![]() | This is an archive of past discussions. Do not edit the contents of this page. If you wish to start a new discussion or revive an old one, please do so on the current talk page. |
Archive 1 | Archive 2 |
What's the consensus on referencing Fortune 100 vs. Fortune 500 vs. Fortune 1000? Fortune 500 is the official list, but Fortune 100 is very commonly used for the top 100 companies in the Fortune 500. Fortune 1000 has its own entry, as does the 500, but 100 links to the 500 Crimson117 19:45, 27 November 2006 (UTC)
I took a look thru some of the old versions of this article, thinking it was too short and too "press-releasish". Older versions contained some company history and, in general, had more information. I see there was a controversy relating to demutualization, but that wasn't the only information which was removed. What's wrong with including a summarized company history from 1845 to present? And it's stance on demutualization is quite unique. First it fought for passage of a New York state bill allowing for mutual holding companies, then it reversed course and chose to remain (and even flaunt) its mutuality. FTR, I'm on the other side of demutualization debate than the now-banned "PolicyOwner", but that doesn't mean I agree the topic should be ignored. It's part of their history. 2*6 11:29, 3 January 2007 (UTC)
The currently stated income figures reflect fiscal year 2006. Times have quite obviously changed drastically since then, so could someone obtain 2008 figures if possible? KirkCliff2 ( talk) 01:59, 3 June 2009 (UTC)
Does anyone know why this entry shows up in italics under the category page of Private equity firms of the United States?-- BelBivDov ( talk) 22:43, 25 February 2016 (UTC)
I noticed today that DarylGolden and Jusdafax had restored this section. I'm not one of the ones who deleted it, but the section does seem to me to be biased, ill-researched, and possibly spammy. The references within the section are not compelling. Citing a law-firm's site that exists to seek clients so they can have someone to sue does not seem to me to be a particularly compelling argument. Blaming New York Life for the actions of one non-employee representative is misleading. Why even cite a Better Business Bureau page that merely says NYLIC failed to respond to complaints? It does not even say what those complaints were. Anyway, I thought I'd post here rather than get into some editing war on the main page. My suggestion is to either re-delete this section or rewrite it with more meaningful references. – 2*6 ( talk) 06:23, 15 January 2017 (UTC)
Hi there! I'm here with some proposed updates to improve this article. In the last few months, I've written a full new proposed draft of the article that includes my suggested edits to address inaccuracies, omissions, and general organization issues. As disclosure, I do have a financial conflict of interest, as I am here on behalf of New York Life Insurance Company through my work at Beutler Ink, and NYL has provided feedback and input on my draft.
The full draft of the proposed article update is in my user space so editors can see exactly what I'm proposing: User:16912_Rhiannon/New York Life. You can also see a comparison of the draft to the current article, in this diff. Main differences between the current article and my draft are as follows:
To keep things as simple as possible for reviewing editors, I will post edit requests for individual sections of this article. And to keep things really simple at first, I'll start with the infobox.
![]() | Part of an edit requested by an editor with a conflict of interest has been implemented. (1) The figure US$1.95 billion is not listed anywhere on page 11 of the reference provided. (2) If Fortune 500 garnered access to documents stating the company's employee count (for its article shown in reference #2) then those same sources ought to be furnished here. (3) Products proposed to be listed under the "Products" parameter in the infobox implemented. |
To start things off, I'm proposing a simple update of the current infobox. My draft infobox below includes:
Company type | Mutual |
---|---|
Industry | Insurance: Life & Annuity |
Founded | 1845 |
Headquarters |
New York Life Building New York City, New York, U.S. |
Key people | Ted Mathas, CEO and Chairman |
Products | Life insurance, annuities, long-term care, asset management |
US$1.95 billion (2016) [1] | |
AUM | US$538 billion (2016) [1] |
Number of employees | 11,320 employees (2017) [2] |
Website | www.newyorklife.com |
{{Infobox company
| name = New York Life Insurance Company
| logo = [[File:New York Life Insurance Company logo.png]]
| type = [[Mutual company|Mutual]]
| foundation = 1845
| location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]
| key_people = Ted Mathas, [[CEO]] and [[Chairman]]
| num_employees = 11,320 employees (2017)<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref>
| industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]
| products = [[Life insurance]], [[annuities]], [[long-term care]], [[asset management]]
| operating_income = US$1.95 billion (2016)<ref name=2016AnnualReport>{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Annual-Report.pdf |title=2016 Annual Report |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}} p. ii</ref>
| aum = US$538 billion (2016)<ref name=2016AnnualReport/>
| homepage = [http://www.newyorklife.com/ www.newyorklife.com]
References for infobox
|
---|
References
|
As I do have a financial COI, I do not intend to make any edits to the live article. My hope is that an uninvolved editor (or editors) are able to review my proposed updates and make edits as appropriate. Thanks in advance! 16912 Rhiannon ( Talk · COI) 03:16, 26 October 2017 (UTC)
Partially implemented
Spintendo
ᔦᔭ
07:10, 8 December 2017 (UTC)
![]() | This edit request by an editor with a conflict of interest was declined. |
As there's just a couple of small items to figure out (hopefully!) with my request above, I thought I might go ahead and share my next proposed update for this article. This proposal is to add a new section called Operations. In my full article draft, you will see that I divided this with three subsections: Overview, Insurance operations, and Asset management. For this edit request, I'd like to focus on just seeking to add a new Overview section.
My draft provides a high-level overview of the services provided by NYL, current executive leadership, number of employees and offices, and briefly explains how as a mutual New York Life differs from other companies. I'm hoping that editors can review, share any feedback and / or move the details live if they look good. Thanks in advance! 16912 Rhiannon ( Talk · COI) 15:55, 19 December 2017 (UTC)
Declined Individual reasons are given below in the overview section.
Spintendo
ᔦᔭ
18:52, 19 December 2017 (UTC)
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] The company has paid a dividend every year since 1854. [6]
Because it is not publicly traded, New York Life is able to focus on long-term financial strategies. [7] Its conservative approach to investments has helped it operate through economic cycles, including the Great Depression and Great Recession. [7] [4]
"able to focus on..."and of actions
"..conservative approach to..."Spintendo ᔦᔭ 18:52, 19 December 2017 (UTC)
New York Life offers life insurance in the U.S., and asset management operations globally. [8] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [9] Ted Mathas has served as CEO since 2008 and chairman since 2009. [10] As of 2017 [update], New York Life has 11,320 employees [11] and a sales force of about 12,000 agents [12] in 120 offices in the United States. [13]
Declined This information is already in the article.
Spintendo
ᔦᔭ
18:52, 19 December 2017 (UTC)
In addition to its headquarters and Jersey City tech hub [14] the company has corporate offices in Austin, Texas; White Plains, New York; and Tampa, Florida. [15] [16] [17]
![]() | Part of an edit requested by an editor with a conflict of interest has been implemented. Please see below for additional information regarding your request. |
Thanks for breaking down your feedback above, Spintendo. To clarify, some of these details are entirely new to the article. Also, I should have noted that this proposed section is intended to replace the existing Business scope and International operations sections; in the Business scope section, the material is not well sourced, lacks sourcing entirely for some details and is promotionally written ("exceeded guarantees", "distinguishing life insurance career milestone" "superior professional knowledge, experience and client service"), and for International operations, it doesn't feel necessary to have a standalone section to note operations in one country, when it could be mentioned briefly as part of an overview of all operations. My proposal is to replace these two problematic sections with one clear summary of the company's overall business model.
