A.M.Best has affirmed the financial strength rating of A++ (Superior) and theissuer credit ratings of "aaa" of New York Life Insurance Co. and its wholly ownedsubsidiary, New York LifeInsurance and Annuity Corp. (collectively referred to as New YorkLife). Additionally, A.M. Best has affirmed the issue ratings on the fundingagreement-backed securities (FABS) programs, the outstanding notes issuedthereunder and the issue ratings on the existing surplus notes of New York LifeInsurance Company. The outlook for each rating is stable. All companies areheadquartered in New York, NY.
New YorkLife's ratings reflect the strength of its career agency distribution force,its market position among the leaders in the U.S. life insurance industry, itsexcellent risk-adjusted capitalization and the consistent operating earningsgenerated from its ordinary life insurance business. The ratings also considerthe organization's favorable liability profile and commitment to mutuality. NewYork Life enjoys the competitive advantage of its core career agency force,which has led the industry in Million Dollar Round Table membership for 61consecutive years. The agency channel has contributed to the organization'sstrong persistency and prominent market position within the individual lifemarket.
NewYork Life's sizeable in-force block of traditional life insurance and stable,long-term cash flows are the foundation of its operating performance. Theconservative nature of the company's product portfolio, together with its largeblock of ordinary life business, translates into one of the more creditworthy liabilityprofiles in the industry. Additionally, A.M. Best notes that New York Life hasan added measure of financial flexibility in support of its strongrisk-adjusted capital position through the management of its policyholderdividend scale. A.M. Best also notes the diversification provided by New YorkLife's Investments Group, reflective of its strong spread revenue andasset-based fees that are generated from the $528 billion of assets undermanagement as of year-end 2015.