A.M. Best Assigns Rating to New York Life's $1 Billion Surplus Notes; Affirms Financial Strength Ratings.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 13, 2003 A.M. Best Co. has assigned a rating of "aa-" to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Insurance Company's (NYL NYL Nylon NYL New York Life NYL New York Liberty NYL New York Lottery NYL National Youth Leadership NYL MCAS Yuma (airport code) ) (New York) new $1 billion, 5.875% surplus note issue due in 2033. The proceeds from the surplus notes will be used for general corporate purposes. Concurrently, A.M. Best has affirmed the financial strength ratings of A++ (Superior) of NYL and its insurance subsidiaries with a stable outlook. The ratings reflect NYL's prominent market position in the U.S. life insurance industry, its strengthened position in the broader U.S. financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market and the increasing diversification and continued development of its international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . The ratings also recognize its highly productive career agency force with an industry leading level of new sales, profitability generated by its sizable block of traditional life insurance in-force and conservative investment policy, which has resulted in favorable asset quality and liquidity, while producing a high level of investment income. Offsetting these factors are substantial capital losses in recent years reflecting weakened equity and credit markets, which impact NYL's large investment portfolio, and increasing competitive factors in the domestic life and annuity markets. The new influx of capital solidifies NYL's favorable risk-adjusted capitalization and liquidity. Coverage ratios remain strong, and leverage is acceptable for the current rating despite the increase in debt. As of December 31, 2002, NYL reported GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). consolidated assets of $129 billion and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $14.6 billion. The financial strength rating of A++ (Superior) has been affirmed for New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] and the following subsidiaries: -- New York Life Insurance and Annuity Corp. -- NYLIFE Insurance Company of Arizona A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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