Below, I've included my draft again, rephrasing content as needed based on Spintendo's feedback and flagging in green which details are entirely new. Above, I've left notes alongside Spintendo's feedback to help understand what I've changed and why.
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] As of 2016, the company has paid a dividend every year since 1854. [18]
According to the company's former chairman and CEO Seymour Sternberg, quoted in 2010, because it is not publicly traded, New York Life is able to focus on long-term financial strategies. [7] The company states it has a conservative approach to investments, which it believes has helped it operate through economic cycles, including the Great Depression and Great Recession. [7] [4]
New York Life offers life insurance in the U.S., and asset management operations globally. [8] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [9] Ted Mathas has served as CEO since 2008 and chairman since 2009. [10] As of 2017 [update], New York Life has 11,320 employees [11] and a sales force of about 12,000 agents [12] in 120 offices in the United States. [13]==Operations==
===Overview===
New York Life Insurance Company is the largest mutual life insurance company in the U.S.<ref name="Um17">{{cite news |title=New York Life selects new CIO |last1=Um |first1=Sage |url=https://www.ai-cio.com/news/new-york-life-selects-new-cio/ |newspaper=Chief Financial Officer |date=January 17, 2017 |accessdate=30 May 2017}}</ref> and the country's third-largest life insurance company.<ref name=Swarns16>{{cite news |title=Insurance Policies on Slaves: New York Life’s Complicated Past |author=Rachel Swarns |url=https://www.nytimes.com/2016/12/18/us/insurance-policies-on-slaves-new-york-lifes-complicated-past.html?_r=0 |work=[[New York Times]] |date=December 18, 2016 |accessdate=May 26, 2017}}</ref> The company is owned by its policyholders and has no outside shareholders.<ref name=Girouard09>{{cite news |title=A Financial Bunker For Scary Times
|author=John E. Girouard |url=https://www.forbes.com/2009/02/10/mutual-life-insurance-financial-adviser-network_0210_financial_planning.html |work=[[Forbes]] |date=February 10, 2009 |accessdate=May 11, 2017}}</ref> As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.<ref name=InternationalDirectory>{{cite web |url=http://www.fundinguniverse.com/company-histories/new-york-life-insurance-company-history/ |title=New York Life Insurance Company History |date= |website=fundinguniverse.com |publisher=International Directory of Company Histories |accessdate=30 May 2017}}</ref><ref name="NerdWallet17">{{cite web |url=https://www.nerdwallet.com/blog/insurance/reviews/new-york-life-insurance-review/ |title=New York Life Insurance Review 2017 |date=2017 |publisher=[[NerdWallet]] |accessdate=30 May 2017}}</ref> As of 2016, the company has paid a dividend every year since 1854.<ref>2016 Annual Report, p. 2</ref>
According to the company's former chairman and CEO [[Seymour_G._Sternberg|Seymour Sternberg]], quoted in 2010, because it is not publicly traded, New York Life is able to focus on long-term financial strategies.<ref name=trustedadvisor10>{{cite web |url=http://trustedadvisor.com/trustmatters/ny-life-ex-chairman-sy-sternberg-on-trust-in-the-life-insurance-business-trust-quotes-16 |title=NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16 |author= |date=December 8, 2010 |work=Trustedadvisor.com |publisher=Trusted Advisor |accessdate=March 26, 2017}}</ref> The company states it has a conservative approach to investments, which it believes has helped it operate through economic cycles, including the [[Great Depression]] and [[Great Recession]].<ref name=trustedadvisor10/><ref name=InternationalDirectory/>
References
|
---|
References
|
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Re-opening a request here re: the three parts of my infobox edit request that are still outstanding. I'm looking to add:
Both are sourced to the Financial highlights on pii (the third page of the PDF, prior to the numbered pages) at the start of the Annual Report.
Also looking to add the number of employees, as sourced to New York Life's listing on the Fortune 500; as noted above there's no publicly available documentation to back up the figure provided by Fortune—the information comes from S&P Global—but I would argue that Fortune is a very reliable source for such a figure, absent any reason to question it (e.g. if there was news coverage of mass layoffs).
Here's the text and markup again, with changes sought shown in green in case it is helpful:
Company type | Mutual |
---|---|
Industry | Insurance: Life & Annuity |
Founded | 1845 |
Headquarters |
New York Life Building New York City, New York, U.S. |
Key people | Ted Mathas, CEO and Chairman |
Products | Life insurance, annuities, long-term care, asset management |
US$1.95 billion (2016) [1] | |
AUM | US$538 billion (2016) [1] |
Number of employees | 11,320 employees (2017) [2] |
Website | www.newyorklife.com |
{{Infobox company
| name = New York Life Insurance Company
| logo = [[File:New York Life Insurance Company logo.png]]
| type = [[Mutual company|Mutual]]
| foundation = 1845
| location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]
| key_people = Ted Mathas, [[CEO]] and [[Chairman]]
| num_employees = 11,320 employees (2017)<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref>
| industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]
| products = [[Life insurance]], [[annuities]], [[long-term care]], [[asset management]]
| operating_income = US$1.95 billion (2016)<ref name=2016AnnualReport>{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Annual-Report.pdf |title=2016 Annual Report |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}} p. ii</ref>
| aum = US$538 billion (2016)<ref name=2016AnnualReport/>
| homepage = [http://www.newyorklife.com/ www.newyorklife.com]
References for infobox
|
---|
References
|
Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:02, 19 December 2017 (UTC)
Hello fellow Wikipedians,
I have just modified 2 external links on New York Life Insurance Company. Please take a moment to review my edit. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. I made the following changes:
When you have finished reviewing my changes, you may follow the instructions on the template below to fix any issues with the URLs.
This message was posted before February 2018.
After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than
regular verification using the archive tool instructions below. Editors
have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the
RfC before doing mass systematic removals. This message is updated dynamically through the template {{
source check}}
(last update: 5 June 2024).
