees we make to our policy owners and clients. We continue to have a strong balance sheet, with our surplus – the capital beyond the reserves already set aside to pay benefits – near an all-time high.
In 2021, we launched an impact investment initiative focused on reducing the racial wealth gap by supporting small businesses, affordable housing, and other development projects through investments in underserved and undercapitalized communities. We are pleased to report we reached our $1 billion initial target 18 months ahead of schedule and remain resolute in our commitment to "profits with a purpose" that align with our core values as a Company. In addition, as part of our commitment to responsible investing, we have also deepened our focus on ESG, incorporating environmental, social, and governance factors into our investment strategy and process.
For more than 175 years, New York Life has consistently delivered financial security and peace of mind to our clients. Thank you for the trust you have placed in New York Life. We remain committed to being there for you and your families when you need us most.
New York Life's all-weather investment portfolio, robust balance sheet, and superior financial strength back our long-term promises and guarantees.
ANTHONY R. MALLOY
Executive Vice President and
Chief Investment Officer
Highest Financial Strength Ratings Currently Awarded to Any Life Insurer
Rating Agency
Rating
A.M. Best
A++
Standard & Poor's
AA+
Moody's
Aaa
Fitch
AAA
Our Strength
We built our business to endure. Since 1845, we've kept the promises we made to protect our policy owners and their beneficiaries. We've been able to stand by them because each promise is backed by stability and proven financial strength.
Our stability is proven.
Our surplus is one of the largest in the industry, so we're prepared to meet all of our commitments.
Strong then, strong now.
We've paid dividends during the Great Depression, the Great Recession, and every year since 1854.
Here when you need us.
Our financial strength helps ensure we'll be here to meet our obligations to our policy owners.
Investment Capabilities
Stronger, together... as a mutual company.
Mutuality
If there is one factor that explains New York Life's longevity and our ability to not only weather times of crisis but emerge from them stronger, it is that we have remained a mutual life insurer since we opened for business in 1845. Mutuality is about being in it together with you. It is the strategy, structure, and philosophy that guide our decisions and actions on your behalf and keep our true bottom line about purpose, service, and financial security for you and your family.
Our deep investment experience and investment capabilities are put to work for our clients.
$710 billion in assets under management
New York Life had $710 billion of assets under management as of December 31, 2022. This includes the $317 billion General Account—an investment portfolio used to support claim and benefit payments made to clients. New York Life's investment boutiques manage a broad array of fixed income, equity, asset allocation, sustainable investments, and alternative investment strategies.
Expertise that creates value
New York Life is able to access virtually all asset classes, providing a broad universe of investment opportunities to deliver long-term, relatively stable returns. In particular, we have the ability to originate private debt and equity investments. This expertise allows us to identify valuable investment opportunities unavailable in the public markets.
General Account Investment Philosophy
At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
We take a long-term view
We invest for the long term because we make long-term commitments to our policy owners and are not distracted by short-term results at the expense of long-term success.
We maintain safety
We focus on maintaining safety and security while pursuing superior investment results. We focus keenly on capital preservation and predictable investment results while seeking above-market returns.
General Account Value Proposition
The General Account investment portfolio plays a dual role:
Driving benefits
Investment return is a primary driver of benefits paid to our clients. By staying true to our investment philosophy and principles, we create value, paying dividends to our participating policy owners and growing our already strong surplus.
Driving the economy
Our investments positively impact the economy—creating jobs, benefiting communities, supporting innovation, and funding sustainable energy projects.
Cash and Invested Assets (In $ Billions)
Year
Amount
2018
256.1
2019
268.0
2020
284.2
2021
297.0
2022
317.1
Surplus and Asset Valuation Reserve (In $ Billions)
Year
Amount
2018
24.8
2019
27.0
2020
27.0
2021
30.7
2022
30.1
General Account Investment Strategy and Approach
Reflecting our investment philosophy, we take a highly disciplined approach when investing the General Account investment portfolio.
Asset/liability management focus
Our primary focuses are asset/liability management and maintaining ample liquidity. We invest in assets with similar interest rate sensitivities and cash flow characteristics as our liabilities. This is done with the goal of having funds available when we need to pay benefits to clients and to protect the surplus of the company from adverse changes in interest rates. In addition, we maintain ample liquidity in the event we need to meet large and unexpected cash outlays.
Well-balanced and diversified investments
Portfolios with diversified asset allocations generally achieve favorable investment returns while reducing volatility, as asset classes tend to move independently from one another. No matter how attractive an investment opportunity is, we avoid outsize stakes in any one investment.
Independent, bottom-up research
We make investment decisions based on our own independent research, rather than relying solely on rating agencies or Wall Street recommendations. Our research entails rigorous fundamental analysis of specific companies and investments, and considers broad macroeconomic factors such as GDP growth and interest rate movements.
Delivering for clients and society through responsible investing
We believe being a responsible investor is consistent with our goal to create long-term financial security for our clients and aligns our investment activity with the broader objectives of society. Our holistic approach to investment analysis incorporates a financial assessment as well as considering environmental, social, and governance (ESG) factors that are deemed material to a company's performance. We believe responsible investing is a journey that needs to be thoughtfully implemented to be effective in its outcomes, and we remain committed to sharing our progress as we evolve.
One example of New York Life's commitment to responsible investing is evidenced by our $1 billion impact investment initiative launched in 2021. The program aims to address the racial wealth gap by investing in underserved and undercapitalized communities with a focus on supporting small businesses, affordable housing, and community development. We are focused on investments that seek to not only deliver meaningful societal impacts, but also provide the potential to generate market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. In the first eighteen months of the program, New York Life fully committed the $1 billion across various investments that are at the heart of our impact thesis, and we continue to seek additional investment opportunities to expand the program beyond our initial target.
Net Yield on Investment
[Graph showing net yield trends from 1975-2020]
New York Life Average Net Investment Yield: 4.04% (2022)
Average 10-Year U.S. Treasury Bond Yield: 2.95% (2022)
General Account Investment Portfolio Overview
Cash and Invested Assets
Assets
Dec. 31, 2022
%
Dec. 31, 2021
%
Bonds
$230.4
73%
$221.4
74%
Mortgage Loans
38.7
12%
35.2
12%
Equities
15.3
5%
14.9
5%
Policy Loans
12.6
4%
12.2
4%
Cash and Short-Term Investments
9.9
3%
4.7
2%
Other Investments
4.4
1%
4.1
1%
Derivatives
3.0
1%
1.6
1%
Investments in Subsidiaries
2.8
1%
2.9
1%
Total Cash and Invested Assets
$317.1
100%
$297.0
100%
Bonds
Bond Portfolio Composition ($230.4 Billion)
Public Corporate Bonds: 31%
Private Corporate Bonds: 31%
Commercial Mortgage-Backed Securities: 10%
Residential Mortgage-Backed Securities: 10%
Asset-Backed Securities: 7%
Municipal Bonds: 6%
Government & Agency: 5%
Bond Portfolio Quality ($230.4 Billion)
NAIC 1: AAA to A-: 62%
NAIC 2: BBB+ to BBB-: 33%
NAIC 3-6: BB+ and below: 5%
Corporate Bond Industry Diversification ($142.6 Billion)
Healthcare/Pharmaceuticals: 16%
Utilities: 9%
Consumer Products: 8%
Banking/Brokerage: 8%
REITs: 7%
Technology: 5%
Transportation: 5%
Conglomerates: 5%
Energy: 5%
Cable & Media: 4%
Other Industrial: 4%
Retail: 3%
Chemicals: 3%
Insurance: 3%
Aerospace & Defense: 2%
Finance: 2%
Telecommunications: 2%
Automotive: 2%
Services: 2%
Paper & Packaging: 2%
Other: 4%
Mortgage Loans
Property Type Distribution ($38.7 Billion)
Multifamily: 33%
Industrial: 27%
Office: 23%
Retail: 15%
Other: 2%
Corporate Bond Issuer Diversification
Single Largest Issuer: 0.2% of Cash and Invested Assets
Top 10 Largest Issuers: 1.5% of Cash and Invested Assets
Total Cash and Invested Assets: 100% ($317.1 Billion)
Equities ($15.3 Billion)
Real Estate Equities: 36%
Private Equities: 53%
Public Equities: 11%
Investment Capabilities
Fixed Income
U.S. Treasuries
Investment Grade
Municipal Bonds
Convertible Securities
Structured Products
High Yield
Bank Loans
Collateralized Loan Obligations (CLOs)
Emerging Market Debt
Equities
U.S. Equity
Emerging Markets
Socially Responsible Investing (SRI)
Global/International
Thematics
ETFs
Alternatives
Fixed Income
U.S. Equity
Global/International
Geographic
Real Assets
Thematics
Index Solutions
Equities
Fixed Income
Mixed Asset
Asset Allocation
Private Equity
Direct Equity Co-Investment
Fund of Funds
Private Credit
Mezzanine
Opportunistic
Distressed
Direct Middle-Market Lending
Private Placement
Collateralized Loan Obligations (CLOs)
Infrastructure
Real Assets
Taxable Municipal Bonds
Real Estate
Equity
Debt
Overview of Investment Managers
[Investment manager descriptions with their specialties]
New York Life Insurance Company: A History of Achievement
Metric
Value
Policy owner benefits and dividends paid in 2022
$16.5 BILLION
Dividend payout in 2023
$2.0 BILLION
Consecutive years of paying dividends
169
Statutory surplus and Asset Valuation Reserve
$30.1 BILLION
Charitable contributions since 1979
$415 MILLION
America's largest mutual life insurer
#1
Fortune 500 list for 2022
#72
Years in business
178
Notes
[Detailed notes 1-15 with explanations of various metrics and calculations]
“New York Life” or “the company” as used throughout the Report, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life companies, which include NYLIC and its subsidiaries and affiliates, including New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ is not authorized in New York or Maine, and does not conduct insurance business in New York or Maine. LINA is not authorized in New York and does not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions business. Any discussion of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performances will fluctuate with market conditions.
Mission Statement and Values
Our mission is to provide financial security and peace of mind through our insurance, annuity, and investment solutions.
We act with integrity and humanity in all our interactions with our policy owners, business partners, and one another.
Grounded in both confidence and humility, we serve as stewards for the long term.
We are here for good, reflecting both the permanence of New York Life and our commitment to do the right thing in business and society.
Everything we do has one overriding purpose:
To be there when our policy owners need us.
2022 Investment Report
2022 saw a paradigm shift for the macro environment, global financial markets, and geopolitics.
Most market participants came into last year with a positive view that the environment was normalizing. However, record fiscal and monetary stimulus, coupled with factors such as supply chain constraints, labor shortages, and geopolitical tensions, contributed to the highest inflation in more than 40 years. To tame inflation, the Federal Reserve raised interest rates at the fastest and steepest pace since the early 1980s. This sudden shift in monetary policy and the macro environment led to significant volatility and sharp market movements, with equity and fixed income markets experiencing their worst annual declines since 2008 and 1980, respectively, a sharp contrast from the outperformance seen in 2021.
We entered 2023 with cautious optimism about the health and resilience of the U.S. economy. Unemployment has declined to the lowest level since 1969, consumer spending remains robust, supply chains have normalized, and inflation, while persistently above the Fed’s target rate, has steadily declined since peaking in October of last year. However, March of 2023 has brought a new wave of market volatility. The collapse of Silicon Valley Bank and three other banks triggered fears of a global financial crisis. These recent bank failures may cause credit conditions to tighten, increasing the risk of recession later this year.
New York Life is well-positioned to manage through a wide range of economic scenarios. We maintain ample liquidity to meet all our obligations in full and on time. We remain disciplined in managing our exposure to interest rate risk and closely match cash flows and the duration of our assets and liabilities. We maintain a high quality, well-diversified investment portfolio that supports the long-term promises and guarantees we make to our policy owners and clients. We continue to have a strong balance sheet, with our surplus – the capital beyond the reserves already set aside to pay benefits – near an all-time high.
In 2021, we launched an impact investment initiative focused on reducing the racial wealth gap by supporting small businesses, affordable housing, and other development projects through investments in underserved and undercapitalized communities. We are pleased to report we reached our $1 billion initial target 18 months ahead of schedule and remain resolute in our commitment to “profits with a purpose” that align with our core values as a Company. In addition, as part of our commitment to responsible investing, we have also deepened our focus on ESG, incorporating environmental, social, and governance factors into our investment strategy and process.
For more than 175 years, New York Life has consistently delivered financial security and peace of mind to our clients. Thank you for the trust you have placed in New York Life. We remain committed to being there for you and your families when you need us most.
New York Life’s all-weather investment portfolio, robust balance sheet, and superior financial strength back our long-term promises and guarantees.
ANTHONY R. MALLOY Executive Vice President and Chief Investment Officer
At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
Highest Financial Strength Ratings Currently Awarded to Any Life Insurer
A++ AM Best
AA+ Standard & Poor’s
Aaa Moody’s
AAA Fitch
Our Strength
We built our business to endure. Since 1845, we’ve kept the promises we made to protect our policy owners and their beneficiaries. We’ve been able to stand by them because each promise is backed by stability and proven financial strength.
Our stability is proven.
Our surplus is one of the largest in the industry, so we’re prepared to meet all of our commitments.
Strong then, strong now.
We’ve paid dividends during the Great Depression, the Great Recession, and every year since 1854.
Here when you need us.
Our financial strength helps ensure we’ll be here to meet our obligations to our policy owners.
Notes appear on page 15.
2022 Investment Report
Investment Capabilities
Stronger, together... as a mutual company.
Mutuality
If there is one factor that explains New York Life’s longevity and our ability to not only weather times of crisis but emerge from them stronger, it is that we have remained a mutual life insurer since we opened for business in 1845. Mutuality is about being in it together with you. It is the strategy, structure, and philosophy that guide our decisions and actions on your behalf and keep our true bottom line about purpose, service, and financial security for you and your family.
Our deep investment experience and investment capabilities are put to work for our clients.
$710 billion in assets under management.
New York Life had $710 billion of assets under management as of December 31, 2022. This includes the $317 billion General Account—an investment portfolio used to support claim and benefit payments made to clients. New York Life’s investment boutiques manage a broad array of fixed income, equity, asset allocation, sustainable investments, and alternative investment strategies.
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"content": "# 2022 Investment Report\n\n\n\n**NEW YORK LIFE**\n\n**Insure. Invest. Retire.**",
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"content": "## MISSION STATEMENT AND VALUES\n\nOur",
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"content": "# New York Life’s all-weather investment portfolio, robust balance sheet, and superior financial strength back our long-term promises and guarantees.\n\n2022 saw a paradigm shift for the macro environment, global financial markets, and geopolitics.\n\nMost market participants came into last year with a positive view that the environment was normalizing. However, record fiscal and monetary stimulus, coupled with factors such as supply chain constraints, labor shortages, and geopolitical tensions, contributed to the highest inflation in more than 40 years. To tame inflation, the Federal Reserve raised interest rates at the fastest and steepest pace since the early 1980s. This sudden shift in monetary policy and the macro environment led to significant volatility and sharp market movements, with equity and fixed income markets experiencing their worst annual declines since 2008 and 1980, respectively, a sharp contrast from the outperformance seen in 2021.\n\nWe entered 2023 with cautious optimism about the health and resilience of the U.S. economy. Unemployment has declined to the lowest level since 1969, consumer spending remains robust, supply chains have normalized, and inflation, while persistently above the Fed’s target rate, has steadily declined since peaking in October of last year. However, March of 2023 has brought a new wave of market volatility. The collapse of Silicon Valley Bank and three other banks triggered fears of a global financial crisis. These recent bank failures may cause credit conditions to tighten, increasing the risk of recession later this year.\n\nNew York Life is well-positioned to manage through a wide range of economic scenarios. We maintain ample liquidity to meet all our obligations in full and on time. We remain disciplined in managing our exposure to interest rate risk and closely match cash flows and the duration of our assets and liabilities. We maintain a high quality, well-diversified investment portfolio that supports the long-term promises and guarantees we make to our policy owners and clients. We continue to have a strong balance sheet, with our surplus – the capital beyond the reserves already set aside to pay benefits – near an all-time high.\n\nIn 2021, we launched an impact investment initiative focused on reducing the racial wealth gap by supporting small businesses, affordable housing, and other development projects through investments in underserved and undercapitalized communities. We are pleased to report we reached our $1 billion initial target 18 months ahead of schedule and remain resolute in our commitment to “profits with a purpose” that align with our core values as a Company. In addition, as part of our commitment to responsible investing, we have also deepened our focus on ESG, incorporating environmental, social, and governance factors into our investment strategy and process.\n\nFor more than 175 years, New York Life has consistently delivered financial security and peace of mind to our clients. Thank you for the trust you have placed in New York Life. We remain committed to being there for you and your families when you need us most.\n\n**ANTHONY R. MALLOY**\nExecutive Vice President and Chief Investment Officer\n\n**2022 INVESTMENT REPORT** 3",
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"content": "# At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.\n\nAt the heart of New York Life is a commitment to be there for our customers when they need us—whether today or decades into the future. We have delivered on that promise for over 175 years by investing wisely, growing a portfolio of strategic businesses, and remaining true to our mission as a mutual company, accountable only to our customers, not to outside investors. For our customers, that means having the confidence that with no shareholders to distract us, we can continue to place our highest priority on their and their family’s well-being.\n\n---\n\n## Our Strength\n\nWe built our business to endure. Since 1845, we’ve kept the promises we made to protect our policy owners and their beneficiaries. We’ve been able to stand by them because each promise is backed by stability and proven financial strength.\n\n**Our stability is proven.** \nOur surplus is one of the largest in the industry, so we’re prepared to meet all of our commitments.\n\n**Strong then, strong now.** \nWe’ve paid dividends during the Great Depression, the Great Recession, and every year since 1854.¹\n\n**Here when you need us.** \nOur financial strength helps ensure we’ll be here to meet our obligations to our policy owners.\n\n**A++** \nA.M. Best\n\n**AAA** \nFitch\n\n**Aaa** \nMoody’s\n\n**AA+** \nStandard & Poor’s\n\n**Highest Financial Strength Ratings Currently Awarded to Any Life Insurer²**\n\n---\n\n4 NEW YORK LIFE INSURANCE COMPANY\n\nNotes appear on page 15",
"contentLength": 1548
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"content": "## Mutuality\n\n**Stronger, together... as a mutual company.**\n\nIf there is one factor that explains New York Life’s longevity and our ability to not only weather times of crisis but emerge from them stronger, it is that we have remained a mutual life insurer since we opened for business in 1845. Mutuality is about being in it together with you. It is the strategy, structure, and philosophy that guide our decisions and actions on your behalf and keep our true bottom line about purpose, service, and financial security for you and your family.\n\n## Investment Capabilities\n\n**Our deep investment experience and investment capabilities are put to work for our clients.**\n\n**$710 billion in assets under management.³**\n\nNew York Life had $710 billion of assets under management as of December 31, 2022. This includes the $317 billion General Account—an investment portfolio used to support claim and benefit payments made to clients. New York Life’s investment boutiques manage a broad array of fixed income, equity, asset allocation, sustainable investments, and alternative investment strategies.\n\n**Expertise that creates value.**\n\nNew York Life is able to access virtually all asset classes, providing a broad universe of investment opportunities to deliver long-term, relatively stable returns. In particular, we have the ability to originate private debt and equity investments. This expertise allows us to identify valuable investment opportunities unavailable in the public markets.\n\n## General Account Investment Philosophy\n\n**At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.**\n\n**We take a long-term view.**\n\nWe invest for the long term because we make long-term commitments to our policy owners and are not distracted by short-term results at the expense of long-term success.\n\n**We maintain safety.**\n\nWe focus on maintaining safety and security while pursuing superior investment results. We focus keenly on capital preservation and predictable investment results while seeking above-market returns.\n\n## General Account Value Proposition\n\n**The General Account investment portfolio plays a dual role:**\n\n**Driving benefits.⁴**\n\nInvestment return is a primary driver of benefits paid to our clients. By staying true to our investment philosophy and principles, we create value, paying dividends to our participating policy owners and growing our already strong surplus.\n\n**Driving the economy.**\n\nOur investments positively impact the economy—creating jobs, benefiting communities, supporting innovation, and funding sustainable energy projects.\n\n---\n\nNotes appear on page 15\n\n**2022 INVESTMENT REPORT** 5",
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"content": "# General Account Investment Strategy and Approach\n\nReflecting our investment philosophy, we take a highly disciplined approach when investing the General Account investment portfolio.\n\n## Asset/liability management focus\n\nOur primary focuses are asset/liability management and maintaining ample liquidity. We invest in assets with similar interest rate sensitivities and cash flow characteristics as our liabilities. This is done with the goal of having funds available when we need to pay benefits to clients and to protect the surplus of the company from adverse changes in interest rates. In addition, we maintain ample liquidity in the event we need to meet large and unexpected cash outlays.\n\n## Well-balanced and diversified investments\n\nPortfolios with diversified asset allocations generally achieve favorable investment returns while reducing volatility, as asset classes tend to move independently from one another. No matter how attractive an investment opportunity is, we avoid outsize stakes in any one investment.\n\n## Independent, bottom-up research\n\nWe make investment decisions based on our own independent research, rather than relying solely on rating agencies or Wall Street recommendations. Our research entails rigorous fundamental analysis of specific companies and investments, and considers broad macroeconomic factors such as GDP growth and interest rate movements.\n\n## Delivering for clients and society through responsible investing\n\nWe believe being a responsible investor is consistent with our goal to create long-term financial security for our clients and aligns our investment activity with the broader objectives of society. Our holistic approach to investment analysis incorporates a financial assessment as well as considering environmental, social, and governance (ESG) factors that are deemed material to a company’s performance. We believe responsible investing is a journey that needs to be thoughtfully implemented to be effective in its outcomes, and we remain committed to sharing our progress as we evolve.\n\nOne example of New York Life’s commitment to responsible investing is evidenced by our $1 billion impact investment initiative launched in 2021. The program aims to address the racial wealth gap by investing in underserved and undercapitalized communities with a focus on supporting small businesses, affordable housing, and community development. We are focused on investments that seek to not only deliver meaningful societal impacts, but also provide the potential to generate market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. In the first eighteen months of the program, New York Life fully committed the $1 billion across various investments that are at the heart of our impact thesis, and we continue to seek additional investment opportunities to expand the program beyond our initial target.\n\n| SURPLUS AND ASSET VALUATION RESERVE⁵ | In $ Billions | CASH AND INVESTED ASSETS⁶ | In $ Billions |\n| ----------------------------------- | ------------- | ------------------------- | ------------- |\n| 2022 | 30.1 | 2022 | 317.1 |\n| 2021 | 30.7 | 2021 | 297.0 |\n| 2020 | 27.0 | 2020 | 284.2 |\n| 2019 | 27.0 | 2019 | 268.0 |\n| 2018 | 24.8 | 2018 | 256.1 |\n\n6 NEW YORK LIFE INSURANCE COMPANY\n\nNotes appear on page 15.",
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"content": "# General Account Investment Portfolio Overview\n\n**New York Life had cash and invested assets of $317.1 billion as of December 31, 2022.⁶**\n\n| Cash and Invested Assets (In $ Billions) | Dec. 31, 2022 | Dec. 31, 2021 |\n| ---------------------------------------- | ------------- | ------------- |\n| Bonds | $230.4 73% | $221.4 74% |\n| Mortgage Loans | 38.7 12% | 35.2 12% |\n| Equities | 15.3 5% | 14.9 5% |\n| Policy Loans | 12.6 4% | 12.2 4% |\n| Cash and Short-Term Investments | 9.9 3% | 4.7 2% |\n| Other Investments | 4.4 1% | 4.1 1% |\n| Derivatives | 3.0 1% | 1.6 1% |\n| Investments in Subsidiaries | 2.8 1% | 2.9 1% |\n| **Total Cash and Invested Assets** | **$317.1 100%** | **$297.0 100%** |\n\n## Net Yield on Investment⁷\n\nNet yield on investment (net investment income divided by the average of the current and prior years’ invested assets) has declined slowly since reaching a peak in the mid-1980s. This is attributable to the combined effect of higher-yielding assets maturing and new cash flow being invested at market yields. However, having the capability to originate private placement debt and mortgage loans helps mitigate the effect of a lower interest rate environment.\n\n![Graph showing New York Life Average Net Investment Yield and Average 10-Year U.S. Treasury Bond Yield from 1975 to 2020. New York Life Average Net Investment Yield is higher than Average 10-Year U.S. Treasury Bond Yield. In 2020, New York Life Average Net Investment Yield is 4.04% and Average 10-Year U.S. Treasury Bond Yield is 2.95%.]\n\n**Notes appear on page 15**\n\n**2022 INVESTMENT REPORT**\n\n**7**",
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"content": "# Bonds\n\nThe majority of the General Account investment portfolio is allocated to bonds, which provide current income to pay claims and benefits to policy owners.\n\n- **31%** Public Corporate Bonds\n- **31%** Private Corporate Bonds\n- **10%** Asset-Backed Securities\n- **10%** Commercial Mortgage-Backed Securities\n- **7%** Municipal Bonds\n- **6%** Residential Mortgage-Backed Securities\n- **5%** Government & Agency\n\n**$230.4 BILLION\\*\n\n**Public Corporate Bonds**, issued primarily by investment grade companies, form the core of our investment portfolio. We invest across a diverse group of industries. Public corporate bonds are liquid and provide stable current income.\n\n**Private Corporate Bonds** are originated by our dedicated team of investment professionals. This expertise allows us to identify valuable investment opportunities unavailable in the public markets. In addition, these investments provide further diversification, better selectivity, and higher returns compared with those of public markets.\n\n**Commercial Mortgage-Backed Securities** provide access to diversified pools of commercial mortgages that supplement our commercial mortgage loan portfolio.\n\n**Asset-Backed Securities** are bonds backed by various types of financial receivables, such as equipment leases, collateralized bank loans, royalties, or consumer loans.\n\n**Residential Mortgage-Backed Securities** are investments in the residential real estate mortgage market. These securities are typically pools of mortgages from a diverse group of borrowers and geographic regions. A large portion of our holdings are issued and guaranteed by U.S. government-sponsored enterprises.\n\n**Municipal Bonds** provide opportunities to invest in states, counties, and local municipalities. Municipal investments include general obligation bonds supported by taxes, as well as revenue bonds that finance specific income-producing projects. These investments provide further diversification to our portfolio as well as exhibit longer duration, high credit quality, and a historically low default rate.\n\n**Government & Agency Bonds** are highly liquid securities that help ensure we have ample funds available to pay large and unexpected obligations.\n\n---\n\nNEW YORK LIFE INSURANCE COMPANY\n\nNotes appear on page 125",
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"page": 9,
"content": "## Bond Portfolio Quality\n\nThe bond portfolio continues to be dominated by high-quality investments, with 95% rated as investment grade.\n\nInvestment grade securities provide safety and security while producing stable returns.\n\nWe maintain a relatively small allocation to high yield issuers. These investments typically offer higher yields but have greater risk of default. Our experienced investment team conducts thorough research to identify companies with good business fundamentals, making them less likely to default. We have historically achieved significant risk-adjusted returns from high yield investments, creating value for our customers.\n\n### $230.4 Billion\\*\n\n- **NAIC 1: AAA to A-**: 62%\n- **NAIC 2: BBB+ to BBB-**: 33%\n- **NAIC 3–6: BB+ and below**: 5%\n\n## Corporate Bond Industry Diversification\n\nThe public and private corporate bond portfolio, totaling $142.6 billion, or 62% of the bond portfolio, remains well diversified across the broad industry spectrum, providing protection throughout business cycles.\n\n### $142.6 Billion\\*\n\n- **Utilities**: 16%\n- **Healthcare/Pharmaceuticals**: 9%\n- **Consumer Products**: 7%\n- **Energy**: 5%\n- **Technology**: 5%\n- **Conglomerates**: 5%\n- **Other**: 4%\n- **Transportation**: 4%\n- **REITs**: 8%\n- **Banking/Brokerage**: 8%\n- **Other Industrial**: 4%\n- **Cable & Media**: 4%\n- **Retail**: 3%\n- **Chemicals**: 3%\n- **Aerospace & Defense**: 2%\n- **Telecommunications**: 2%\n- **Insurance**: 3%\n- **Services**: 2%\n- **Automotive**: 2%\n- **Paper & Packaging**: 2%\n- **Finance**: 2%\n\n---\n\nNotes appear on page 15\n\n**2022 INVESTMENT REPORT** 9",
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"page": 10,
"content": "## Corporate Bond Issuer Diversification\n\n**The corporate bond portfolio is managed to limit exposure to individual issuers according to credit quality and other factors.**\n\nThe largest single issuer represents 0.2% of cash and invested assets. Furthermore, the portfolio’s ten largest corporate bond holdings represent only 1.5% of cash and invested assets. The corporate bond portfolio is comprised of securities issued by over 3,300 individual issuers.\n\n**$317.1 BILLION⁶**\n\n- **Single Largest Issuer 0.2%**\n- **Top 10 Largest Issuers 1.5%**\n- **Cash and Invested Assets 100%**\n\n## Mortgage Loans\n\nThe company’s mortgage loan investment style emphasizes conservative underwriting and a focus on high quality properties. The mortgage loan portfolio is broadly diversified by both property type and geographic location. We maintain regional underwriting offices to ensure we have deep knowledge of our target markets. The portfolio is high quality, with a loan-to-value ratio of 54%.\n\n**$38.7 BILLION¹⁰**\n\n- **24%** (West)\n- **7%** (Northwest)\n- **13%** (Southwest)\n- **4%** (Midwest)\n- **19%** (Southeast)\n- **9%** (Northeast)\n- **24%** (South)\n\n- **Multifamily 33%**\n- **Industrial 27%**\n- **Office 23%**\n- **Retail 15%**\n- **Other 2%**\n\n---\n\n**10** NEW YORK LIFE INSURANCE COMPANY\n\nNotes appear on page 15",
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"page": 11,
"content": "## Equities\n\nWe maintain a 5% allocation to equities, which offer higher returns and inflation protection over the long term.\n\nIn particular, we utilize our extensive investment capabilities in private equity and real estate to add value to the General Account.\n\n**Private Equities** consist primarily of investments in small- and middle-market companies through funds sponsored by top-tier partners and co-investments. We have extensive expertise and also long-standing relationships with high-performing private equity sponsors. In addition, our NYL Ventures team invests directly in innovative technology partnerships focused on impacting financial services, digital health, and enterprise software. We also make opportunistic investments in a select group of venture capital funds.\n\n**Real Estate Equities** primarily consist of high-quality, institutional-grade properties diversified across property types and geographic regions. We strategically focus on multifamily, industrial, office, and retail properties in primary markets. These types of real estate investments generally provide stable and predictable income, with potential for value appreciation. We also invest in properties where opportunities exist to increase net operating income through capital investment and/or repositioning and thereby increase the property’s value.\n\n**Public Equities** are invested in a broad spectrum of publicly listed companies. We utilize public equities to manage our overall allocation to equities. These holdings are typically highly liquid and offer higher return potential in the long term compared with that of fixed income investments.\n\n### $15.3 BILLION¹¹\n\n- **Private Equities 53%**\n- **Real Estate Equities 36%**\n- **Public Equities 11%**\n\n## Asset Class Returns and Diversification\n\nWe maintain diversification across asset classes in our portfolio in order to achieve favorable returns while reducing volatility.\n\nAs illustrated below, individual asset class benchmark returns vary from year to year. By maintaining a diversified asset allocation, we invest throughout market cycles and don’t simply chase returns.\n\n### Higher Returns\n\n| 2018 | 2019 | 2020 | 2021 | 2022 |\n| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- |\n| Municipals | Equities | Equities | Equities | Municipals |\n| Residential Mortgage-Backed | Investment Grade Corporate Bonds | Investment Grade Corporate Bonds | High Yield Corporate Bonds | Commercial Mortgage-Backed |\n| Commercial Mortgage-Backed | High Yield Corporate Bonds | Government | Municipals | High Yield Corporate Bonds |\n| Government | Commercial Mortgage-Backed | Commercial Mortgage-Backed | High Yield Corporate Bonds | Commercial Mortgage-Backed |\n| High Yield Corporate Bonds | Municipals | Municipals | Commercial Mortgage-Backed | Residential Mortgage-Backed |\n| Investment Grade Corporate Bonds | Government | Municipals | Investment Grade Corporate Bonds | Government |\n| Equities | Residential Mortgage-Backed | Residential Mortgage-Backed | Residential Mortgage-Backed | Investment Grade Corporate Bonds |\n| | | | Government | Equities |\n\n---\n\nNotes appear on page 15\n\n**2022 INVESTMENT REPORT** 11",
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"content": "# Investments\n\n**Pairing investment expertise with insurance insights.**\n\nThe General Account investments of New York Life Insurance Company are managed primarily by our global asset management business, New York Life Investments. Collectively, New York Life Investments manages $661 billion in assets as of 12/31/22,¹² including New York Life’s General Account investments and third-party assets.\n\n**Our boutiques**\n\nOur multi-boutique business model is built on the foundation of a long and stable history, which gives our clients proven performance managing risk through multiple economic cycles. With capabilities across virtually all asset classes, market segments, and geographies, our family of specialized, independent boutiques and investment teams allows us to deliver customized strategies and integrated solutions for every client need.\n\n**Our people**\n\nOur investment managers offer profound domain expertise and diversity of thought, generating deeper insights alongside strong conviction to deliver better outcomes. Our global capabilities combined with local presence drive more nuanced perspective and a more personal experience for our clients.\n\n**Insurance insights**\n\nIn addition to offering investment expertise to our clients, our investment managers partner and collaborate with our core insurance business to deliver deep insights on topics such as asset/liability management, liability-driven investing, and income-focused strategies, as well as regulatory, rating agency, and accounting regimes. This partnership allows New York Life Investments to help meet the unique investment needs of insurance companies as well as other institutional and retail clients.\n\n## Investment Capabilities\n\n**Our investment teams’ expertise spans the spectrum of asset classes and investment vehicles.**\n\n### Fixed Income\n\n- U.S. Treasuries\n- Investment Grade\n- Municipal Bonds\n- Convertible Securities\n- Structured Products\n- High Yield\n- Bank Loans\n- Collateralized Loan Obligations (CLOs)\n- Emerging Market Debt\n\n### Equities\n\n- U.S. Equity\n- Emerging Markets\n- Socially Responsible Investing (SRI)\n- Global/International\n- Thematics\n\n### ETFs\n\n- Alternatives\n- Fixed Income\n- U.S. Equity\n- Global/International\n- Geographic\n- Real Assets\n- Thematics\n\n### Index Solutions\n\n- Equities\n- Fixed Income\n- Mixed Asset\n- Asset Allocation\n\n### Private Equity\n\n- Direct Equity\n- Co-Investment\n- Fund of Funds\n\n### Private Credit\n\n- Mezzanine\n- Opportunistic\n- Distressed\n- Direct Middle-Market Lending\n- Private Placement\n- Collateralized Loan Obligations (CLOs)\n\n### Infrastructure\n\n- Real Assets\n- Taxable Municipal Bonds\n\n### Real Estate\n\n- Equity\n- Debt\n\n---\n\n12 **NEW YORK LIFE INSURANCE COMPANY**\n\nNotes appear on page 15.",
