DUFF & PHELPS: NEW YORK LIFE INSURANCE CO. AND NEW YORK LIFE INSURANCE AND ANNUITY CORP. CLAIMS PAYING ABILITY RATING REAFFIRMED AT 'AAA'
CHICAGO, July 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed the claims paying ability rating of New York Life Insurance Company (NYLIC) at `AAA' (Triple-A). The rating reflects the company's excellent asset quality, stable and profitable business mix, conservative operating leverage, and large size. Duff & Phelps has also reaffirmed the rating of New York Life's wholly-owned subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC), `AAA'. The rating is based on NYLIAC's excellent asset quality, high profitability, and the strength and support of its parent. New York Life Insurance Company is one of the nation's largest mutual life insurance companies with total admitted assets of $48.4 billion and adjusted surplus of $3.7 billion at March 31, 1993. The company's core businesses include individual life insurance and annuity products, pension products and services, and group life and health insurance. NYLIAC is a wholly-owned subsidiary of New York Life with total admitted assets of $12.9 billion and adjusted surplus of $858 million at March 31, 1993. This subsidiary sells single premium fixed and variable deferred annuities, universal life insurance, and single premium whole life insurance. NYLIAC is managed as part of New York Life's individual life insurance and annuity operation. -0- 7/19/93 /CONTACT: Julie A. Burke, CPA, of Duff & Phelps Credit Rating Company, 312-368-3158/
CO: New York Insurance Company ST: New York IN: INS SU: RTG
MP-MG -- NY057 -- 3073 07/19/93 12:55 EDT
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|Date:||Jul 19, 1993|
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