Cheers.— InternetArchiveBot ( Report bug) 18:52, 6 January 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again! I'd like to make a request to update the article's History section, for a few reasons:
The new draft of History I'm proposing streamlines existing detail (for example: I trimmed the quote from a company press release), while adding new content. I have divided the company's history into three sections—Early history, 20th Century, and Recent history—and every sentence carries an inline citation. Here's what I'm suggesting for review:
New York Life Insurance Company first opened in Manhattan's Financial District as Nautilus Mutual Life in 1845, 10 years after the first life insurance charter was granted in the United States. [1] [2] Originally chartered in 1841, the company also sold fire and marine insurance. [3] The company's first president, James De Peyster Ogden, was appointed in 1845. [4] Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business. [1] [3]
As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners. [1] The board of trustees voted to end the sale of insurance policies on slaves in 1848. [1] The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its Semi-Centennial History of the New-York Life Insurance Company. [5]
In its early years, New York Life sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under a flag of truce during that time. [6] [7] In the late 1800s, the company began employing female agents. [8]
In 1896, New York Life became the first company to insure people with disabilities. [9]
New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased. [10] New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business. [10] In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents. [10]
The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928. [11] The company moved into the 34-story skyscraper in 1929. [10] Later that year, New York Life's assets survived the stock market crash; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks. [10]
Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. [10] In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween. [1] [12] In the 1970s, New York Life began selling annuities and mutual funds. [10] In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company. [10] New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna. [13]
New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the September 11 attacks. [10] Fearful of the stability of the market during the two years prior to the financial crisis of 2007–2008, New York Life moved its cash into safer investments such as treasury bonds. [7] In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department. [14] New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these". [15] [16]
Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States. [17] As of May 2017, it was ranked No. 26 on Pensions & Investments list of largest money managers. [18]
In 2016, New York Life opened an office in Jersey City, New Jersey, to serve as a tech hub for the company. [19]
In 2017, New York Life CEO Ted Mathas was among 175 CEOs and senior executives to sign the CEO Action for Diversity and Inclusion pledge committing to diversity goals. [20]==History==
===Early history===
New York Life Insurance Company first opened in [[Manhattan]]'s [[Financial District, Manhattan|Financial District]] as '''Nautilus Mutual Life''' in 1845, 10 years after the first [[Life_insurance#United_States|life insurance charter]] was granted in the United States.<ref name=Swarns16>{{cite news |title=Insurance Policies on Slaves: New York Life’s Complicated Past |author=Rachel Swarns |url=https://www.nytimes.com/2016/12/18/us/insurance-policies-on-slaves-new-york-lifes-complicated-past.html?_r=0 |work=[[New York Times]] |date=December 18, 2016 |accessdate=May 26, 2017}}</ref><ref name=LOC12>{{cite web |url=https://blogs.loc.gov/inside_adams/2012/08/an-early-history-of-life-insurance/ |title=An early history of life insurance |date=15 August 2012 |publisher=[[Library of Congress]] |accessdate=30 May 2017}}</ref> Originally chartered in 1841, the company also sold [[fire insurance|fire]] and [[marine insurance]].<ref name=LandmarksCommission87>{{cite web |url=http://s-media.nyc.gov/agencies/lpc/lp/1512.pdf |title=Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512 |date=10 February 1987 |publisher=New York City Landmarks Preservation Commission |accessdate=30 May 2017}}</ref> The company's first president, James De Peyster Ogden, was appointed in 1845.<ref name=Hudnut1906P2>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |page=2 |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref> Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business.<ref name=Swarns16/><ref name=LandmarksCommission87/>
As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners.<ref name=Swarns16/> The [[board of trustees]] voted to end the sale of insurance policies on slaves in 1848.<ref name=Swarns16/> The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its ''Semi-Centennial History of the New-York Life Insurance Company''.<ref name=Hudnut1906P22>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=22 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref>
In its early years, New York Life sold policies to soldiers and civilians involved in combat during the [[American Civil War]] and paid claims under a flag of truce during that time.<ref name=Hudnut1906P169>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=169 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref><ref name=trustedadvisor10/> In the late 1800s, the company began employing female agents.<ref name="Niccolls">{{cite news |title=A woman agent in the '90's |last1=Niccolls |first1=J. Fremont |newspaper=NYLIC Review |date=July 1937 |accessdate=27 June 2017}}</ref>
In 1896, New York Life became the first company to insure people with disabilities.<ref name="Vault">{{cite book |title=Vault Guide to the Top Insurance Employers |editor=Tyya N. Turner |year=2005 |publisher=Vault, Inc. |location= |isbn=9781581313208 |page=103 |url=https://books.google.com/books?id=Yju0gYTwntMC&printsec=frontcover#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>
New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased.<ref name=InternationalDirectory>{{cite web |url=http://www.fundinguniverse.com/company-histories/new-york-life-insurance-company-history/ |title=New York Life Insurance Company History |date= |website=fundinguniverse.com |publisher=International Directory of Company Histories |accessdate=30 May 2017}}</ref> New York Life's growth was in part fueled by its introduction of a system by which the company used [[Independent_insurance_agent|agents]] to find new business.<ref name=InternationalDirectory/> In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.<ref name=InternationalDirectory/>
===20th Century===
[[File:New York Life Building 2.jpg|thumb|right|[[New York Life Building]]]]
The New York Life Building at 51 Madison Avenue in Manhattan, designed by American [[architect]] [[Cass Gilbert]], opened in December 1928.<ref name="CassGilbert">{{cite web |url=http://www.cassgilbertsociety.org/works/nyc-newyorklife/ |title=New York Life Building |publisher=Cass Gilbert Society |accessdate=30 May 2017}}</ref> The company moved into the 34-story skyscraper in 1929.<ref name=InternationalDirectory/> Later that year, New York Life's assets survived the [[Wall Street Crash of 1929|stock market crash]]; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.<ref name=InternationalDirectory/>
Following [[World War II]], New York Life further diversified; it invested in [[real estate development]] in the late 1940s and launched a mortgage-loan program for [[veterans]] in 1946.<ref name=InternationalDirectory/> In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween.<ref name=Swarns16/><ref name=Deppe17>{{cite book |title=Operation Breadbasket: An Untold Story of Civil Rights in Chicago, 1966–1971 |author=Martin L. Deppe |year=2017 |publisher=[[University of Georgia Press]] |location=[[Athens, Georgia]] |isbn=9780820350455 |page=69 |url=https://books.google.com/books?id=5UhaDgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref> In the 1970s, New York Life began selling annuities and mutual funds.<ref name=InternationalDirectory/> In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company.<ref name=InternationalDirectory/> New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from [[Aetna]].<ref name=Lohse99>{{cite news |title=New York Life Insurance to buy Mexican insurer for $570 million |last1=Lohse |first1=Deborah |last2=Millman |first2=Joel |url=https://www.wsj.com/articles/SB94448744554858708 |newspaper=[[The Wall Street Journal]] |date=7 December 1999 |accessdate=30 May 2017}}</ref>
===Recent history===
New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the [[September 11 attacks]].<ref name=InternationalDirectory/> Fearful of the stability of the market during the two years prior to the [[financial crisis of 2007–2008]], New York Life moved its cash into safer investments such as [[United_States_Treasury_security|treasury bonds]].<ref name=trustedadvisor10>{{cite web |url=http://trustedadvisor.com/trustmatters/ny-life-ex-chairman-sy-sternberg-on-trust-in-the-life-insurance-business-trust-quotes-16 |title=NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16 |author=t |date=December 8, 2010 |work=Trustedadvisor.com |publisher=Trusted Advisor |accessdate=March 26, 2017}}</ref> In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the [[U.S. Treasury Department]].<ref name="NBCNews08">{{cite news |title=Two insurers reject government bailout help |url=http://www.nbcnews.com/id/27631025/ns/business-us_business/t/two-insurers-reject-government-bailout-help/#.WS212hPysWo |newspaper=[[NBC News]] |date=9 November 2008 |accessdate=30 May 2017}}</ref> New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these".<ref name="NYLOffices">{{cite web |url=http://www.albany.nyloffices.com/files/4375/Built%20for%20times%20like%20these.pdf |title=Built for Times Like These |publisher=New York Life Insurance Company |accessdate=30 May 2017}}</ref><ref name="Goffee15">{{cite book |title=Why Should Anyone Work Here?: What It Takes to Create an Authentic Organization |author=Robert Goffee and Gareth Jones |year=2015 |publisher=[[Harvard Business Press]] |isbn=9781625275097 |page=104 |url=https://books.google.com/books?id=68OPCgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>
Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in [[Europe]], [[Asia]] and [[Australia]], in addition to the United States.<ref name="Orzeck13">{{cite news |title=New York Life buys Dexia Asset Management arm for $512M |last1=Orzeck |first1=Kurt |url=https://www.law360.com/articles/475464/new-york-life-buys-dexia-asset-management-arm-for-512m |newspaper=[[Law360]] |date=24 September 2013 |accessdate=30 May 2017}}</ref> As of May 2017, it was ranked No. 26 on ''Pensions & Investments'' list of largest money managers.<ref name="P&I17">{{cite news |title=The largest money managers |url=http://www.pionline.com/specialreports/money-managers/20170529 |newspaper=Pensions & Investments |date=29 May 2017 |accessdate=27 June 2017}}</ref>
In 2016, New York Life opened an office in [[Jersey City, New Jersey]], to serve as a tech hub for the company.<ref name=Strauss16>{{cite news |title=New York Life shuffling, eliminating jobs as it plans tech hub in Jersey City |author=Eric Strauss |url=http://www.njbiz.com/article/20160209/NJBIZ01/160209780/new-york-life-shuffling-eliminating-jobs-as-it-plans-tech-hub-in-jersey-city |work=NJBiz |date=February 9, 2016 |accessdate=May 26, 2017}}</ref>
References for History
|
---|
References
|
Because of my conflict of interest, I'm hoping that editors can review, share any feedback and / or move the details live if they look good. Pinging @ Keithbob and Guy Macon: since you both have worked on company History sections on WP:GA, I wondered if either or both of you would be interested to take a look at this one, given the company's long and interesting history! Thanks in advance! 16912 Rhiannon ( Talk · COI) 21:37, 25 January 2018 (UTC)
Proposal added to article.
Regards,
Spintendo
ᔦᔭ
20:35, 26 January 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again! Following my requests so far to update this article, I'd like to make a request to remove the Criticism and controversy section from the article. This entire section is rather poorly sourced, verges on original research, and consists of seemingly not notable events that were not covered in independent, third-party sources. This section was discussed a while back by 2*6 and Jusdafax, and I think it's worth revisiting since there has been no change since then in terms of improved sourcing.
Sources This section contains eight sources.
The section also includes a number of details lauding New York Life, the source material of which I feel are of equally poor quality. These include bestliferates.org, a New York Life press release, and a dead link to Top Work Places. The only info here with a secondary source is NYL's best-places-to-work listing in Boston, which cites Business Insider. Regardless, I propose that this information be removed, too.
My take is that important, notable events and issues belong on Wikipedia—whether positive or negative—if it has generated coverage in reliable, independent sources, is relevant to the subject, and given WP:DUE weight. In this case I tend to agree with 2*6 that the sources used here are not compelling, and are borderline spammy. Interested to hear others thoughts on this and whether this section might be updated or removed! Just to quickly note again, I do have a financial COI here as I'm here on behalf of NYL as part of my work with Beutler Ink, so will not make this edit myself and would like to discuss with others. 16912 Rhiannon ( Talk · COI) 21:29, 22 December 2017 (UTC)
![]() |
To be honest, I'm not quite sure why that section exists to begin with. The cited report doesn't seem to be as much an investigation or criticism as routine review and the results, lacking comparative context as they are, look like nothing unusual. So we have two possible cases here: Either it's a routine review, which should be filed under "New Jersey State review" or "Case statistics", rather than "criticisms" or "investigation"; or it's indeed an investigation - a non-routine event based on some outside derogatory information (client complaints, media reports and the like) - in which case you should provide the context and outcomes of the investigation in addition to its conclusions. François Robere ( talk) 23:03, 9 February 2018 (UTC) |
The cited report doesn't seem to be as much an investigation or criticism as routine review.The report was conducted by the Commissioner for Banking and Insurance of the state of New Jersey, officially called a "Market Conduct Examination", as authorized by N.J.S.A. 17B:30-13.2 (Complaint handling procedures) and N.J.A.C. 11:2-17.6 (Rules for replying to pertinent communications). [1]: i These were not part of any type of regular or routine examination, and were triggered by reports from consumers. [1]: 15
Lacking comparative context as they are, look(s) like nothing unusual.The examination revealed certain instances where company practices did not accord fully with various provisions of New Jersey insurance statutes and regulations. [1]: i On the contrary, these are unusual occurances.
So we have two possible cases here: Either it's a routine review, which should be filed under "New Jersey State review" or "Case statistics", rather than "criticisms" or "investigation"; or it's indeed an investigation - a non-routine event based on some outside derogatory information (client complaints, media reports and the like)This was not outside information. According to the report, these findings were based on information provided by the New York Life Insurance Company itself (e.g., "Based on the documentation and information submitted by the Companies"). [1]: i
in which case you should provide the context and outcomes of the investigation in addition to its conclusions.Notwithstanding the fact that outcomes and conclusions are often the same thing, both are to be found in the report under "Examiner's findings". A summary of those findings is what I placed in the Wikipedia article in place of the poorly formed claim statements which were originally placed there. As these "outcomes/conclusions" exist in two locations for editors to read on their own, I wont expound upon them further. Suffice it to say, they do not speak poorly of NY life Ins. Indeed, the findings exonerated the company in the majority of areas where complaints were filed, with the majority of errors being committed in policyholder services. [1]: 3
References
The section in question has been rewritten:
All of the information remains the same. Its presentation is the only thing altered. Let me know if this works. Spintendo 18:54, 27 February 2018 (UTC)
Is the Policyholder service improvements subsection of the company History appropriate, or should it be removed or reduced in length? The current content is based on a market conduct examination report from the State of New Jersey Department of Banking and Insurance and there is no coverage of this from independent, secondary sources, however a mention of the report has been retained in the article for a couple of years in one form or another. Thanks in advance, 16912 Rhiannon ( Talk · COI) 20:25, 12 March 2018 (UTC) Please note: I have a conflict of interest as I am here on behalf of New York Life as part of my work with Beutler Ink. 16912 Rhiannon ( Talk · COI) 17:49, 15 March 2018 (UTC)
First party | Third party | |
---|---|---|
Primary source | A NYLIC employee fills out paperwork regarding a life insurance claims process they are undergoing with a customer.
|
Friends and family members of that customer who were present to witness the claims process share their observations of the family member's experience of that process by publishing it on Facebook.
|
Secondary source | A NYLIC employee gathers documents which discuss other customer's life insurance claims processes.
|
NJ Banking and Insurance regulators examine these documents and write a report of findings based on conclusions drawn from their examination, publishing their findings through the NJ Courts. |
Tertiary source | A NYLIC employee incorporates the findings of other non-life insurance insurance examiners outside of the company who have been asked to consult on these claims and offer their opinions.
|
A database on insurance claim processes with data on hundreds of different cases in all realms of insurance is set up by consumer advocates for the public to examine, which is published online through the LexisNexis database.
|
Notes
References
That policy says Do not analyze, evaluate, interpret, or synthesize material found in a primary source yourself."
You still need to describe in what way and with which passages I am taking material from a primary source and analysing it. We need to see specific passages where material from the report has been taken and used in analysis in anything I have placed into the article. Also, the policy states "Wikipedia articles usually rely on material from reliable secondary sources. Articles may make an analytic, evaluative, interpretive, or synthetic claim only if that has been published by a reliable secondary source."
In which case, what is the claim that is being erroneously made here? Is the entire report "the claim"? Correct me if I'm wrong, but if I had to guess I'd say that's what you thought it was, the entire report is the claim. However, a secondary source provides an author's own thinking based on primary sources, generally at least one step removed from an event. Describe for me how these regulators, looking at primary source documents from NYLIC — some of them covering events as many as two years prior to the report being made — are not the secondary source (the regulators)? And finally, if the regulators are the primary source, then what is the analysis they are doing? I see that they are reporting on data, the number of files which failed to be resolved. The determination of a failure in resolution—is that the analysis? If that is the analysis, then what documents are they basing this analysis on? I think what would be helpful here would be to take a quick informational survey. A survey is a great way of guaging participants levels of understanding of a particular incident, in order to make sure they are all on the same page. Otherwise, discussion would have an added sense of difficulty. Rhiannon and I will both answer these ten questions. There are six multiple choice, three true or false and one fill in the blank. Rhiannons questions are below, and mine are in the extended section below that (don't peak at my answers).
Q: What relationship to the event do these items have? NYLIC employees. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC customers. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC policyholder records. Which kind of a source is this?
Q: What relationship to the event do these items have? NJ DOBI (division of banking and insurance) employees. Which kind of source are they?
Q: What relationship to the event do these items have? NJ DOBI's documents (the report). Which kind of a source is this?
Q: Who or what was present at the event to witness it? Mark all that apply:
Q: What was the event, and when did it occur?
_________________________
__________________________ (fill in the blanks)
Final questions:
Q: True or false. If you were to call this individual on the day the event occurred and ask them how the event turned out, they would have no problem giving you the correct answer.
Extended content
|
---|
Q: What relationship to the event do these items have? NYLIC employees. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC customers. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC policyholder records. Which kind of a source is this?
Q: What relationship to the event do these items have? NJ DOBI (division of banking and insurance) employees. Which kind of source are they?
Q: What relationship to the event do these items have? NJ DOBI's documents (the report). Which kind of a source is this?
Q: Who or what was present at the event to witness it? Mark all that apply:
Q: What was the event, and when did it occur? Q: True or false. If you were to call this individual on the day the event occurred and ask them how the event turned out, they would have no problem giving you the correct answer.
|
We can discuss the answers when everyone is completed. Spintendo 02:28, 20 March 2018 (UTC)
The consensus is against including the proposed subsection on a 2009 market conduct examination undertaken by a New Jersey state government office.
Should this article contain a subsection on a 2009 market conduct examination undertaken by a New Jersey state government office, sourced entirely to the investigation report? The current section is as follows:
References
Is this appropriate? 16912 Rhiannon ( Talk · COI) 15:10, 21 March 2018 (UTC)
Hi again! On behalf of New York Life, as part of my work at Beutler Ink, I'd like to propose adding a new subsection to the article's Operations section. Although New York Life is an insurance firm and its major area of business is in life insurance, there's no information about this within the body of the article. My suggested draft aims to briefly explain the types of insurance New York Life offers, and give an overview of its main business. I created this new Insurance operations draft in my user space, which briefly outlines New York Life's products paying close attention to Wikipedia's rules on neutral point of view and verifiability. The section also provides an overview of New York Life's dividend payments to policyholders, which is an key aspect of its life insurance business model as a mutual company.
Here is the proposed draft for review:
New York Life's core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time. [1] [2] New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance and annuities. [2] The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP. [3]
In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012. [4] [5]
New York Life led the Million Dollar Round Table in the United States for the 62nd consecutive year with 2,511 members in 2016. [6]===Insurance operations===
New York Life's core product is [[whole life insurance]], a type of life insurance offering lifelong protection that builds cash value over time.<ref name=Girouard09/><ref name=NerdWallet17/> New York Life also sells [[term life insurance]], [[universal life insurance]], [[variable universal life insurance]], [[long-term care insurance]] and [[annuities]].<ref name=NerdWallet17/> The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the [[AARP]].<ref name=Manning13>{{cite news |title=New York Life builds on AARP knowledge to expand direct sales |author=Margie Manning
|url=http://www.bizjournals.com/tampabay/news/2013/08/15/new-york-life-builds-on-aarp-knowledge.html |work=[[Bizjournals]] |date=August 15, 2013 |accessdate=May 11, 2017}}</ref>
In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012.<ref>2016 Annual Report, p. 2-3</ref><ref name="PolicyOwnerReport">{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Report-to-Policy-Owners.pdf |title=2016 Report to Policy Owners |date=2016 |page= 3 |publisher=New York Life Insurance Company |accessdate=27 June 2017}}</ref>
References
|
---|
References
|
As I do have a financial COI, I do not intend to make any edits to the live article. I hope that an uninvolved editor (or editors) are able to review my proposed updates and make edits as appropriate. Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:46, 11 April 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again, I'm back with some more suggestions for the Operations section. Previously, I'd suggested adding an Overview subsection for this section, however the editor who reviewed preferred just to add in a few details to the existing Operations; I wanted to revisit this information, however, since there are some details they chose not to include that strike me as encyclopedic and useful to readers of this article.