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"content": "# NEW YORK LIFE INVESTMENTS\n\n## Overview of investment managers¹³\n\n### Apogem Capital\n\nNewly unified alternatives investment firm with capabilities spanning private credit, private equity, GP stakes, private real assets, and long/short equity.\n\n### Ausbil\n\nBoutique with expertise in active management. Capabilities across Australian equities and global small cap, natural resources, and listed infrastructure.\n\n### CANDRIAM\n\nESG-focused, active asset manager with expertise in fixed income, equity, thematic investing, absolute return, asset allocation, and liability-driven investing for pension funds and insurance companies.\n\n### IndexIQ\n\nPioneer and leading provider of exchange traded funds, granting investors access to innovative solutions designed to deliver a smarter approach to traditional investing.\n\n### Kartesia\n\nEuropean specialist provider of private capital solutions for small and mid-sized companies.\n\n### MacKay Shields\n\nBoutique offering a range of fixed income strategies, including investment grade, high yield, bank loans, and municipals, as well as fundamental equities.\n\n### Multi-Asset Solutions\n\nSpecialists in cross-asset investing, leveraging the breadth and depth of the New York Life Investments’ multi-boutique platform.\n\n### NYL Investors\n\nProvides investment management and financing solutions for New York Life and our valued strategic partners, focused on fixed income and real estate.\n\n### Tristan Capital Partners\n\nReal estate investment management company specializing in a wide range of property types across the UK and continental Europe.\n\n---\n\nAdditional information on all of New York Life’s investment managers can be found at www.newyorklifeinvestments.com.\n\nNotes appear on page 15\n\n**2022 INVESTMENT REPORT** | **13**",
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"content": "# NEW YORK LIFE INSURANCE COMPANY: A HISTORY OF ACHIEVEMENT\n\n**#1**\nAmerica’s largest¹⁴ mutual life insurer\n\n**169**\nConsecutive years of paying dividends¹\n\n**$2.0 BILLION**\nDividend payout in 2023\n\n**$16.5 BILLION**\nPolicy owner benefits and dividends paid in 2022¹, ⁴\n\n---\n\n**#72**\nFortune 500 list for 2022\n\n**178**\nYears in business\n\n**$30.1 BILLION**\nStatutory surplus and Asset Valuation Reserve⁵—most important measure of ability to meet obligations\n\n**$415 MILLION**\nCharitable contributions made since the New York Life Foundation’s founding in 1979\n\n---\n\n14 | NEW YORK LIFE INSURANCE COMPANY\n\nNotes appear on page 15",
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"content": "# Notes\n\nAny discussion of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performance will fluctuate with market conditions. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com. The New York State Department of Financial Services recognizes only unadjusted statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its policy owners.\n\n1. The annual dividend payout is the total amount of money the company pays to all of its eligible policy owners in a given year. Because characteristics, including policy type and the year a policy was purchased, differ from policy to policy, the performance of an individual policy’s dividend over a specific period may not mirror the performance of the company’s total dividend payout over that same period.\n\n2. The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: A.M. Best A++ (as of 9/14/22), Fitch Ratings AAA (as of 10/18/22), Moody’s Aaa (as of 12/9/22), and Standard & Poor’s AA+ (as of 7/29/22). Source: third-party reports.\n\n3. Assets under management consist of cash and invested assets and separate account assets of the company’s domestic and international insurance operations, and assets the company manages for third-party investors, including mutual funds, retirement plans, and other institutional clients. See Note 6 for information on the company’s general account investment portfolio.\n\n4. Policy owner benefits primarily include death benefits paid to beneficiaries and annuity payments. Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available, following any other charges, for the distribution in the form of dividends. Dividends are not guaranteed. Each year the board of directors votes on the amount of the dividend to be distributed. Policy owner benefits and dividends reflect the consolidated results of NYLIC and its domestic insurance subsidiaries. Intercompany transactions have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were $8.70 billion and $8.80 billion for the years ended December 31, 2022 and 2021, respectively. NYLIAC’s policy owner benefits were $5.78 billion and $5.77 billion for the years ended December 31, 2022 and 2021, respectively. LINAS policy owner benefits were $1.81 billion and $1.79 billion for the years ended December 31, 2022 and 2021, respectively.\n\n5. Total surplus, which includes the AVR, is one of the key financial strengths of the company’s long-term financial condition and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was $28.9 billion and $24.5 billion at December 31, 2022 and 2021, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.54 billion and $9.75 billion at December 31, 2022 and 2021, respectively, and LINAS statutory surplus of $1.65 billion and $1.67 billion at December 31, 2022 and 2021, respectively. AVR for NYLIC was $4.25 billion and $4.17 billion at December 31, 2022 and 2021, respectively. AVR for NYLIAC was $1.89 billion and $1.81 billion at December 31, 2022 and 2021, respectively. AVR for LINAS was $0.09 billion and $0.08 billion at December 31, 2022 and 2021, respectively. At the time of printing this book, surplus and AVR at December 31, 2022 is preliminary and subject to final audit. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com.\n\n6. The company’s general account investment portfolio totaled $131.3 billion at December 31, 2022 (including $122.9 billion invested assets for NYLIC and $8.3 billion invested assets for LINAC). At December 31, 2021, total assets were $131.5 billion (including $122.9 billion invested assets for NYLIC and $8.3 billion invested assets for LINAC). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $122.5 billion (including $117.54 billion total liabilities for NYLIC and $3.70 billion total liabilities for LINAC). See Note 5 for total surplus.\n\n7. The chart represents the composite yield on invested assets of the General Account of New York Life and its subsidiaries. Although yields differ for each product portfolio (10-year U.S. Treasury bond, New York Life’s net yield does not represent the yield for a retail product. The chart shows how New York Life’s aggregate net yield on invested assets has remained relatively stable during periods of both rising and falling interest rates. It is indicative of New York Life’s financial strength and does not reflect a rate of return on any particular investment or insurance product. The New York Life portfolios, whose net yields on investment assets are graphed, are not available for investment. Unlike life insurance policies, U.S. Treasuries are backed by the full faith and credit of the United States as to the timely payment of principal and interest. The New York Life yield is composed of the reserves of a composite yield of the invested assets of each of the following companies: NYLIC, NYLIAC, NYLAC, LINA, and NYLIAC, net of eliminations for their certain intra-company transactions. The curve shown represents only NYLIC in years 1972–1979, NYLIC and NYLIAC in years 1980–1986, NYLIC, NYLIAC, and NYLAC in years 1987–2022, and NYLIC, NYLIAC, NYLAC, LINA, and NYGLICNY in 2022. Net yields in 2022 for each company were as follows: NYLIC 4.20%, NYLIAC 3.73%, NYLAC 2.76%, LINA 3.39%, and NYGLICNY 3.53%. The yields shown for Treasury in the average yield for that year. Source: Bloomberg (Treasury yields) and New York Life Corporate Finance (New York Life net yield).\n\n8. Includes $3.9 billion and $3.6 billion of assets related to NYLIAC and LINAS, respectively.\n\n9. Includes $7.5 billion and $5.6 billion of assets related to NYLIAC and LINAS, respectively.\n\n10. Includes $5.5 billion and $1.1 billion of assets related to NYLIAC and LINA, respectively.\n\n11. Includes $1.9 billion of assets related to NYLIAC.\n\n12. Assets under management (AUM) includes assets of the investment advisers affiliated with New York Life Insurance Company, other than Karta Legal Masters and Tristan Capital Partners, as of 12/31/2022. As of 12/31/2022 (and 12/31/2021), New York Life Investments had $371 billion ($378 billion) in AUM. AUM is comprised of assets for which New York Life Investments provides investment management services and includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling investment management services, and model portfolio delivery services; that do not qualify as Regulatory Assets Under Management, as defined in the SEC’s Form ADV, Part 1A, as reported to the SEC. AUM not denominated in USD is converted at spot rates as of 12/31/2022. This total AUM figure is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser.\n\n13. The products and services of New York Life Investments Boutiques are not available to all clients in all jurisdictions or regions where such provisions would be contrary to local laws or regulations. On April 1, 2022, the three alternative boutiques affiliated with New York Life: Madison Capital Funding, Goldpoint Partners, and PA Capital combined to become Pogeon Capital.\n\n14. Based on revenue as reported by “Fortune 500 ranked within industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/22. For methodology, please see http://fortune. com/fortune500/.\n\n**2022 INVESTMENT REPORT** | **15**",
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"content": "Visit us at www.newyorklife.com\n\n**Our Story** \nwww.newyorklife.com/who-we-are/our-story\n\n**Life Insurance** \nwww.newyorklife.com/products/life-insurance\n\n**Long-Term Care** \nwww.newyorklife.com/products/long-term-care-insurance\n\n**Investments** \nwww.newyorklife.com/products/investments\n\n**Careers** \nwww.newyorklife.com/careers\n\n**Claims** \nwww.newyorklife.com/claims\n\n**New York Life Foundation** \nwww.newyorklife.com/foundation\n\n**Social Impact** \nwww.newyorklife.com/who-we-are/our-social-impact\n\n---\n\n**New York Life Insurance Company** \n51 Madison Avenue \nNew York, NY 10010 \nnewyorklife.com \n(800) CALL-NYL\n\n**NY017-23** \n5650109",
New York Life’s all-weather investment portfolio, robust balance sheet, and superior financial strength back our long-term promises and guarantees.
2022 saw a paradigm shift for the macro environment, global financial markets, and geopolitics.
Most market participants came into last year with a positive view that the environment was normalizing. However, record fiscal and monetary stimulus, coupled with factors such as supply chain constraints, labor shortages, and geopolitical tensions, contributed to the highest inflation in more than 40 years. To tame inflation, the Federal Reserve raised interest rates at the fastest and steepest pace since the early 1980s. This sudden shift in monetary policy and the macro environment led to significant volatility and sharp market movements, with equity and fixed income markets experiencing their worst annual declines since 2008 and 1980, respectively, a sharp contrast from the outperformance seen in 2021.
We entered 2023 with cautious optimism about the health and resilience of the U.S. economy. Unemployment has declined to the lowest level since 1969, consumer spending remains robust, supply chains have normalized, and inflation, while persistently above the Fed’s target rate, has steadily declined since peaking in October of last year. However, March of 2023 has brought a new wave of market volatility. The collapse of Silicon Valley Bank and three other banks triggered fears of a global financial crisis. These recent bank failures may cause credit conditions to tighten, increasing the risk of recession later this year.
New York Life is well-positioned to manage through a wide range of economic scenarios. We maintain ample liquidity to meet all our obligations in full and on time. We remain disciplined in managing our exposure to interest rate risk and closely match cash flows and the duration of our assets and liabilities. We maintain a high quality, well-diversified investment portfolio that supports the long-term promises and guarantees we make to our policy owners and clients. We continue to have a strong balance sheet, with our surplus – the capital beyond the reserves already set aside to pay benefits – near an all-time high.
In 2021, we launched an impact investment initiative focused on reducing the racial wealth gap by supporting small businesses, affordable housing, and other development projects through investments in underserved and undercapitalized communities. We are pleased to report we reached our $1 billion initial target 18 months ahead of schedule and remain resolute in our commitment to “profits with a purpose” that align with our core values as a Company. In addition, as part of our commitment to responsible investing, we have also deepened our focus on ESG, incorporating environmental, social, and governance factors into our investment strategy and process.
