History of New York Life Insurance Company in Timeline

New York Life Insurance Company (NYLIC) is the second-largest life insurance company and the largest mutual life insurance company in the U.S. Ranked #69 on the 2025 Fortune 500, NYLIC holds top ratings from four independent rating agencies (2023). It offers a range of securities products, institutional and retail mutual funds through its affiliates.

December 1928: New York Life Building Opened

In December 1928, the New York Life Building at 51 Madison Avenue in Manhattan, designed by Cass Gilbert, officially opened.

1929: Moved into skyscraper

In 1929, New York Life moved into the 34-story skyscraper. Also in 1929, New York Life's assets survived the stock market crash due to investments in government bonds and real estate.

1946: Launched mortgage-loan program for veterans

In 1946, following World War II, New York Life launched a mortgage-loan program for veterans.

1957: Hired first black agent

In 1957, New York Life hired Cirilo McSween, one of the industry's first black agents.

1979: Foundation established

The New York Life Foundation, the insurance company's philanthropic arm, was established in 1979.

1999: Entered the Mexican market

In 1999, New York Life entered the Mexican market by acquiring Seguros Monterrey from Aetna.

2006: Funded endowment to the Colin Powell Center

In 2006, New York Life funded a $10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York called the New York Life Endowment for Emerging African-American Issues.

2007: Involved in childhood bereavement programs

In 2007, New York Life Foundation first became involved in childhood bereavement programs when it supported the Comfort Zone Camp.

2008: Rejected U.S. Treasury assistance

During the 2008 financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department.

2012: New York Life Ventures launched

New York Life Ventures, the corporate venture capital business of New York Life, launched in 2012. Investments have included startup technology companies.

2013: Acquisition of Dexia Asset Management

Following the 2013 acquisition of Dexia Asset Management, which was later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide.

2017: Ranked #364 among America's Best Employers

In 2017, Forbes ranked New York Life #364 among America's Best Employers.

2020: Acquired unit of The Cigna Group's business

In 2020, NYLIC acquired a unit of The Cigna Group's business that sold non-health insurance products for US$6.3 billion. This unit became New York Life Group Benefit Solutions.

November 2021: Craig DeSanto Replacing CEO Ted Mathas

In November 2021, the company announced that company president Craig DeSanto was replacing CEO Ted Mathas.

April 2022: Transition finalized

In April 2022, the transition of Craig Desanto as CEO was finalized, and Ted Mathas stayed with the company as a non-executive chairman.

April 2023: DeSanto assumed role of chairman

In April 2023, Craig DeSanto assumed the role of chairman.

2023: Achieved best possible ratings

In 2023, New York Life achieved the best possible ratings by the four independent rating companies: Standard & Poor's, AM Best, Moody's, and Fitch Ratings.

2024: Second-largest life insurance company

As of 2024, New York Life Insurance Company was the country's second-largest life insurance company. New York Life reported approximately $27 billion in revenue and $470 million in net income. The company had approximately $245 billion in total assets and $26 billion in total equity in 2024.

2024: Earned highest financial strength ratings

By the end of 2024, New York Life had earned the highest financial strength ratings from major four rating agencies: A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody and AA+ from Standard & Poor's.