New York Life annuities

Overview

New York Life is best known for whole life insurance, but it is also one of the country's largest annuity companies. Its NAIC group ranked #5 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with $20.26 billion in premiums and a 4.81% market share. In NAIC's preliminary 2025 annuity rankings, a broader measure, the group placed second with 5.42%.

Most of its annuities are issued by New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware subsidiary; some income annuities are issued by the parent, New York Life Insurance Company. Variable annuities are offered through its broker-dealer, NYLIFE Securities LLC. You buy through a New York Life agent or financial professional; the website connects you with one rather than selling annuities online.

New York Life's annuity lineup leans toward guaranteed income. Its participating "Mutual" income annuities can pay dividends, which few income annuities do. The New York Life insurance profile covers its life insurance, AARP program, history and claims.

Annuities it sells

New York Life's annuity pages, checked in October 2026, describe these products:

Immediate income annuities. A single premium immediate annuity turns a lump sum into payments that usually begin within a month. New York Life lists the Guaranteed Lifetime Income Annuity (payments for life, with refund and other options), the Lifetime Mutual Income Annuity (lifetime income that is eligible for dividends) and the Guaranteed Period Income Annuity (payments for a set period).

Deferred income annuities. You pay now, in a lump sum or a series of payments, for income that starts on a date you choose. New York Life lists the Guaranteed Future Income Annuity and the Future Mutual Income Annuity, which is issued by the parent and can pay dividends beginning on the first policy anniversary. Dividends are not guaranteed. A deferred income annuity generally gives up access to your money in exchange for higher future income; see also qualified longevity annuity contracts for the IRA version.

Fixed annuities. New York Life offers fixed deferred annuities that grow at a guaranteed rate. Its Clear Income Advantage Fixed Annuity adds a guaranteed lifetime withdrawal benefit rider for people who want protected lifetime income with some ability to withdraw cash. Withdrawals above the free amount during the surrender-charge period trigger a surrender charge and a market value adjustment, which can add to or subtract from what you receive depending on interest rates.

Variable and index-linked variable annuities. The Premier Variable Annuity II, Premier Plus Variable Annuity II and Flexible Premium Variable Annuity III invest in subaccounts. The optional Investment Preservation Rider 4.0, for an extra charge, protects first-year premiums from loss after a holding period, and an Annual Death Benefit Reset Rider is available. The IndexFlex Variable Annuity combines index-linked and fixed accounts, which New York Life says will never fall below what you put in, with variable investment options that carry market risk. See variable annuities: how they work, what they cost, who they suit and annuity fees, explained.

No payout rates or crediting rates are given here; they change regularly. The core trade-off with income annuities is liquidity: once you annuitize, you generally cannot get the lump sum back, and the payments are fixed by the option you choose.

Ownership and reinsurance

New York Life is a mutual company owned by its policy owners, with no shareholders or private-equity owner. NYLIAC is a wholly owned subsidiary, and the contract you hold is backed by whichever of the two companies issued it. Mutual ownership is why some of its income annuities can share in company results through dividends.

Regulatory record. In March 2021 New York Life agreed to pay $5.4 million in restitution and about $5.5 million in penalties to the New York Department of Financial Services over annuity replacement sales in which customers received incomplete comparisons of the income they would give up, InvestmentNews reported. If an agent proposes replacing an existing annuity, ask for a side-by-side comparison of the surrender charges and guarantees you would lose; our guide to best interest rules for annuity sales explains what the agent must document.

Financial strength

New York Life holds the top ratings any U.S. life insurer currently receives from all four agencies. On July 23, 2026, AM Best affirmed its A++ (Superior) financial strength rating with a stable outlook. Its ratings page in October 2026 listed Moody's Aa1 (May 28, 2026), Fitch AAA (September 3, 2025) and S&P Global AA+ (October 28, 2025).

If an insurer fails, your state guaranty association covers annuity values up to a limit, commonly $250,000 per person per insurer, though limits vary. Check yours with the state guaranty association coverage lookup. Income annuities are long promises, so the issuer's strength matters more than with a short MYGA.

Who it suits

New York Life suits retirees who want to turn part of their savings into guaranteed lifetime income from one of the strongest-rated insurers, and who like the possibility, though not the promise, of dividends on top. It suits less well people shopping for an indexed annuity, those who want to compare rates across many insurers in one place, or anyone who wants to buy without an agent.

• Strengths: Top ratings from all four agencies; a deep lineup of immediate and deferred income annuities; participating income annuities that can pay dividends; mutual ownership.
• Weaknesses: Sold through its own agents and financial professionals, so you see only New York Life products; no fixed indexed annuity or RILA for retail buyers; income annuities are largely irreversible; a 2021 New York settlement over annuity replacement sales.

How to contact New York Life