For more than 175 years, New York Life has consistently delivered financial security and peace of mind to our clients. Thank you for the trust you have placed in New York Life. We remain committed to being there for you and your families when you need us most.
ANTHONY R. MALLOY
Executive Vice President and Chief Investment Officer
2022 INVESTMENT REPORT 3
At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
At the heart of New York Life is a commitment to be there for our customers when they need us—whether today or decades into the future. We have delivered on that promise for over 175 years by investing wisely, growing a portfolio of strategic businesses, and remaining true to our mission as a mutual company, accountable only to our customers, not to outside investors. For our customers, that means having the confidence that with no shareholders to distract us, we can continue to place our highest priority on their and their family’s well-being.
Our Strength
We built our business to endure. Since 1845, we’ve kept the promises we made to protect our policy owners and their beneficiaries. We’ve been able to stand by them because each promise is backed by stability and proven financial strength.
Our stability is proven.
Our surplus is one of the largest in the industry, so we’re prepared to meet all of our commitments.
Strong then, strong now.
We’ve paid dividends during the Great Depression, the Great Recession, and every year since 1854.¹
Here when you need us.
Our financial strength helps ensure we’ll be here to meet our obligations to our policy owners.
A++
A.M. Best
AAA
Fitch
Aaa
Moody’s
AA+
Standard & Poor’s
Highest Financial Strength Ratings Currently Awarded to Any Life Insurer²
4 NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15
Mutuality
Stronger, together... as a mutual company.
If there is one factor that explains New York Life’s longevity and our ability to not only weather times of crisis but emerge from them stronger, it is that we have remained a mutual life insurer since we opened for business in 1845. Mutuality is about being in it together with you. It is the strategy, structure, and philosophy that guide our decisions and actions on your behalf and keep our true bottom line about purpose, service, and financial security for you and your family.
Investment Capabilities
Our deep investment experience and investment capabilities are put to work for our clients.
$710 billion in assets under management.³
New York Life had $710 billion of assets under management as of December 31, 2022. This includes the $317 billion General Account—an investment portfolio used to support claim and benefit payments made to clients. New York Life’s investment boutiques manage a broad array of fixed income, equity, asset allocation, sustainable investments, and alternative investment strategies.
Expertise that creates value.
New York Life is able to access virtually all asset classes, providing a broad universe of investment opportunities to deliver long-term, relatively stable returns. In particular, we have the ability to originate private debt and equity investments. This expertise allows us to identify valuable investment opportunities unavailable in the public markets.
General Account Investment Philosophy
At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
We take a long-term view.
We invest for the long term because we make long-term commitments to our policy owners and are not distracted by short-term results at the expense of long-term success.
We maintain safety.
We focus on maintaining safety and security while pursuing superior investment results. We focus keenly on capital preservation and predictable investment results while seeking above-market returns.
General Account Value Proposition
The General Account investment portfolio plays a dual role:
Driving benefits.⁴
Investment return is a primary driver of benefits paid to our clients. By staying true to our investment philosophy and principles, we create value, paying dividends to our participating policy owners and growing our already strong surplus.
Driving the economy.
Our investments positively impact the economy—creating jobs, benefiting communities, supporting innovation, and funding sustainable energy projects.
Notes appear on page 15
2022 INVESTMENT REPORT 5
General Account Investment Strategy and Approach
Reflecting our investment philosophy, we take a highly disciplined approach when investing the General Account investment portfolio.
Asset/liability management focus
Our primary focuses are asset/liability management and maintaining ample liquidity. We invest in assets with similar interest rate sensitivities and cash flow characteristics as our liabilities. This is done with the goal of having funds available when we need to pay benefits to clients and to protect the surplus of the company from adverse changes in interest rates. In addition, we maintain ample liquidity in the event we need to meet large and unexpected cash outlays.
Well-balanced and diversified investments
Portfolios with diversified asset allocations generally achieve favorable investment returns while reducing volatility, as asset classes tend to move independently from one another. No matter how attractive an investment opportunity is, we avoid outsize stakes in any one investment.
Independent, bottom-up research
We make investment decisions based on our own independent research, rather than relying solely on rating agencies or Wall Street recommendations. Our research entails rigorous fundamental analysis of specific companies and investments, and considers broad macroeconomic factors such as GDP growth and interest rate movements.
Delivering for clients and society through responsible investing
We believe being a responsible investor is consistent with our goal to create long-term financial security for our clients and aligns our investment activity with the broader objectives of society. Our holistic approach to investment analysis incorporates a financial assessment as well as considering environmental, social, and governance (ESG) factors that are deemed material to a company’s performance. We believe responsible investing is a journey that needs to be thoughtfully implemented to be effective in its outcomes, and we remain committed to sharing our progress as we evolve.
One example of New York Life’s commitment to responsible investing is evidenced by our $1 billion impact investment initiative launched in 2021. The program aims to address the racial wealth gap by investing in underserved and undercapitalized communities with a focus on supporting small businesses, affordable housing, and community development. We are focused on investments that seek to not only deliver meaningful societal impacts, but also provide the potential to generate market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. In the first eighteen months of the program, New York Life fully committed the $1 billion across various investments that are at the heart of our impact thesis, and we continue to seek additional investment opportunities to expand the program beyond our initial target.
SURPLUS AND ASSET VALUATION RESERVE⁵
In $ Billions
CASH AND INVESTED ASSETS⁶
In $ Billions
2022
30.1
2022
317.1
2021
30.7
2021
297.0
2020
27.0
2020
284.2
2019
27.0
2019
268.0
2018
24.8
2018
256.1
6 NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15.
General Account Investment Portfolio Overview
New York Life had cash and invested assets of $317.1 billion as of December 31, 2022.⁶
Cash and Invested Assets (In $ Billions)
Dec. 31, 2022
Dec. 31, 2021
Bonds
$230.4 73%
$221.4 74%
Mortgage Loans
38.7 12%
35.2 12%
Equities
15.3 5%
14.9 5%
Policy Loans
12.6 4%
12.2 4%
Cash and Short-Term Investments
9.9 3%
4.7 2%
Other Investments
4.4 1%
4.1 1%
Derivatives
3.0 1%
1.6 1%
Investments in Subsidiaries
2.8 1%
2.9 1%
Total Cash and Invested Assets
$317.1 100%
$297.0 100%
Net Yield on Investment⁷
Net yield on investment (net investment income divided by the average of the current and prior years’ invested assets) has declined slowly since reaching a peak in the mid-1980s. This is attributable to the combined effect of higher-yielding assets maturing and new cash flow being invested at market yields. However, having the capability to originate private placement debt and mortgage loans helps mitigate the effect of a lower interest rate environment.
![Graph showing New York Life Average Net Investment Yield and Average 10-Year U.S. Treasury Bond Yield from 1975 to 2020. New York Life Average Net Investment Yield is higher than Average 10-Year U.S. Treasury Bond Yield. In 2020, New York Life Average Net Investment Yield is 4.04% and Average 10-Year U.S. Treasury Bond Yield is 2.95%.]
Notes appear on page 15
2022 INVESTMENT REPORT
7
Bonds
The majority of the General Account investment portfolio is allocated to bonds, which provide current income to pay claims and benefits to policy owners.
31% Public Corporate Bonds
31% Private Corporate Bonds
10% Asset-Backed Securities
10% Commercial Mortgage-Backed Securities
7% Municipal Bonds
6% Residential Mortgage-Backed Securities
5% Government & Agency
**$230.4 BILLION*
Public Corporate Bonds, issued primarily by investment grade companies, form the core of our investment portfolio. We invest across a diverse group of industries. Public corporate bonds are liquid and provide stable current income.
Private Corporate Bonds are originated by our dedicated team of investment professionals. This expertise allows us to identify valuable investment opportunities unavailable in the public markets. In addition, these investments provide further diversification, better selectivity, and higher returns compared with those of public markets.
Commercial Mortgage-Backed Securities provide access to diversified pools of commercial mortgages that supplement our commercial mortgage loan portfolio.
Asset-Backed Securities are bonds backed by various types of financial receivables, such as equipment leases, collateralized bank loans, royalties, or consumer loans.
Residential Mortgage-Backed Securities are investments in the residential real estate mortgage market. These securities are typically pools of mortgages from a diverse group of borrowers and geographic regions. A large portion of our holdings are issued and guaranteed by U.S. government-sponsored enterprises.
Municipal Bonds provide opportunities to invest in states, counties, and local municipalities. Municipal investments include general obligation bonds supported by taxes, as well as revenue bonds that finance specific income-producing projects. These investments provide further diversification to our portfolio as well as exhibit longer duration, high credit quality, and a historically low default rate.
Government & Agency Bonds are highly liquid securities that help ensure we have ample funds available to pay large and unexpected obligations.
NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 125
Bond Portfolio Quality
The bond portfolio continues to be dominated by high-quality investments, with 95% rated as investment grade.
Investment grade securities provide safety and security while producing stable returns.
We maintain a relatively small allocation to high yield issuers. These investments typically offer higher yields but have greater risk of default. Our experienced investment team conducts thorough research to identify companies with good business fundamentals, making them less likely to default. We have historically achieved significant risk-adjusted returns from high yield investments, creating value for our customers.
$230.4 Billion*
NAIC 1: AAA to A-: 62%
NAIC 2: BBB+ to BBB-: 33%
NAIC 3–6: BB+ and below: 5%
Corporate Bond Industry Diversification
The public and private corporate bond portfolio, totaling $142.6 billion, or 62% of the bond portfolio, remains well diversified across the broad industry spectrum, providing protection throughout business cycles.
$142.6 Billion*
Utilities: 16%
Healthcare/Pharmaceuticals: 9%
Consumer Products: 7%
Energy: 5%
Technology: 5%
Conglomerates: 5%
Other: 4%
Transportation: 4%
REITs: 8%
Banking/Brokerage: 8%
Other Industrial: 4%
Cable & Media: 4%
Retail: 3%
Chemicals: 3%
Aerospace & Defense: 2%
Telecommunications: 2%
Insurance: 3%
Services: 2%
Automotive: 2%
Paper & Packaging: 2%
Finance: 2%
Notes appear on page 15
2022 INVESTMENT REPORT 9
Corporate Bond Issuer Diversification
The corporate bond portfolio is managed to limit exposure to individual issuers according to credit quality and other factors.
The largest single issuer represents 0.2% of cash and invested assets. Furthermore, the portfolio’s ten largest corporate bond holdings represent only 1.5% of cash and invested assets. The corporate bond portfolio is comprised of securities issued by over 3,300 individual issuers.
$317.1 BILLION⁶
Single Largest Issuer 0.2%
Top 10 Largest Issuers 1.5%
Cash and Invested Assets 100%
Mortgage Loans
The company’s mortgage loan investment style emphasizes conservative underwriting and a focus on high quality properties. The mortgage loan portfolio is broadly diversified by both property type and geographic location. We maintain regional underwriting offices to ensure we have deep knowledge of our target markets. The portfolio is high quality, with a loan-to-value ratio of 54%.
$38.7 BILLION¹⁰
24% (West)
7% (Northwest)
13% (Southwest)
4% (Midwest)
19% (Southeast)
9% (Northeast)
24% (South)
Multifamily 33%
Industrial 27%
Office 23%
Retail 15%
Other 2%
10 NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15
Equities
We maintain a 5% allocation to equities, which offer higher returns and inflation protection over the long term.
In particular, we utilize our extensive investment capabilities in private equity and real estate to add value to the General Account.
Private Equities consist primarily of investments in small- and middle-market companies through funds sponsored by top-tier partners and co-investments. We have extensive expertise and also long-standing relationships with high-performing private equity sponsors. In addition, our NYL Ventures team invests directly in innovative technology partnerships focused on impacting financial services, digital health, and enterprise software. We also make opportunistic investments in a select group of venture capital funds.