Below, I've placed in green the details that I'm re-submitting for review by editors to consider adding into the Operations section, to flesh out general information about the company. The other details shown below have already been incorporated into the Operations section. Specifically, I'm looking to add:
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] The company has paid a dividend every year since 1854. [6]
New York Life offers life insurance in the U.S., and asset management operations globally. [7] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [8] Ted Mathas has served as CEO since 2008 and chairman since 2009. [9] As of 2017 [update], New York Life has 11,320 employees [10] and a sales force of about 12,000 agents [11] in 120 offices in the United States. [12] In addition to its headquarters and Jersey City tech hub [13] the company has corporate offices in Austin, Texas; White Plains, New York; and Tampa, Florida. [14] [15] [16]New York Life Insurance Company is the largest mutual life insurance company in the U.S.<ref name="Um17">{{cite news |title=New York Life selects new CIO |last1=Um |first1=Sage |url=https://www.ai-cio.com/news/new-york-life-selects-new-cio/ |newspaper=Chief Financial Officer |date=January 17, 2017 |accessdate=30 May 2017}}</ref> and the country's third-largest life insurance company.<ref name=Swarns16/> The company is owned by its policyholders and has no outside shareholders.<ref name=Girouard09>{{cite news |title=A Financial Bunker For Scary Times |author=John E. Girouard |url=https://www.forbes.com/2009/02/10/mutual-life-insurance-financial-adviser-network_0210_financial_planning.html |work=[[Forbes]] |date=February 10, 2009 |accessdate=May 11, 2017}}</ref> As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.<ref name=InternationalDirectory/><ref name="NerdWallet17">{{cite web |url=https://www.nerdwallet.com/blog/insurance/reviews/new-york-life-insurance-review/ |title=New York Life Insurance Review 2017 |date=2017 |publisher=[[NerdWallet]] |accessdate=30 May 2017}}</ref> The company has paid a dividend every year since 1854.<ref>2016 Annual Report, p. 2</ref>
References
|
---|
References
|
As I've noted before I do have a financial COI, as I'm here on behalf of NYL as part of my work at Beutler Ink and will therefore not make any edits to the live article. It's my hope that an uninvolved editor (or editors) can review my proposed updates and make edits as appropriate. @ Galatz: Would you be willing to take a look at these suggested additions? Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:55, 26 April 2018 (UTC)
![]() | This is an archive of past discussions. Do not edit the contents of this page. If you wish to start a new discussion or revive an old one, please do so on the current talk page. |
Archive 1 | Archive 2 |
What's the consensus on referencing Fortune 100 vs. Fortune 500 vs. Fortune 1000? Fortune 500 is the official list, but Fortune 100 is very commonly used for the top 100 companies in the Fortune 500. Fortune 1000 has its own entry, as does the 500, but 100 links to the 500 Crimson117 19:45, 27 November 2006 (UTC)
I took a look thru some of the old versions of this article, thinking it was too short and too "press-releasish". Older versions contained some company history and, in general, had more information. I see there was a controversy relating to demutualization, but that wasn't the only information which was removed. What's wrong with including a summarized company history from 1845 to present? And it's stance on demutualization is quite unique. First it fought for passage of a New York state bill allowing for mutual holding companies, then it reversed course and chose to remain (and even flaunt) its mutuality. FTR, I'm on the other side of demutualization debate than the now-banned "PolicyOwner", but that doesn't mean I agree the topic should be ignored. It's part of their history. 2*6 11:29, 3 January 2007 (UTC)
The currently stated income figures reflect fiscal year 2006. Times have quite obviously changed drastically since then, so could someone obtain 2008 figures if possible? KirkCliff2 ( talk) 01:59, 3 June 2009 (UTC)
Does anyone know why this entry shows up in italics under the category page of Private equity firms of the United States?-- BelBivDov ( talk) 22:43, 25 February 2016 (UTC)
I noticed today that DarylGolden and Jusdafax had restored this section. I'm not one of the ones who deleted it, but the section does seem to me to be biased, ill-researched, and possibly spammy. The references within the section are not compelling. Citing a law-firm's site that exists to seek clients so they can have someone to sue does not seem to me to be a particularly compelling argument. Blaming New York Life for the actions of one non-employee representative is misleading. Why even cite a Better Business Bureau page that merely says NYLIC failed to respond to complaints? It does not even say what those complaints were. Anyway, I thought I'd post here rather than get into some editing war on the main page. My suggestion is to either re-delete this section or rewrite it with more meaningful references. – 2*6 ( talk) 06:23, 15 January 2017 (UTC)
Hi there! I'm here with some proposed updates to improve this article. In the last few months, I've written a full new proposed draft of the article that includes my suggested edits to address inaccuracies, omissions, and general organization issues. As disclosure, I do have a financial conflict of interest, as I am here on behalf of New York Life Insurance Company through my work at Beutler Ink, and NYL has provided feedback and input on my draft.
The full draft of the proposed article update is in my user space so editors can see exactly what I'm proposing: User:16912_Rhiannon/New York Life. You can also see a comparison of the draft to the current article, in this diff. Main differences between the current article and my draft are as follows:
To keep things as simple as possible for reviewing editors, I will post edit requests for individual sections of this article. And to keep things really simple at first, I'll start with the infobox.
![]() | Part of an edit requested by an editor with a conflict of interest has been implemented. (1) The figure US$1.95 billion is not listed anywhere on page 11 of the reference provided. (2) If Fortune 500 garnered access to documents stating the company's employee count (for its article shown in reference #2) then those same sources ought to be furnished here. (3) Products proposed to be listed under the "Products" parameter in the infobox implemented. |
To start things off, I'm proposing a simple update of the current infobox. My draft infobox below includes:
Company type | Mutual |
---|---|
Industry | Insurance: Life & Annuity |
Founded | 1845 |
Headquarters |
New York Life Building New York City, New York, U.S. |
Key people | Ted Mathas, CEO and Chairman |
Products | Life insurance, annuities, long-term care, asset management |
US$1.95 billion (2016) [1] | |
AUM | US$538 billion (2016) [1] |
Number of employees | 11,320 employees (2017) [2] |
Website | www.newyorklife.com |
{{Infobox company
| name = New York Life Insurance Company
| logo = [[File:New York Life Insurance Company logo.png]]
| type = [[Mutual company|Mutual]]
| foundation = 1845
| location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]
| key_people = Ted Mathas, [[CEO]] and [[Chairman]]
| num_employees = 11,320 employees (2017)<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref>
| industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]
| products = [[Life insurance]], [[annuities]], [[long-term care]], [[asset management]]
| operating_income = US$1.95 billion (2016)<ref name=2016AnnualReport>{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Annual-Report.pdf |title=2016 Annual Report |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}} p. ii</ref>
| aum = US$538 billion (2016)<ref name=2016AnnualReport/>
| homepage = [http://www.newyorklife.com/ www.newyorklife.com]
References for infobox
|
---|
References
|
As I do have a financial COI, I do not intend to make any edits to the live article. My hope is that an uninvolved editor (or editors) are able to review my proposed updates and make edits as appropriate. Thanks in advance! 16912 Rhiannon ( Talk · COI) 03:16, 26 October 2017 (UTC)
Partially implemented
Spintendo
ᔦᔭ
07:10, 8 December 2017 (UTC)
![]() | This edit request by an editor with a conflict of interest was declined. |
As there's just a couple of small items to figure out (hopefully!) with my request above, I thought I might go ahead and share my next proposed update for this article. This proposal is to add a new section called Operations. In my full article draft, you will see that I divided this with three subsections: Overview, Insurance operations, and Asset management. For this edit request, I'd like to focus on just seeking to add a new Overview section.
My draft provides a high-level overview of the services provided by NYL, current executive leadership, number of employees and offices, and briefly explains how as a mutual New York Life differs from other companies. I'm hoping that editors can review, share any feedback and / or move the details live if they look good. Thanks in advance! 16912 Rhiannon ( Talk · COI) 15:55, 19 December 2017 (UTC)
Declined Individual reasons are given below in the overview section.
