S&P turns New York Life view to stable

S&P said it revised the outlooks for New York Life Funding and New York Life Global Funding to stable from negative and affirmed their Aaa ratings.

“Commenting on the stabilization of New York Life's rating outlook, the rating agency said although participating whole life insurance–a risk-sharing product that allows the firm to protect earnings and regulatory capital when under financial stress–is not its dominant product, in terms of reserves or premiums, New York Life's commitment to this product and its generally conservative design and management of its other products, differentiate it from most of its peers.

Strong capitalization, with consolidated NAIC risk-based capital (company action level – CAL) of 463% at year-end 2021, also supports New York Life's stable outlook,” the agency said in a press release.

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