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New York Life 2013 operating earnings rose by 11% to $1.76bn

New York Life Insurance Company has reported operating earnings of $1.76bn for the year 2013, up 11% compared to $1.58bn during the corresponding period last fiscal.

For the year ended on 31 March 2013, its insurance sales rose to $1.19bn compared to $1.14bn during the comparable earlier year.

The company said that individual life insurance in force increased to a new record of $840bn, an increase of $24bn over the total in 2012.

Commenting on the financial result, New York Life chairman and CEO Ted Mathas said, "Looking at the company’s unprecedented earnings and surplus on one hand, and our record payout of benefits and dividends on the other, validates our success in doing what we as a mutual company do best: deliver long-term policyholder value."

"We have never been stronger as a company, and our ability to bring peace of mind to millions of people through that financial strength reflects the tremendous dedication of our agents, employees and partners. "

New York Life touched 8% growth in surplus and asset valuation reserve in 2013, which is a primary measure of financial strength, thereby reaching a record high of $21.1bn.

New York Life was established in 1845, and delivers life insurance, retirement income, investments and long-term care insurance.