Spintendo
ᔦᔭ
18:52, 19 December 2017 (UTC)
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] The company has paid a dividend every year since 1854. [6]
Because it is not publicly traded, New York Life is able to focus on long-term financial strategies. [7] Its conservative approach to investments has helped it operate through economic cycles, including the Great Depression and Great Recession. [7] [4]
"able to focus on..."and of actions
"..conservative approach to..."Spintendo ᔦᔭ 18:52, 19 December 2017 (UTC)
New York Life offers life insurance in the U.S., and asset management operations globally. [8] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [9] Ted Mathas has served as CEO since 2008 and chairman since 2009. [10] As of 2017 [update], New York Life has 11,320 employees [11] and a sales force of about 12,000 agents [12] in 120 offices in the United States. [13]
Declined This information is already in the article.
Spintendo
ᔦᔭ
18:52, 19 December 2017 (UTC)
In addition to its headquarters and Jersey City tech hub [14] the company has corporate offices in Austin, Texas; White Plains, New York; and Tampa, Florida. [15] [16] [17]
![]() | Part of an edit requested by an editor with a conflict of interest has been implemented. Please see below for additional information regarding your request. |
Thanks for breaking down your feedback above, Spintendo. To clarify, some of these details are entirely new to the article. Also, I should have noted that this proposed section is intended to replace the existing Business scope and International operations sections; in the Business scope section, the material is not well sourced, lacks sourcing entirely for some details and is promotionally written ("exceeded guarantees", "distinguishing life insurance career milestone" "superior professional knowledge, experience and client service"), and for International operations, it doesn't feel necessary to have a standalone section to note operations in one country, when it could be mentioned briefly as part of an overview of all operations. My proposal is to replace these two problematic sections with one clear summary of the company's overall business model.
Below, I've included my draft again, rephrasing content as needed based on Spintendo's feedback and flagging in green which details are entirely new. Above, I've left notes alongside Spintendo's feedback to help understand what I've changed and why.
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] As of 2016, the company has paid a dividend every year since 1854. [18]
According to the company's former chairman and CEO Seymour Sternberg, quoted in 2010, because it is not publicly traded, New York Life is able to focus on long-term financial strategies. [7] The company states it has a conservative approach to investments, which it believes has helped it operate through economic cycles, including the Great Depression and Great Recession. [7] [4]
New York Life offers life insurance in the U.S., and asset management operations globally. [8] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [9] Ted Mathas has served as CEO since 2008 and chairman since 2009. [10] As of 2017 [update], New York Life has 11,320 employees [11] and a sales force of about 12,000 agents [12] in 120 offices in the United States. [13]==Operations==
===Overview===
New York Life Insurance Company is the largest mutual life insurance company in the U.S.<ref name="Um17">{{cite news |title=New York Life selects new CIO |last1=Um |first1=Sage |url=https://www.ai-cio.com/news/new-york-life-selects-new-cio/ |newspaper=Chief Financial Officer |date=January 17, 2017 |accessdate=30 May 2017}}</ref> and the country's third-largest life insurance company.<ref name=Swarns16>{{cite news |title=Insurance Policies on Slaves: New York Life’s Complicated Past |author=Rachel Swarns |url=https://www.nytimes.com/2016/12/18/us/insurance-policies-on-slaves-new-york-lifes-complicated-past.html?_r=0 |work=[[New York Times]] |date=December 18, 2016 |accessdate=May 26, 2017}}</ref> The company is owned by its policyholders and has no outside shareholders.<ref name=Girouard09>{{cite news |title=A Financial Bunker For Scary Times
|author=John E. Girouard |url=https://www.forbes.com/2009/02/10/mutual-life-insurance-financial-adviser-network_0210_financial_planning.html |work=[[Forbes]] |date=February 10, 2009 |accessdate=May 11, 2017}}</ref> As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.<ref name=InternationalDirectory>{{cite web |url=http://www.fundinguniverse.com/company-histories/new-york-life-insurance-company-history/ |title=New York Life Insurance Company History |date= |website=fundinguniverse.com |publisher=International Directory of Company Histories |accessdate=30 May 2017}}</ref><ref name="NerdWallet17">{{cite web |url=https://www.nerdwallet.com/blog/insurance/reviews/new-york-life-insurance-review/ |title=New York Life Insurance Review 2017 |date=2017 |publisher=[[NerdWallet]] |accessdate=30 May 2017}}</ref> As of 2016, the company has paid a dividend every year since 1854.<ref>2016 Annual Report, p. 2</ref>
According to the company's former chairman and CEO [[Seymour_G._Sternberg|Seymour Sternberg]], quoted in 2010, because it is not publicly traded, New York Life is able to focus on long-term financial strategies.<ref name=trustedadvisor10>{{cite web |url=http://trustedadvisor.com/trustmatters/ny-life-ex-chairman-sy-sternberg-on-trust-in-the-life-insurance-business-trust-quotes-16 |title=NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16 |author= |date=December 8, 2010 |work=Trustedadvisor.com |publisher=Trusted Advisor |accessdate=March 26, 2017}}</ref> The company states it has a conservative approach to investments, which it believes has helped it operate through economic cycles, including the [[Great Depression]] and [[Great Recession]].<ref name=trustedadvisor10/><ref name=InternationalDirectory/>
References
|
---|
References
|
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Re-opening a request here re: the three parts of my infobox edit request that are still outstanding. I'm looking to add:
Both are sourced to the Financial highlights on pii (the third page of the PDF, prior to the numbered pages) at the start of the Annual Report.
Also looking to add the number of employees, as sourced to New York Life's listing on the Fortune 500; as noted above there's no publicly available documentation to back up the figure provided by Fortune—the information comes from S&P Global—but I would argue that Fortune is a very reliable source for such a figure, absent any reason to question it (e.g. if there was news coverage of mass layoffs).
Here's the text and markup again, with changes sought shown in green in case it is helpful:
Company type | Mutual |
---|---|
Industry | Insurance: Life & Annuity |
Founded | 1845 |
Headquarters |
New York Life Building New York City, New York, U.S. |
Key people | Ted Mathas, CEO and Chairman |
Products | Life insurance, annuities, long-term care, asset management |
US$1.95 billion (2016) [1] | |
AUM | US$538 billion (2016) [1] |
Number of employees | 11,320 employees (2017) [2] |
Website | www.newyorklife.com |
{{Infobox company
| name = New York Life Insurance Company
| logo = [[File:New York Life Insurance Company logo.png]]
| type = [[Mutual company|Mutual]]
| foundation = 1845
| location = [[New York Life Building]]<br>[[New York City]], [[New York (state)|New York]], [[United States|U.S.]]
| key_people = Ted Mathas, [[CEO]] and [[Chairman]]
| num_employees = 11,320 employees (2017)<ref name=Fortune500>{{cite web |url=http://fortune.com/fortune500/new-york-life-insurance/ |title=Fortune 500 |publisher=[[Fortune (magazine)|Fortune]] |accessdate=27 June 2017}}</ref>
| industry = [[Insurance]]: [[Life insurance|Life]] & [[Annuity (US financial products)|Annuity]]
| products = [[Life insurance]], [[annuities]], [[long-term care]], [[asset management]]
| operating_income = US$1.95 billion (2016)<ref name=2016AnnualReport>{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Annual-Report.pdf |title=2016 Annual Report |publisher=[[New York Life Insurance Company]] |accessdate=31 May 2017}} p. ii</ref>
| aum = US$538 billion (2016)<ref name=2016AnnualReport/>
| homepage = [http://www.newyorklife.com/ www.newyorklife.com]
References for infobox
|
---|
References
|
Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:02, 19 December 2017 (UTC)
Hello fellow Wikipedians,
I have just modified 2 external links on New York Life Insurance Company. Please take a moment to review my edit. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. I made the following changes:
When you have finished reviewing my changes, you may follow the instructions on the template below to fix any issues with the URLs.
