New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
Reporting to a Zone Manager, the Team Manager is responsible for the management and professional development of the underwriters (CS3-PF4) reporting to him/her. The Managing Underwriter may have as many as two teams (8 to 10 underwriters) reporting to him/her and is expected to ensure that production and quality standards are met for the teams.
The Managing Underwriter often reviews cases with his/her direct reports. When making decisions, the Managing Underwriter predominantly relies on Underwriting Guidelines to evaluate an applicants risk classification; however, due to the complexity associated with multiple conditions or atypical lab results, Managing Underwriters are frequently required to make assessments of applicant risk absent specific direction from the Underwriting Guidelines. Whether synthesizing the mortality risk of medical labs and family history or discounting the mortality risks of highly correlated factors such as motor vehicle reports and avocations, they are expected to evaluate an applicant's overall risk profile, not simply summing the total from individual risk factors. Medical Directors, Zone Managers, and Chief Underwriters are available for consult as necessary; but Managing Underwriters are expected to make a decision recommendation, not open-ended requests for insight.
A Managing Underwriter must have an expert working knowledge of medical terminology and awareness of how various medical impairments interact and effect individual mortality risk. Managing Underwriters also work closely with General Office personnel, agents and Managing Partners. Consequently, Managing Underwriters must have strong communication skills.
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.