2020 ANNUAL REPORT years of being in it together. 2020 Annual Report (In $ Millions) 2020 2019 Policy Owner Benefits and Dividends $ 12,437 $ 11,521 Surplus and AVR 26,994 26,965 Individual Life Insurance in Force 1,097,355 1,061,108 Assets Under Management 701,610 628,546 Insurance Sales 1,170 1,334 Annuity Sales 13,735 13,232 Mutual Fund Sales 26,309 18,949 Operating Earnings 2,281 2,393 For definitions of the company’s performance measures, please see the Glossary of Terms on page 24. All amounts shown are as of December 31. Note: “New York Life” or “the company,” as used throughout this Report, can refer either separately to the parent company, New York Life Insurance Company, or one of its subsidiaries, or collectively to all New York Life companies, which include the parent company and its subsidiaries and affiliates. Any discussion of ratings and safety throughout this Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performance will fluctuate with market conditions. The New York State Department of Financial Services recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company.The condensed consolidated statutory statement of financial position in this Report includes New York Life Insurance Company (NYLIC) and its domestic, wholly owned life insurance subsidiaries: New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ is not authorized in New York or Maine and does not conduct insurance business in New York or Maine. LINA is not authorized in New York and does not conduct insurance business in New York. LINA and NYLGICNY were acquired on December 31, 2020, through the acquisition of Cigna's Group Life & Group Disability Insurance Business (now referred to as the New York Life Group Benefit Solutions business). Only 2020 Surplus and Asset Valuation Reserve (AVR) and Assets Under Management, shown above, include the impact of the acquisition. The GAAP-basis consolidated financial statements, a detailed reconciliation to our non-GAAP performance measures, and the statutory financial statements audited by an independent accounting firm are available on our website, www.newyorklife.com or by writing to the Secretary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. B NEW YORK LIFE INSURANCE COMPANY 2020 ANNUAL REPORT 1 A message from Ted Mathas: which provides a measure of financial from them stronger, it is that we have security and peace of mind to the families remained a mutual life insurer since we of frontline healthcare workers who lose opened for business in 1845. Mutuality is their lives battling COVID-19. about being in it together with the people counting on us. It is the strategy, structure, Sadly, the pandemic was not the only and philosophy that guides our decisions This past year marked the societal tragedy in 2020. We watched as and actions, and keeps our true bottom the fabric of our communities was torn line about purpose, service, and financial apart, revealing the open wounds of race security for our clients and their families company’s 175th anniversary. relations across our country. We are a and businesses. company where racism has no place, with an unwavering commitment to a culture This commitment to our purpose of inclusion, equality, and opportunity for permeates every level of the company, everyone. The events that took place this beginning right at the top with our Board past year, however, serve as a reminder of Directors. Last April, our esteemed that we must continually raise the bar and member Christina Gold retired after nearly strengthen our resolve, both personally two decades of service. A seasoned senior and professionally, to work together and executive whose distinguished career take action to reject discrimination in all included serving as President, CEO, and of its forms. Director of the Western Union Company, her wise counsel will be missed. In January If there is one factor that explains New 2021, we welcomed Claire Babineaux- York Life’s longevity and our ability to not Throughout our long history, generations helping people in other ways during this Fontenot, CEO of Feeding America, and only weather times of crises but emerge of New York Life agents and employees national crisis. Paula Steiner, former CEO of Health Care have defined who we are as an organization Service Corporation, to our Board. And in by rising to the occasion, regardless of the We extended grace periods for premium February, New York Life President Craig challenges at hand, to fulfill our purpose of payments to help policy owners keep their DeSanto was also elected to our Board. being here when we are needed. History valuable coverage in place even if they lost We sincerely appreciate the trust our repeated itself in 2020. their job or their business closed during this uncertain time. We quickly moved clients place with us in helping to protect We may not have been able to predict our agents and employees out of harm’s their financial future. Regardless of what’s when a global pandemic would strike, but way, providing them with the digital tools going on in the world around us, we will we have been stress testing our balance and training they needed to work from continue to be there for them when they sheet against such a scenario for decades home and continue delivering service and need us. to ensure we would withstand it and support to millions of our clients. We also continue to have the financial strength promised no layoffs during the year, and to meet our obligations. When it became put other economic safety nets in place, so clear that COVID-19 was a reality, we knew our people would not have to worry about we were prepared. And knowing we would their own financial stability. And to help the be able to pay every claim while remaining broader community, we leaned into what financially sound enabled us to dig deep we do best as a life insurer through the Ted Mathas Chairman of the Board and into our value of humanity and focus on establishment of the Brave of Heart Fund, Chief Executive Officer 2 NEW YORK LIFE INSURANCE COMPANY 2020 ANNUAL REPORT 3 for repayment over 12 months and one that can allow for repayment for up to 24 months with proof of financial hardship. As of late December, we had paid out about $35 million on policies that might have lapsed if not for this course of action. In July, the Board of Directors unanimously elected Craig DeSanto to be the 24th president of New York Life. Craig, who now has responsibility for all of the company’s businesses, started with the company as a 20-year-old college intern and worked here as an actuary New York Life kicked off 2020 and the for nine years prior to holding numerous company’s 175th anniversary celebration roles running several different parts of the with a new brand campaign titled “Love business, including Eagle Strategies LLC, Takes Action,” including an ad during Long-Term Care, and Retail Life. Super Bowl LIV. The campaign spoke to our past, present, and future, shining a In November, New York Life declared a light on the love, fortitude, and actions dividend payout of $1.8 billion to eligible of our people and the people we serve. In participating policy owners in 2021, the In it together... March, the COVID-19 pandemic hit the second largest total dividend payout 1 country, and New York Life took action in company history. The ability to pay to support its policy owners, agents, a dividend in excess of the guarantees especially in times like these. employees, and communities. provided to policy owners on their cash value growth—despite the headwinds The past year was marked by a pandemic that tragically took the lives of hundreds of For policy owners, New York Life put posed by the global pandemic, historically measures in place aimed at ensuring that low interest rates, and an economic thousands of Americans and led to an unprecedented shutdown of the U.S. economy no one loses coverage due to COVID-19 downturn in 2020—underscores New in the spring. The economic environment has been as challenging as any since the related financial hardships. On March 24, York Life’s focused business strategy, we announced that no policy would lapse long-term investment approach, and Great Recession in 2008–2009. But New York Life is built for times like these. We have for the next 90 days nationwide—beyond enduring financial strength. This is the weathered the Civil War, the 1918 flu pandemic, the Great Depression, two World Wars, what most state insurance offices had 167th consecutive year in which New mandated. In addition, we established York Life has paid a dividend to its eligible and more, and have always come out strong from these crises. two repayment programs, one that allows participating policy owners. 1 The annual dividend payout is the total amount of money the company pays to all of its eligible policy owners in a given year. Because characteristics including policy type and the year a policy was purchased differ from policy to policy, the performance of an individual 4 NEW YORK LIFE INSURANCE COMPANY policy’s dividend over a specific period may not mirror the performance of the company’s total dividend payout over that same period.