Real Estate Equities primarily consist of high-quality, institutional-grade properties diversified across property types and geographic regions. We strategically focus on multifamily, industrial, office, and retail properties in primary markets. These types of real estate investments generally provide stable and predictable income, with potential for value appreciation. We also invest in properties where opportunities exist to increase net operating income through capital investment and/or repositioning and thereby increase the property’s value.
Public Equities are invested in a broad spectrum of publicly listed companies. We utilize public equities to manage our overall allocation to equities. These holdings are typically highly liquid and offer higher return potential in the long term compared with that of fixed income investments.
$15.3 BILLION¹¹
Private Equities 53%
Real Estate Equities 36%
Public Equities 11%
Asset Class Returns and Diversification
We maintain diversification across asset classes in our portfolio in order to achieve favorable returns while reducing volatility.
As illustrated below, individual asset class benchmark returns vary from year to year. By maintaining a diversified asset allocation, we invest throughout market cycles and don’t simply chase returns.
Higher Returns
2018
2019
2020
2021
2022
Municipals
Equities
Equities
Equities
Municipals
Residential Mortgage-Backed
Investment Grade Corporate Bonds
Investment Grade Corporate Bonds
High Yield Corporate Bonds
Commercial Mortgage-Backed
Commercial Mortgage-Backed
High Yield Corporate Bonds
Government
Municipals
High Yield Corporate Bonds
Government
Commercial Mortgage-Backed
Commercial Mortgage-Backed
High Yield Corporate Bonds
Commercial Mortgage-Backed
High Yield Corporate Bonds
Municipals
Municipals
Commercial Mortgage-Backed
Residential Mortgage-Backed
Investment Grade Corporate Bonds
Government
Municipals
Investment Grade Corporate Bonds
Government
Equities
Residential Mortgage-Backed
Residential Mortgage-Backed
Residential Mortgage-Backed
Investment Grade Corporate Bonds
Government
Equities
Notes appear on page 15
2022 INVESTMENT REPORT 11
Investments
Pairing investment expertise with insurance insights.
The General Account investments of New York Life Insurance Company are managed primarily by our global asset management business, New York Life Investments. Collectively, New York Life Investments manages $661 billion in assets as of 12/31/22,¹² including New York Life’s General Account investments and third-party assets.
Our boutiques
Our multi-boutique business model is built on the foundation of a long and stable history, which gives our clients proven performance managing risk through multiple economic cycles. With capabilities across virtually all asset classes, market segments, and geographies, our family of specialized, independent boutiques and investment teams allows us to deliver customized strategies and integrated solutions for every client need.
Our people
Our investment managers offer profound domain expertise and diversity of thought, generating deeper insights alongside strong conviction to deliver better outcomes. Our global capabilities combined with local presence drive more nuanced perspective and a more personal experience for our clients.
Insurance insights
In addition to offering investment expertise to our clients, our investment managers partner and collaborate with our core insurance business to deliver deep insights on topics such as asset/liability management, liability-driven investing, and income-focused strategies, as well as regulatory, rating agency, and accounting regimes. This partnership allows New York Life Investments to help meet the unique investment needs of insurance companies as well as other institutional and retail clients.
Investment Capabilities
Our investment teams’ expertise spans the spectrum of asset classes and investment vehicles.
Fixed Income
U.S. Treasuries
Investment Grade
Municipal Bonds
Convertible Securities
Structured Products
High Yield
Bank Loans
Collateralized Loan Obligations (CLOs)
Emerging Market Debt
Equities
U.S. Equity
Emerging Markets
Socially Responsible Investing (SRI)
Global/International
Thematics
ETFs
Alternatives
Fixed Income
U.S. Equity
Global/International
Geographic
Real Assets
Thematics
Index Solutions
Equities
Fixed Income
Mixed Asset
Asset Allocation
Private Equity
Direct Equity
Co-Investment
Fund of Funds
Private Credit
Mezzanine
Opportunistic
Distressed
Direct Middle-Market Lending
Private Placement
Collateralized Loan Obligations (CLOs)
Infrastructure
Real Assets
Taxable Municipal Bonds
Real Estate
Equity
Debt
12 NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15.
NEW YORK LIFE INVESTMENTS
Overview of investment managers¹³
Apogem Capital
Newly unified alternatives investment firm with capabilities spanning private credit, private equity, GP stakes, private real assets, and long/short equity.
Ausbil
Boutique with expertise in active management. Capabilities across Australian equities and global small cap, natural resources, and listed infrastructure.
CANDRIAM
ESG-focused, active asset manager with expertise in fixed income, equity, thematic investing, absolute return, asset allocation, and liability-driven investing for pension funds and insurance companies.
IndexIQ
Pioneer and leading provider of exchange traded funds, granting investors access to innovative solutions designed to deliver a smarter approach to traditional investing.
Kartesia
European specialist provider of private capital solutions for small and mid-sized companies.
MacKay Shields
Boutique offering a range of fixed income strategies, including investment grade, high yield, bank loans, and municipals, as well as fundamental equities.
Multi-Asset Solutions
Specialists in cross-asset investing, leveraging the breadth and depth of the New York Life Investments’ multi-boutique platform.
NYL Investors
Provides investment management and financing solutions for New York Life and our valued strategic partners, focused on fixed income and real estate.
Tristan Capital Partners
Real estate investment management company specializing in a wide range of property types across the UK and continental Europe.
NEW YORK LIFE INSURANCE COMPANY: A HISTORY OF ACHIEVEMENT
#1
America’s largest¹⁴ mutual life insurer
169
Consecutive years of paying dividends¹
$2.0 BILLION
Dividend payout in 2023
$16.5 BILLION
Policy owner benefits and dividends paid in 2022¹, ⁴
#72
Fortune 500 list for 2022
178
Years in business
$30.1 BILLION
Statutory surplus and Asset Valuation Reserve⁵—most important measure of ability to meet obligations
$415 MILLION
Charitable contributions made since the New York Life Foundation’s founding in 1979
14 | NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15
Notes
Any discussion of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performance will fluctuate with market conditions. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com. The New York State Department of Financial Services recognizes only unadjusted statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its policy owners.
The annual dividend payout is the total amount of money the company pays to all of its eligible policy owners in a given year. Because characteristics, including policy type and the year a policy was purchased, differ from policy to policy, the performance of an individual policy’s dividend over a specific period may not mirror the performance of the company’s total dividend payout over that same period.
The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: A.M. Best A++ (as of 9/14/22), Fitch Ratings AAA (as of 10/18/22), Moody’s Aaa (as of 12/9/22), and Standard & Poor’s AA+ (as of 7/29/22). Source: third-party reports.
Assets under management consist of cash and invested assets and separate account assets of the company’s domestic and international insurance operations, and assets the company manages for third-party investors, including mutual funds, retirement plans, and other institutional clients. See Note 6 for information on the company’s general account investment portfolio.
Policy owner benefits primarily include death benefits paid to beneficiaries and annuity payments. Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available, following any other charges, for the distribution in the form of dividends. Dividends are not guaranteed. Each year the board of directors votes on the amount of the dividend to be distributed. Policy owner benefits and dividends reflect the consolidated results of NYLIC and its domestic insurance subsidiaries. Intercompany transactions have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were $8.70 billion and $8.80 billion for the years ended December 31, 2022 and 2021, respectively. NYLIAC’s policy owner benefits were $5.78 billion and $5.77 billion for the years ended December 31, 2022 and 2021, respectively. LINAS policy owner benefits were $1.81 billion and $1.79 billion for the years ended December 31, 2022 and 2021, respectively.
Total surplus, which includes the AVR, is one of the key financial strengths of the company’s long-term financial condition and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was $28.9 billion and $24.5 billion at December 31, 2022 and 2021, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.54 billion and $9.75 billion at December 31, 2022 and 2021, respectively, and LINAS statutory surplus of $1.65 billion and $1.67 billion at December 31, 2022 and 2021, respectively. AVR for NYLIC was $4.25 billion and $4.17 billion at December 31, 2022 and 2021, respectively. AVR for NYLIAC was $1.89 billion and $1.81 billion at December 31, 2022 and 2021, respectively. AVR for LINAS was $0.09 billion and $0.08 billion at December 31, 2022 and 2021, respectively. At the time of printing this book, surplus and AVR at December 31, 2022 is preliminary and subject to final audit. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com.
The company’s general account investment portfolio totaled $131.3 billion at December 31, 2022 (including $122.9 billion invested assets for NYLIC and $8.3 billion invested assets for LINAC). At December 31, 2021, total assets were $131.5 billion (including $122.9 billion invested assets for NYLIC and $8.3 billion invested assets for LINAC). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $122.5 billion (including $117.54 billion total liabilities for NYLIC and $3.70 billion total liabilities for LINAC). See Note 5 for total surplus.
The chart represents the composite yield on invested assets of the General Account of New York Life and its subsidiaries. Although yields differ for each product portfolio (10-year U.S. Treasury bond, New York Life’s net yield does not represent the yield for a retail product. The chart shows how New York Life’s aggregate net yield on invested assets has remained relatively stable during periods of both rising and falling interest rates. It is indicative of New York Life’s financial strength and does not reflect a rate of return on any particular investment or insurance product. The New York Life portfolios, whose net yields on investment assets are graphed, are not available for investment. Unlike life insurance policies, U.S. Treasuries are backed by the full faith and credit of the United States as to the timely payment of principal and interest. The New York Life yield is composed of the reserves of a composite yield of the invested assets of each of the following companies: NYLIC, NYLIAC, NYLAC, LINA, and NYLIAC, net of eliminations for their certain intra-company transactions. The curve shown represents only NYLIC in years 1972–1979, NYLIC and NYLIAC in years 1980–1986, NYLIC, NYLIAC, and NYLAC in years 1987–2022, and NYLIC, NYLIAC, NYLAC, LINA, and NYGLICNY in 2022. Net yields in 2022 for each company were as follows: NYLIC 4.20%, NYLIAC 3.73%, NYLAC 2.76%, LINA 3.39%, and NYGLICNY 3.53%. The yields shown for Treasury in the average yield for that year. Source: Bloomberg (Treasury yields) and New York Life Corporate Finance (New York Life net yield).
Includes $3.9 billion and $3.6 billion of assets related to NYLIAC and LINAS, respectively.
Includes $7.5 billion and $5.6 billion of assets related to NYLIAC and LINAS, respectively.
Includes $5.5 billion and $1.1 billion of assets related to NYLIAC and LINA, respectively.
Includes $1.9 billion of assets related to NYLIAC.
Assets under management (AUM) includes assets of the investment advisers affiliated with New York Life Insurance Company, other than Karta Legal Masters and Tristan Capital Partners, as of 12/31/2022. As of 12/31/2022 (and 12/31/2021), New York Life Investments had $371 billion ($378 billion) in AUM. AUM is comprised of assets for which New York Life Investments provides investment management services and includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling investment management services, and model portfolio delivery services; that do not qualify as Regulatory Assets Under Management, as defined in the SEC’s Form ADV, Part 1A, as reported to the SEC. AUM not denominated in USD is converted at spot rates as of 12/31/2022. This total AUM figure is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser.
The products and services of New York Life Investments Boutiques are not available to all clients in all jurisdictions or regions where such provisions would be contrary to local laws or regulations. On April 1, 2022, the three alternative boutiques affiliated with New York Life: Madison Capital Funding, Goldpoint Partners, and PA Capital combined to become Pogeon Capital.
Based on revenue as reported by “Fortune 500 ranked within industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/22. For methodology, please see http://fortune. com/fortune500/.
Our mission is to provide financial security and peace of mind through our insurance, annuity, and investment solutions.
We act with integrity and humanity in all our interactions with our policy owners, business partners, and one another.
Grounded in both confidence and humility, we serve as stewards for the long term.
We are here for good, reflecting both the perpetuity of New York Life and our commitment to do the right thing in business and society.
