New York Life Insurance history

In June 1846, Nautilus answered its calling as a mutual life insurance company and ceded its marine business to other companies.

By 1849 the company was so securely established in this new business that it petitioned the state legislature and had its name changed to New-York Life Insurance Company.

In fact, the company sold more than half of the 6,500 new life insurance policies issued in New York City in 1862.

In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.

In 1894, the company became the first US-based insurance provider to offer life insurance to women at the same cost as men; social reformer Susan B. Anthony was one of the company's first female policyholders.

In 1896, New York Life became the first company to insure people with disabilities or in hazardous occupations.

In 1905 the New York state legislature convened an investigative committee under the leadership of William W. Armstrong to examine the state’s insurance companies and make recommendations for regulatory reform.

In 1906 New York outlawed the sale of tontine policies, prohibited excessive commission for agents, and limited the amount of new business a company could do each year.

Under the vocal leadership of Darwin Kingsley, who had become president in 1907, the company achieved some success in having its new business ceiling increased and agent incentives reinstated later in the decade.

The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928.

The company’s assets were not involved in the stock market crash in October 1929 because state regulation and conservative planning had kept New York Life investments out of common stocks and in more secure government bonds and real estate.

With the development of group insurance in the first half of the 20th century and the passage of the federal Social Security Act in 1935, people began to buy insurance less for its one-time benefit to surviving family members and more for its lifelong investment security.

New York Life introduced its first group insurance policies in 1951 and expanded its coverage in group and personal policies to include accidents and sickness as well as death.

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

The introduction of its Series 78 policies in 1978 made conversion between short-term and life policies more flexible for investment purposes and reduced premiums for women, who were buying an increasing percentage of the company’s personal policies.

The New York Life Foundation has contributed nearly $360 million since its founding in 1979, with a focus on educational enhancement and helping children who have suffered the loss of a loved one.

In early 1984 it acquired MacKay-Shields Financial Corporation and two years later the company began marketing its own MainStay mutual funds through this new subsidiary.

In 1986 the company introduced NYLIFE as a new brand name for its financial products, differentiating this growing business from its traditional life insurance policies.

In 1987 New York Life purchased controlling interest in Sanus Corporation Health Systems, one of the largest health-care companies in the nation.

New York Life reorganized its management structure in 1992.

To tap into a market of more conservative investors, the company began selling a variable annuity product through the banking system in 1995.

Sy Sternberg stepped up to the plate as chairman and chief executive officer in 1997, succeeding Harry G. Hohn.

New York Life sold its NYLCare Health Plans subsidiary in 1998.

New York Life settled claims by the survivors of ethnic Armenians killed by Turkish soldiers back in World War I. A 1999 class-action lawsuit led to legislation allowing Armenians living in California to pursue claims against insurers for unpaid benefits.

The strong showing translated to the largest ever dividend distribution for policyholders: an estimated $1.46 billion slated for 2001.

Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States.