New York Life (as it is popularly called) started April 12, 1845.
The New York Life Insurance Company (NYLIC) is the third largest life insurance company in the United States, the largest mutual life insurance company in the United States and ranked # 69 in the list 2018 Fortune 500 of the largest US companies' total revenue.
New York Life Insurance Company was founded in 1845 in Manhattan's financial district as Nautilus Mutual Life.
It was named New York Life Insurance Company in 1849 to focus on life insurance business.
Background of the New York Life Insurance Company
Insurance was an infant industry when New York Life's predecessor, Nautilus Insurance Company, began operations in the 1
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As the economy became more industrial and the population more mobile, society recognized the need to secure a family's welfare against the loss of a bread gain. In 1840, the state of New York approved a law that allows a married woman to insure her husband's life with immunity from having the benefits seized by their creditors. Such legislation recognized the use of life insurance in a developing industrial economy and expanded its potential market beyond wealthy speculators.
New York Life originated in a charter granted by the New York State legislature to the Nautilus Insurance Company in 1841 for the sale of fire and marine insurance.
In the early years (1846-1848)
together with other insurance companies of the day including Aetna and US Life,
assured the slaves' lives for their owners. In 1847, these stood for one
third paragraph of New York Life's policy.
The management board voted to terminate the sale of insurance on slaves in 1848. The New York Life Insurance Company also sold policies to soldiers and civilians who participated in battle during the American Civil War and paid claims under a flag of violence during that time. At the end of the 19th century, the company began hiring female agents.
New York Life Insurance Company's Unique Distribution System
New York Life continued to grow over the first 100 years as the national population and life insurance market grew. New York Life's growth was partly driven by the introduction of a system where the company used agents to find new business. In 1892, the company's president, John A. McCall, presented the branch office: New York-affiliated offices and field agents.
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In 1894, the company became the first US insurance company to offer life insurance to women at the same cost as men. social reforms 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 dangerous occupations.
New York Life Insurance Company Progress from 20 th
century to date
In the 1970s, New York Life began selling annuities and funds. In the late 1990s and early 2000s, as other mutual life insurance companies became exchange-traded companies, New York Life was a mutual company.
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Following the 2013 acquisition of Dexia Asset Management, later named Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide with access to markets in Europe, Asia and Australia, besides the United States
New York Life Insurance companies claim that it is recession proof, depression evidence and history making, As of June 2018, No. 69 ranks on the Fortune 500 list. Fortune is also named New York Life for its most admired life insurance business list in 2017. New York Life is ranked as one of America's best big employers in 2017.