Everything we do has one overriding purpose: to be there when our policy owners need us.
Note: "New York Life" or "the company" as used throughout the Report, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life Companies, which include NYLIC and its subsidiaries and affiliates, including (LINA) New York Life Insurance and Annuity Corporation (NYLIAC), and New York Life Group Insurance Company of NY (NYLGLIC). NYLGLIC is not authorized in New York or Maine, and does not conduct insurance business in New York, LINA only to the financial strength of New York Life, and not Group Benefit Solutions business. Any discussion or mention of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products' performances will fluctuate with market conditions.
Page 3:
New York Life's all-weather investment portfolio, robust balance sheet, and superior financial strength back our long-term promises and guarantees.
2022 saw a paradigm shift for the macro environment, global financial markets, and geopolitics.
Most market participants came into last year with a positive view that the environment was normalizing. However, record fiscal and monetary stimulus coupled with factors such as supply chain constraints, labor shortages, and geopolitical tensions, contributed to the highest inflation in more than 40 years. To tame inflation, the Federal Reserve interest rates at the fastest and steepest pace since the early 1980s. This sudden shift in monetary policy and the macro environment led to significant volatility and sharp market movements with equity and fixed income markets experiencing their worst annual declines since 2008 and 1980, respectively, a sharp contrast from the outperformance seen in 2021.
We entered 2023 with resilience of the U.S. economy. Unemployment has declined to the lowest level since 1969, consumer spending remains robust, supply chains have normalized, and inflation, above the Fed's target rate, has steadily declined since peaking in October of last year. However, March of 2023 has brought a new wave of volatility. The collapse of Silicon Valley Bank and three other banks triggered fears of a global financial crisis. These recent bank failures may cause credit conditions to tighten, increasing the risk of recession later this year.
New York Life is well-positioned to manage through a wide range of economic scenarios. We maintain ample liquidity to meet all our obligations in full and on time. We remain
disciplined in managing our exposure to interest rate risk and closely match cash flows and the duration of our assets and liabilities.
We maintain a high quality, well-diversified investment portfolio that supports the long-term promises and guarantees we make to our policy owners and clients. We continue to have a strong balance sheet, with our surplus as reserves already set aside to pay benefits - near an all-time high.
In 2021, we launched an impact investment initiative focused on reducing the racial wealth gap by supporting small businesses, affordable housing, and other development projects in undercapitalized communities. We are pleased to report we reached our $1 billion initial target 18 months ahead of schedule and undertook our commitment to "profits with a purpose" that align with our core values as a Company. In addition, as part of our commitment to responsible investing, we have also deepened our focus on investing in environmental, social, and governance factors into our investment strategy and process.
For more than 175 years, New York Life has consistently delivered financial security and peace of mind to our clients. Thank you for the trust you have placed in New York Life. We remain committed to being there for you and your families when you need us most.
ANTHONY R. MALLOY
Executive Vice President and
Chief Investment Officer
2022 INVESTMENT REPORT 3
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At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
At the heart of New York Life is a commitment to be there for our customers when they need us—whether today or decades into the future. We have delivered on that promise for over 175 years by investing wisely, growing a portfolio of strategic businesses, and remaining true to our mission as an accountable company, accountable to our customers, not to outside investors. For our customers, that means having the confidence company, that means having the confidence that with no shareholders to distract us, we can continue to place our highest priority on their and their family’s well-being.
Our Strength
We built our business to endure. Since 1845, we’ve kept the promises we made to protect our policy owners and their beneficiaries. We’ve been able to stand by them because each and every promise is backed by stability and proven financial strength.
Our stability is proven.
Our surplus is one of the largest in the industry, so we’re prepared to meet all of our commitments.
Strong then, strong now.
We’ve paid dividends during the Great Depression, the Great Recession, and every year since 1854.1
Here when you need us.
Our financial strength helps ensure we’ll be here to meet our obligations to our policy owners.
Highest Financial Strength Ratings Currently Awarded to Any Life Insurer2
A++ A.M. Best
AAA Fitch
Aaa Moody’s
AA+ Standard & Poor’s
Notes appear on page 15
Page 5:
Mutuality
Stronger, together... as a mutual company.
If there is one factor that explains New York Life's longevity and our ability to not only weather times of crisis but emerge from them stronger, it is that we have remained a mutual life insurer since we opened for business in 1845. Mutuality is about being in it together with you. It is the strategy, structure, and philosophy that guide our decisions and actions on your behalf and keep our true bottom line about purpose, service, and financial security for you and your family.
Investment Capabilities
Our deep investment experience and investment capabilities are put to work for our clients.
$710 billion in assets under management.3
New York Life had $710 billion of assets under management as of December 31, 2022. This includes the $317 billion General Account—an investment portfolio used to support claim and benefit payments made to clients. New York Life’s investment boutiques manage a broad array of fixed income, equity, asset allocation, and alternative investment strategies.
Expertise that creates value.
New York Life is able to access virtually all asset classes, providing a broad universe of investment opportunities to deliver long-term, relatively stable returns. In particular, we have the ability to originate private debt and equity investments. This expertise allows us to identify valuable investment opportunities unavailable in the public markets.
General Account Investment Philosophy
At New York Life, our General Account investment philosophy is aligned with the best interests of our customers.
We take a long-term view.
We invest for the long term because we make long-term commitments to our policy owners and are not distracted by short-term results at the expense of long-term success.
We maintain safety.
We focus on maintaining safety and security while pursuing superior investment results. We focus keenly on capital preservation and predictably high investment results while seeking above-market returns.
General Account Value Proposition
The General Account investment portfolio plays a dual role:
Driving benefits.4
Investment return is a primary driver of benefits paid to our clients. By staying true to our investment philosophy and principles, we create value, paying dividends to our participating policy owners and growing our already strong surplus.
Driving the economy.
Our investments positively impact the economy—creating jobs, benefiting communities, supporting innovation, and funding sustainable energy projects.
Notes appear on page 15
2022 INVESTMENT REPORT
5
Page 6:
Reflecting our investment philosophy, we take a highly disciplined approach when investing the General Account investment portfolio.
Asset/liability management focus
Our primary focuses are asset/liability management and maintaining ample liquidity. We invest in assets with similar interest rate sensitivities and cash flow characteristics as our liabilities. This is done with the goal of having funds available when we need to pay benefits to clients and to protect the surplus of the company from adverse changes in interest rates. In addition, we maintain ample liquidity in the event we need to meet large and unexpected cash outflows such as claims.
Well-balanced and diversified investments
Portfolios with diversified asset allocations generally achieve favorable investment returns while reducing volatility, as asset classes tend to move independently from one another. No matter how attractive an investment opportunity is, we avoid overexposure in any one investment.
Independent, bottom-up research
We make investment decisions based on our own independent research, rather than relying on third-party ratings agencies or Wall Street recommendations. Our research entails rigorous fundamental analysis of specific companies and macroeconomic factors, and considers broad economic movements as well as GDP growth and interest rate movements.
Delivering for clients and society through responsible investing
We believe being a responsible investor is consistent with our goal to create long-term financial security for our clients and aligns our investment activity with the broader objectives of society. Our holistic approach to investment analysis incorporates a financial assessment as well as considering environmental, social, and governance (ESG) factors that are deemed material to a company’s performance. We believe responsible investing is a journey that needs to be thoughtfully implemented to be effective in its outcomes, and we remain committed to sharing our progress as we evolve.
One example of New York Life’s commitment to responsible investing is evidenced by our $1 billion impact investment initiative launched in 2021. The program aims to address the racial wealth gap by investing in underserved and undercapitalized communities with a focus on supporting small businesses, affordable housing, and community development. We are focused on investments that seek to not only deliver meaningful societal impacts but also provide the potential to generate market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. In the first eighteen months of the program, New York Life fully committed the $1 billion across our various impact thesis, and we continue to seek additional investment opportunities to expand the program beyond our initial target.
SURPLUS AND ASSET VALUATION RESERVE
In $ Billions
2022 | 30.1
2021 | 30.7
2020 | 27.0
2019 | 27.0
2018 | 24.8
CASH AND INVESTED ASSETS
In $ Billions
2022 | 317.1
2021 | 297.0
2020 | 284.2
2019 | 268.0
2018 | 256.1
Notes appear on page 15
NEW YORK LIFE INSURANCE COMPANY
Page 7:
New York Life had cash and invested assets of $317.1 billion as of December 31, 2022.6
Cash and Invested Assets (In $ Billions)
Dec. 31, 2022
Dec. 31, 2021
Bonds
$230.4
$221.4
Mortgage Loans
38.7
35.2
Equities
15.3
14.9
Policy Loans
12.6
12.2
Cash and Short-Term Investments
9.9
4.7
Other Investments
4.4
4.1
Derivatives
3.0
1.6
Investments in Subsidiaries
2.8
2.9
Total Cash and Invested Assets
Dec. 31, 2022
Dec. 31, 2021
$317.1
$297.0
Net Yield on Investment*
Net yield on investment (net investment income divided by the average of the current and prior years' invested assets) has declined slowly since reaching a peak in the mid-1980s. This is attributable to the combined effect of higher-yielding assets maturing and new cash flow being invested at market yields. However, having the capability to originate private placement debt and mortgage loans helps mitigate the effect of a lower interest rate environment.
New York Life Average Net Investment Yield
Average 10-Year U.S. Treasury Bond Yield
Net Investment Yield
New York Life Average: 4.04%
Average 10-Year U.S. Treasury Bond Yield: 2.95%
Notes appear on page 15
2022 Investment Report 7
Page 8:
Bonds
The majority of the General Account investment portfolio is allocated to bonds, which provide current income to pay claims and benefits to policy owners.
Category
Percentage
Public Corporate Bonds
31%
Private Corporate Bonds
31%
Asset-Backed Securities
10%
Commercial Mortgage-Backed Securities
10%
Municipal Bonds
7%
Residential Mortgage-Backed Securities
6%
Government & Agency
5%
$230.4 Billion8
Public Corporate Bonds, issued primarily by investment grade companies, form the core of our investment portfolio. We invest across a diverse group of industries. Public corporate bonds are liquid and provide stable current income.
Private Corporate Bonds are originated by our dedicated team of investment professionals. This expertise allows us to identify valuable investment opportunities unavailable in the public markets. In addition, these investments provide further diversification, better selectivity, and higher returns compared with those of public markets.
Commercial Mortgage-Backed Securities provide access to diversified pools of commercial mortgages that supplement our commercial mortgage loan portfolio.
Asset-Backed Securities are bonds backed by various types of financial receivables, such as equipment leases, collateralized bank loans, royalties, or consumer loans.
Residential Mortgage-Backed Securities are investments in the residential real estate mortgage market. These securities are typically pools of mortgages from a diverse group of borrowers and geographic regions. A large portion of our holdings are issued and guaranteed by U.S. government-sponsored enterprises.
Municipal Bonds provide opportunities to invest in states, counties, and local municipalities. Municipal investments include general obligation bonds supported by taxes, as well as revenue bonds that finance specific income-producing projects. These investments provide further diversification to our portfolio as well as exhibit longer duration, high credit quality, and a historically low default rate.
Government & Agency Bonds are highly liquid securities that help ensure we have ample funds available to pay large and unexpected obligations.
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The bond portfolio continues to be dominated by high-quality investments, with 95% rated as investment grade.
Investment grade securities provide safety and security while producing stable returns.
We maintain a relatively small allocation to high yield issuers. These investments typically offer higher yields but have greater risk of default. Our experienced investment team conducts thorough research to identify companies with good business fundamentals, making them less likely to default. We have historically achieved significant risk-adjusted returns from high yield investments, creating value for our customers.
NAIC 1: AAA to A- 62%
NAIC 2: BBB+ to BBB- 33%
NAIC 3–6: BB+ and below 5%
$230.4 BILLION*
Corporate Bond Industry Diversification
The public and private corporate bond portfolio, totaling $142.6 billion, or 62% of the bond portfolio, remains well diversified across the broad industry spectrum, providing protection throughout business cycles.
16% Utilities
9% Healthcare/Pharmaceuticals
8% REITs
7% Consumer Products
8% Banking/Brokerage
5% Energy
4% Other
4% Conglomerates
5% Transportation
3% Retail
3% Cable & Media
4% Other Industrial
2% Finance
2% Paper & Packaging
2% Automotive
2% Services
3% Insurance
2% Telecommunications
2% Aerospace & Defense
3% Chemicals
$142.6 BILLION**
Notes appear on page 15
2022 INVESTMENT REPORT
9
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Corporate Bond Issuer Diversification
The corporate bond portfolio is managed to limit exposure to individual issuers according to credit quality and other factors.
The largest single issuer represents 0.2% of cash and invested assets. Furthermore, the portfolio's ten largest corporate bond holdings represent only 1.5% of cash and invested assets. The corporate bond portfolio is comprised of securities issued by over 3,300 individual issuers.
Single Largest Issuer: 0.2%
Cash and Invested Assets: 100%
Top 10 Largest Issuers: 1.5%
$317.1 BILLION6
Mortgage Loans
The company's mortgage loan investment style emphasizes conservative underwriting and a focus on high quality properties. The mortgage loan portfolio is broadly diversified by both property type and geographic location. We maintain regional underwriting offices to ensure we have deep knowledge of our target markets. The portfolio is high quality, with a loan-to-value ratio of 54%.
$38.7 BILLION10
Multifamily: 33%
Industrial: 27%
Office: 23%
Retail: 15%
Other: 2%
10 NEW YORK LIFE INSURANCE COMPANY
Notes appear on page 15
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Equities
We maintain a 5% allocation to equities, which offer higher returns and inflation protection over the long term.
In particular, we utilize our extensive investment capabilities in private equity and real estate to add value to the General Account.
Private Equities consist primarily of investments in small- and middle-market companies through funds sponsored by top-tier partners and co-investments. We have extensive expertise and also long-standing relationships with high-performing private equity sponsors. In addition, our NYL Ventures team invests directly in innovative technology partnerships, typically focused on impacting financial services, digital health, and enterprise software. We also make opportunistic investments in a select group of venture capital funds.
Real Estate Equities primarily consist of high-quality, institutional-grade properties diversified across property types and geographic regions. We strategically focus on multifamily, industrial, office, and retail properties in primary markets. These types of real estate investments generally provide stable and predictable income, with
$15.3
BILLION
Private Equities 53%
Real Estate 36%
Public Equities 11%
Asset Class Returns and Diversification
We maintain diversification across asset classes in our portfolio in order to achieve favorable returns while reducing volatility.
As illustrated below, individual asset class benchmark returns vary from year to year. By maintaining a diversified asset allocation, we invest throughout market cycles and don't simply chase returns.
Higher Returns
2018
2019
2020
2021
2022
Municipals
Residential Mortgage-Backed
Commercial Mortgage-Backed
Government
High Yield Corporate Bonds
Investment Grade Corporate Bonds
Equities
High Yield Corporate Bonds
Investment Grade Corporate Bonds
Equities
Notes appear on page 15
2022 Investment Report 11
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Pairing investment expertise with insurance insights.
The General Account investments of New York Life Insurance Company are managed primarily by our global asset management business, New York Life Investments. Collectively, New York Life Investments manages $661 billion in assets as of 12/31,[12] including New York Life's General Account investments and third-party assets.
Our boutiques
Our multi-boutique business model is built on the foundation of a long and stable history, which gives our clients proven performance managing risk through multiple economic cycles. With capabilities across virtually all asset classes, market segments, and geographies, our family of specialized, independent boutiques and investment teams allows us to deliver customized, independent boutiques and integrated solutions for every client need.
Our people
Our investment managers offer profound domain expertise and diversity of thought, generating deeper insights alongside strong conviction to deliver better outcomes. Our global capabilities combined with local presence drive more nuanced perspective and a more personalized experience for our clients.
Insurance insights
In addition to offering investment expertise to our clients, our investment managers partner and collaborate with our core insurance business to deliver deep insights on topics such as asset/liability management, liability-driven investing, and income-focused strategies, as well as regulatory, rating agency, and accounting regimes. This partnership allows New York Life Investments to help meet the unique investment needs of insurance companies as well as other institutional and retail clients.
Investment Capabilities
Our investment teams' expertise spans the spectrum of asset classes and investment vehicles.
Fixed Income
Equities
ETFs
Index Solutions
U.S. Treasuries
U.S. Equity
Alternatives
Equities
Investment Grade
Emerging Markets
Fixed Income
Fixed Income
Municipal Bonds
Socially Responsible Investing (SRI)
U.S. Equity
Mixed Asset
Structured Products
Global/International
Geography
Asset Allocation
High Yield
Thematics
Real Assets
Bank Loans
Collateralized Loan Obligations (CLOs)
Emerging Market Debt
Private Equity
Private Credit
Infrastructure
Real Estate
Direct Equity Co-Investment
Mezzanine
Real Assets
Equity
Fund of Funds
Opportunistic
Taxable Municipal Bonds
Debt
Distressed
Direct Middle-Market Lending
Private Placement
Collateralized Loan Obligations (CLOs)
12
NEW YORK LIFE INSURANCE COMPANY
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Overview of investment managers^3
Apogam Capital
Newly unified alternatives investment firm with capabilities spanning private credit, private equity, GP stakes, private real assets, and long/short equity.
ausbil
Boutique with expertise in active management. Capabilities across Australian equities and global small cap, natural resources, and listed infrastructure.
CANDRIAM
ESG-focused, active asset manager with expertise in fixed income, equity, thematic investing, absolute return, asset allocation, and liability-driven investing for pension funds and insurance companies.
indexIQ
Pioneer and leading provider of exchange traded funds, granting investors access to innovative solutions designed to deliver a smarter approach to traditional investing.
KARTESIA
European specialist provider of private capital solutions for small and mid-sized companies.
MACKAY SHIELDS
Boutique offering a range of fixed income strategies, including investment grade, high yield, bank loans, and municipals, as well as fundamental equities.
Multi-Asset Solutions
Specialists in cross-asset investing, leveraging the breadth and depth of the New York Life Investments' multi-boutique platform.
NYL Investors
Providing investment management and valued strategic partners, focused on fixed income and real estate.
TRISTAN
Real estate investment management company specializing in a wide range of property types across the UK and continental Europe.
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NEW YORK LIFE INSURANCE COMPANY:
A HISTORY OF ACHIEVEMENT
#1
America’s largest14 mutual life insurer
169
Consecutive years of paying dividends1
$2.0 BILLION
Dividend payout in 2023
$16.5 BILLION
Policy owner benefits and dividends paid in 20221.4
#72
Fortune 500 list for 2022
178
Years in business
$30.1 BILLION
Statutory surplus and Asset Valuation Reserve2—most important measure of ability to meet obligations
$415 MILLION
Charitable contributions made since the New York Life Foundation’s founding in 1979
Notes appear on page 15
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Notes
Any discussion of ratings and safety throughout the Report applies to the financial strength of New York Life, and not to the financial performance of New York Life, only to the financial strength of New York Life, and not to the financial performance of any investment products issued by the company. Such products' performances will fluctuate with market conditions. Policy owners
1 The annual dividend payout is the total amount of money the company pays to all of its eligible policy owners in a given year. Because characteristics, including policy type and the year a policy was purchased, differ from policy to policy, the performance of an individual policy’s dividend over a specific period may not mirror the performance of the company’s total dividend payout over the same period.
2 The “highest ratings currently awarded” refers to the highest ratings currently awarded by any U.S. life insurer, specifically: A.M. Best (A++ as of 9/14/22), Fitch Ratings (AAA as of 10/18/22), Moody’s (AAA as of 12/9/22), and Standard & Poor’s (AA+ as of 7/21/22).
3 Assets under management consist of assets and separate account assets of the company’s domestic and international insurance operations, and assets in the company’s general account. Separate account assets include third-party assets, including institutional separate accounts, and separately managed accounts, including mutual funds and assets under administration. See Note 6 for information on the company’s general account investment portfolio.
4 Claims paid to beneficiaries primarily include death benefits and non-contributory annuities. Dividends are payments made to eligible policy owners from the company’s divisible surplus. Owners are not entitled to any portion of the company’s total surplus that is available for the following year’s operations. Dividends are not guaranteed. Each year and at the discretion of the board of directors, the amount and allocation of the divisible surplus reflect the company’s policy owner benefits and dividends. Consolidated benefits of NYLIC and its domestic insurance have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were $8.70 billion and $8.80 billion respectively. NYLIC’s policy owner benefits for the years ended December 31, 2022 and 2021 were $5.78 billion and $5.77 billion, respectively. LINA’s policy owner benefits for the years ended December 31, 2022 and 2021 were $1.87 billion and $1.79 billion, respectively.
5 Total surplus, which includes the AVR, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis. NYLIC’s statutory surplus was $23.89 billion and $24.57 billion at December 31, 2022 and 2021, respectively. Included in
6 The company’s general account investment portfolio totaled $131.9 billion at December 31, 2022 (including $3.7 billion invested for LINA) and $139.9 billion at December 31, 2021, respectively. The total for NYLIC and LINA, at December 31, 2022 and 2021, respectively, equaled $392.1 billion (including $21.4 billion of assets for NYLIC and $9.9 billion of assets for LINA), Total liabilities, excluding the asset valuation reserve (including $14.5 billion), totaled $362.02 billion for NYLIC and $7.5 trillion for LINA. See Note 5 for total liabilities for NYLIC.
7 The chart represents the composite yields on new investments made by the General Account of New York Life and its subsidiaries. Although yields shown are for the entire year (10-year Treasury bonds), New York Life’s net yield does not represent the yield of a life insurance product. The net yield is calculated by using a spot rate designated by the IRS on December 31, 2022. This total yield is less than the sum of the yield on invested assets because it does not count AUM where the group of affiliated invested assets can be counted by more than one affiliate.
8 NYLIC’s statutory surplus is NYLIC’s statutory surplus totaling $8.54 billion and $9.73 billion at December 31, 2022 and 2021, respectively, and LINA’s statutory surplus of $1.65 billion and $1.39 billion at December 31, 2022 and 2021, respectively. For NYLIC, the average yield that Treasury is 4.22% and $4.23 billion and $4.17 billion at December 31, 2022 and 2021, respectively. AVR for NYLIC was $1.89 billion and $1.87 billion at December 31, 2022 and 2021, respectively. AVR for LINA was $2.09 billion and $2.02 billion in 2022, respectively, and $5.08 billion at December 31, 2021.
9 Includes $93.8 billion and $6.8 billion of assets, respectively, related to NYLIC and LINA.
10 Includes $15.5 billion and $1.1 billion of assets related to NYLIC and LINA, respectively.
11 Includes $1.9 billion of assets related to NYLIC.
12 Assets under management affiliated with New York Life Investment Management, and third-party assets under management by Trident Partners, as of 12/31/2022. As of 12/31/2022, New York Life Investment Management is the investment advisor for the AUM affiliated with New York Life Investment Management.
13 The products and services of New York Life Investments are not available in all jurisdictions or regions where all clients in all jurisdictions or regions would be contrary to local laws or regulations. On April 1, 2022, the three alternatives boutiques affiliated with Goldpoint Partners, Madison Capital Funding, Goldpoint Partners, and PA Capital combined to become New York Life Investments.
14 Based on revenue as reported by “Fortune 500 ranked industries, insurance,” “Fortune” magazine, 5/23/22. For methodology, please see http://fortune.com/fortune500.
