Strong earnings, surplus growth and the largest dividend in company history reflect successful execution of company’s long-term strategy
New York Life, America’s largest¹ mutual life insurer, today announced record financial results for 2025, reflecting the strength of its mutual structure, diversified business model, and disciplined capital management.
The company delivered $3.6 billion in earnings,2 a four percent increase over the prior year, and grew surplus to $34.7 billion,3 up from $33.3 billion in 2024. Supported by this strong performance, New York Life declared a $2.8 billion dividend4 to eligible participating policy owners, the largest in company history, continuing its 172-year track record of paying dividends.
“In 2025, we grew earnings, strengthened our capital position, and declared the largest dividend in our history,” said Craig DeSanto, Chair, President & CEO of New York Life. “As a mutual company, we operate for our policy owners — not shareholders — which allows us to take a long-term view, share our success with those who rely on us, and focus on what matters most: helping our clients build financial security and peace of mind.”
Sustained Financial Strength
New York Life’s surplus growth continues to underpin its superior financial strength. In 2025, the company again earned the highest possible financial strength ratings currently awarded to U.S. life insurers from all four major rating agencies.5
The company’s consistent capital growth, diversified earnings, and prudent risk management are designed to ensure it can meet its obligations across economic cycles.
Diversified Business Model
New York Life’s performance was supported by its broad-based growth across its diversified businesses.
In 2025:
- Insurance sales increased 14 percent6
- Annuity sales increased 40 percent7
- Mutual fund sales increased 7 percent8
Collectively, New York Life policy owners now hold nearly $1.3 trillion in individual life insurance,9 reflecting the company’s long-standing focus on delivering protection-first financial security.
This diversified growth strengthens New York Life’s capital position and supports its ability to deliver long-term value to participating policy owners.
Investing to Deliver Enhanced Client and Advisor Experiences
“We continue to invest to make it easier to do business with New York Life,” said DeSanto. “That includes expanding digital capabilities, leveraging artificial intelligence, and strengthening the technology that supports our operations — all with a focus on enhancing service, security, and long-term value.”
Financial Performance Highlights for the Year Ended Dec. 31, 2025
- $3.6 billion in operating earnings2
- $34.7 billion in surplus (including the asset valuation reserve)3
- $2.8 billion dividend declared for payment in 20264
- $18.1 billion in policy owner benefits and dividends10
- $892 billion in assets under management11
- Nearly $1.3 trillion in individual life insurance protection in force9
