Printer Friendly

A.M. BEST REAFFIRMS NEW YORK LIFE'S 'A++' RATING

 NEW YORK, April 28 /PRNewswire/ -- Reaffirming New York Life Insurance Company's status as one of the nation's financially strongest life insurers, A.M. Best Company of Oldwick, N.J., has once again assigned New York Life its highest possible rating -- `A++' -- placing the insurer at the top half of the `Superior' category.
 A.M. Best added the `A++' rating to its categories of insurers' financial strength last year. The agency reported that, in reaffirming New York Life's rating, it is recognizing the company's "strong market position and favorable distribution capacity in its core life, annuity and pension lines of business, its superior operating fundamentals, strong capitalization, above-average profitability and excellent asset quality."
 A.M. Best also noted the consistent "above-average profitability" of New York Life's general and separate account group pension activity, mainly in the 401(K) market. In addition, the agency said New York Life's HMO and managed care subsidiary, Sanus, has "performed well," enabling New York Life "to maintain a viable market position in the health insurance segment despite the advent of community rating practices in New York State."
 A.M. Best's `A++' rating continues to place New York Life among only four life/health insurers -- another of which is New York Life's subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC) -- that hold the highest possible ratings by four major rating agencies. New York Life and NYLIAC also hold the top ratings available -- `Triple A' -- from Standard & Poor's, Moody's, and Duff & Phelps.
 "A.M. Best's rating of New York Life is an affirmation of the financial strength and superior quality in products and services the company has delivered for nearly 150 years," said Harry Hohn, chairman and chief executive officer. "Together, these characteristics add up to one thing -- excellence. The insurance companies that differentiate themselves in the 1990s will be those that are committed to excellence and meeting -- even exceeding -- policyholders' expectations."
 New York Life is one of the largest life insurance companies in the United States. On the insurance side, New York Life and its affiliates offer traditional life, group, annuity, and disability insurance products, as well as managed health care. On the investment side, New York Life and its affiliates provide institutional asset management and investment products for individuals, such as mutual funds and structured finance.
 -0- 4/28/93
 /CONTACT: David Pomerantz of New York Life Insurance Company, 212-576-6038; or Katalin Horvath of Ogilvy Adams & Rinehart, 212-880-5227, for New York Life/


CO: New York Life Insurance Company ST: New York IN: INS SU: RTG

WB-OS -- NY067 -- 2037 04/28/93 12:32 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:429
Previous Article:ZOOM TELEPHONICS ANNOUNCES RECORD SALES AND EARNINGS FOR FIRST QUARTER
Next Article:TRANSCO REPORTS IMPROVED OPERATING RESULTS AND HIGHER NET INCOME FOR FIRST QUARTER
Topics:


Related Articles
1992 BEST'S RATINGS ASSIGNED TO 223 COMPANIES INCLUDING 15 LARGE INSURERS
1992 BEST'S RATINGS ASSIGNED TO 156 COMPANIES INCLUDING SEVEN LARGE INSURERS
CHUBB, GEICO AND UNUM LIFE AFFIRMED BY A.M. BEST
FRANKLIN LIFE INSURANCE PLACED UNDER REVIEW BY A.M. BEST COMPANY
A.M. BEST COMPANY UPGRADES RATING OF NORTH AMERICAN SECURITY LIFE
Best's Rating Changes.
Best's rating changes. (Ratings).
Best's Rating Changes. (Ratings).
Best's Rating Changes. (Ratings).
Best's rating changes.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters