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New York Life Insurance SWOT & PESTLE Analysis

ID : 52527253| Mar 2019| 15 pages

COMPANY PROFILE -New York Life Insurance

Business Sector :Banking and Financial Services

Operating Geography :USA, Mexico, Europe, Canada, Asia and Australia

About New York Life Insurance :

New York Life Insurance Company (NYLIC) is a Fortune 100 (#69 in 2018) life insurance company headquartered in New York, United States. Founded in 1845 its offerings include a myriad of insurance based products and services like term insurance, whole life insurance, pension products, mutual funds, guaranteed income annuities, services including finance and accounting, marketing and sales etc. It had investments in sectors derivatives, short-term investments, securities purchased under agreement to resell, real estate, loan and brokerage. The company has witnessed huge growths in the last 100 years due to the growing economy and population, creating an ever increasing demand for life insurance. By diversifying its businesses it has been able to maintain its competitive edge for so many decades. Since it is a mutual company its sole owners are policy holders who are paid annual dividends and long-term policy coverage.
New York Life' s mission statement reads “to provide financial security and peace of mind through our products and services. The long-term view and core values of humanity, integrity and financial strength associated with that mission underscore our Company's genuine concern for the markets and environments in which we do business.” New York Life Insurance Company’s USP or unique selling proposition lies in being the largest mutual life insurance company and the third-largest life insurance company in the United States.

New York Life Insurance Revenue :


Net Income
$ 2760 million – FY ending 31st Dec 2017
$1368 Million – FY ending 31st Dec 2016

Competitive Analysis of New York Life Insurance

SWOT
PESTLE
The SWOT analysis of New York Life Insurance is presented below:
Strengths
Weaknesses
1. Pioneering mutual life insurance company
2. Enjoys Leading positions in major markets
3. Strong financials with consistent dividend payout since 1854
4. Workforce diversity and philanthropy
5. Broad Investment Portfolio
6. Wide Distribution Channel
1. Limited geographical presence and narrow scope for expansion
Opportunities
Threats
1. Digitization and Disruptive Technologies
2. Big Data and predictive analytics
3. Go Online and harness the power of Social Media
4. Aging Population of US and Europe
1. Financial crisis and economic doldrums
2. Climatic catastrophes
3. Business Risk and investment market risk
4. Participating whole life will see lower sales and potentially higher lapses
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Detailed SWOT Analysis of New York Life Insurance

 

Strength

1. Pioneering mutual life insurance company: New York Life started in 1845 as Nautilus Insurance Company. Headquartered in New York City, it provides affordable premiums and a wide range of policies of Term Life, Whole life and Universal Life. Be it short-term insurance of a policy that builds cash value, the company has a product to match your needs. It is a trusted name in the insurance sector on which people can rely in times of tragedy, ensuring protection to their families. With over 175 years of wise investments, customers can seek the help of the agents who advise them regarding the policies.. New York Life is an innovator and the first company to issue life insurance policies for women. It was also one of the flagship companies to introduce non-forfeiture options i.e. the policy remains in force despite of a payment being missed. Customers can also secure their assets through group insurance and small business plans. New York Life was also the pioneering insurer to pay out cash dividends to the policy holders. The American insurer has built strong values of trust and integrity and constantly seeks the benefit of the policyholders.

2. Enjoys Leading positions in major markets: New york life is one of the most respected and well-recognized brands in the US. As per research by Life Insurance Marketing and Research Association (LIMRA), New York Life featured amongst the largest sellers of life insurance products and fixed annuities in the US, as of March 31, 2018. As reported by LIMRA ,as of 1Q 2018, New York Life is the #1 provider of fixed annuities (which included lifetime income annuities) and was the #2 seller of life insurance in the US market. It is also the largest underwriter of professional association insurance programs, a top long-term care insurance provider and the leading direct marketer of life insurance. The brand and the market position of the company meets the expectations of the Aaa insurers, this factor has moved up from the Aa which is indicated by the scorecard metric. New York Life holds a strong position in the insurance industry with consistent growth

3. Strong financials with consistent dividend payout since 1854: New York Life insurance is a Mutual company without any shareholders or outside owners. Their interests are aligned not with Wall Street or the shareholders but to the policy owners. Keeping the long term interests of the policy owners as number one priority, the company has been paying annual dividends continuously since 1854. There was a 36% jump in dividend payouts in 2017 from 2012 and in 2018 the company announced to pay the largest dividend amount of $1.8 billion to the eligible policy holders. This was also NYLI’s 164th consecutive year of paying a dividend. The benefit from the company’s diverse business portfolio generates additional earnings which are shared with the policy owners.
Their superior financial strength is reflected in the ratings awarded by the four major rating agencies. The Company proudly proclaims “Today, no U.S. life insurer has a higher financial strength rating than New York Life.” This ensures the security to the policy owners in times of crisis. The Company has stayed rooted to their mission as a mutual company, accountable only to our customers, not to outside investors. The earnings of the company are used for dividend payouts or to increase their financial strength by growing surplus, since it does not have to meet the quarterly demands of Wall Street. The asset valuation reserve stands at $25.1 billion in 2018 and has seen an upward shoot since 2013. Thus this policy gives a competitive advantage to New York Life Insurance.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in New York Life Insurance Analysis Report

1. U.S. Insurers Not Doing Enough on Sustainability, New Report Shows-https://www.insurancejournal.com/news/national/2018/04/26/487522.htm

2. NYLIC 2017 Statutory Audited Financial Statements-https://www.newyorklife.com/assets/docs/pdfs/financial-info/2017/NYLIC-2017-Statutory-Audited-Financial-Statements.pdf

3. Global Insurance Trends Analysis 2018- https://www.ey.com/Publication/vwLUAssets/ey-global-insurance-trends-analysis-2018/$File/ey-global-insurance-trends-analysis-2018.pdf

4. 2019 Press Releases- https://www.newyorklife.com/newsroom/2019

5. 2018 Largest dividend payout- https://www.newyorklife.com/newsroom/2018/largest-dividend-payout

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SWOT & PESTLE.com (2019). New York Life Insurance SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/new-york-life-insurance/ [Accessed 18 Nov, 2019].

In-text: (SWOT & PESTLE.com, 2019)

Copyrights and Disclaimer

New York Life Insurance SWOT and PESTLE analysis has been conducted by Mohini Kejriwal and reviewed by senior analysts from Barakaat Consulting.

Copyright of New York Life Insurance SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

New York Life Insurance SWOT & PESTLE Analysis
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