New York Life Sets Many New Records in 2006

New York Life Insurance Company, New York, N.Y., set new records in 2006 for sales of insurance and investment products, as well as reached new highs in operating earnings, surplus, operating revenue, and assets under management. The company’s net income reached $2.3 billion in 2006, compared with $855 million in 2005. The rise in net income was the result of strong operating earnings coupled with realized capital gains that included a $1,011 million one-time gain from a change in accounting for a company investment.Among the Significant Records New York Life Achieved in 2006:

? Operating earnings increased 17% to $1.1 billion in 2006, from $934 million in 2005.

? Operating revenue grew more than $1.2 billion, or 11%, to $12.3 billion in 2006.