This message was posted before February 2018.
After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than
regular verification using the archive tool instructions below. Editors
have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the
RfC before doing mass systematic removals. This message is updated dynamically through the template {{
source check}}
(last update: 5 June 2024).
Cheers.— InternetArchiveBot ( Report bug) 18:52, 6 January 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again! I'd like to make a request to update the article's History section, for a few reasons:
The new draft of History I'm proposing streamlines existing detail (for example: I trimmed the quote from a company press release), while adding new content. I have divided the company's history into three sections—Early history, 20th Century, and Recent history—and every sentence carries an inline citation. Here's what I'm suggesting for review:
New York Life Insurance Company first opened in Manhattan's Financial District as Nautilus Mutual Life in 1845, 10 years after the first life insurance charter was granted in the United States. [1] [2] Originally chartered in 1841, the company also sold fire and marine insurance. [3] The company's first president, James De Peyster Ogden, was appointed in 1845. [4] Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business. [1] [3]
As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners. [1] The board of trustees voted to end the sale of insurance policies on slaves in 1848. [1] The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its Semi-Centennial History of the New-York Life Insurance Company. [5]
In its early years, New York Life sold policies to soldiers and civilians involved in combat during the American Civil War and paid claims under a flag of truce during that time. [6] [7] In the late 1800s, the company began employing female agents. [8]
In 1896, New York Life became the first company to insure people with disabilities. [9]
New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased. [10] New York Life's growth was in part fueled by its introduction of a system by which the company used agents to find new business. [10] In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents. [10]
The New York Life Building at 51 Madison Avenue in Manhattan, designed by American architect Cass Gilbert, opened in December 1928. [11] The company moved into the 34-story skyscraper in 1929. [10] Later that year, New York Life's assets survived the stock market crash; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks. [10]
Following World War II, New York Life further diversified; it invested in real estate development in the late 1940s and launched a mortgage-loan program for veterans in 1946. [10] In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween. [1] [12] In the 1970s, New York Life began selling annuities and mutual funds. [10] In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company. [10] New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from Aetna. [13]
New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the September 11 attacks. [10] Fearful of the stability of the market during the two years prior to the financial crisis of 2007–2008, New York Life moved its cash into safer investments such as treasury bonds. [7] In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the U.S. Treasury Department. [14] New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these". [15] [16]
Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in Europe, Asia and Australia, in addition to the United States. [17] As of May 2017, it was ranked No. 26 on Pensions & Investments list of largest money managers. [18]
In 2016, New York Life opened an office in Jersey City, New Jersey, to serve as a tech hub for the company. [19]
In 2017, New York Life CEO Ted Mathas was among 175 CEOs and senior executives to sign the CEO Action for Diversity and Inclusion pledge committing to diversity goals. [20]==History==
===Early history===
New York Life Insurance Company first opened in [[Manhattan]]'s [[Financial District, Manhattan|Financial District]] as '''Nautilus Mutual Life''' in 1845, 10 years after the first [[Life_insurance#United_States|life insurance charter]] was granted in the United States.<ref name=Swarns16>{{cite news |title=Insurance Policies on Slaves: New York Life’s Complicated Past |author=Rachel Swarns |url=https://www.nytimes.com/2016/12/18/us/insurance-policies-on-slaves-new-york-lifes-complicated-past.html?_r=0 |work=[[New York Times]] |date=December 18, 2016 |accessdate=May 26, 2017}}</ref><ref name=LOC12>{{cite web |url=https://blogs.loc.gov/inside_adams/2012/08/an-early-history-of-life-insurance/ |title=An early history of life insurance |date=15 August 2012 |publisher=[[Library of Congress]] |accessdate=30 May 2017}}</ref> Originally chartered in 1841, the company also sold [[fire insurance|fire]] and [[marine insurance]].<ref name=LandmarksCommission87>{{cite web |url=http://s-media.nyc.gov/agencies/lpc/lp/1512.pdf |title=Landmarks Preservation Commission February 10, 1987; Designation List 187 LP-1512 |date=10 February 1987 |publisher=New York City Landmarks Preservation Commission |accessdate=30 May 2017}}</ref> The company's first president, James De Peyster Ogden, was appointed in 1845.<ref name=Hudnut1906P2>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |page=2 |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref> Nautilus renamed itself New York Life Insurance Company in 1849 to concentrate on its life insurance business.<ref name=Swarns16/><ref name=LandmarksCommission87/>
As with other early insurance companies in the U.S., in its early years (1846–1848), at the behest of its Southern agents, the company insured the lives of slaves for their owners.<ref name=Swarns16/> The [[board of trustees]] voted to end the sale of insurance policies on slaves in 1848.<ref name=Swarns16/> The company has been open about the sales and these details have been included in books about the company as far back as 1895, including its ''Semi-Centennial History of the New-York Life Insurance Company''.<ref name=Hudnut1906P22>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=22 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref>
In its early years, New York Life sold policies to soldiers and civilians involved in combat during the [[American Civil War]] and paid claims under a flag of truce during that time.<ref name=Hudnut1906P169>{{cite book |last=Hudnut |first=James Monroe |date=1906 |title=History of the New York Life Insurance Company, 1895-1905 |page=169 |url=https://books.google.com/books?id=szJAAQAAMAAJ&dq=new%20york%20life%20civil%20war&pg=PA169#v=onepage&q=new%20york%20life%20civil%20war&f=false |dead-url= |location=New York |publisher=New York Life Insurance Company |isbn= |archive-url= |archive-date=}}</ref><ref name=trustedadvisor10/> In the late 1800s, the company began employing female agents.<ref name="Niccolls">{{cite news |title=A woman agent in the '90's |last1=Niccolls |first1=J. Fremont |newspaper=NYLIC Review |date=July 1937 |accessdate=27 June 2017}}</ref>
In 1896, New York Life became the first company to insure people with disabilities.<ref name="Vault">{{cite book |title=Vault Guide to the Top Insurance Employers |editor=Tyya N. Turner |year=2005 |publisher=Vault, Inc. |location= |isbn=9781581313208 |page=103 |url=https://books.google.com/books?id=Yju0gYTwntMC&printsec=frontcover#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>
New York Life continued to grow throughout its first 100 years as the national population and the market for life insurance increased.<ref name=InternationalDirectory>{{cite web |url=http://www.fundinguniverse.com/company-histories/new-york-life-insurance-company-history/ |title=New York Life Insurance Company History |date= |website=fundinguniverse.com |publisher=International Directory of Company Histories |accessdate=30 May 2017}}</ref> New York Life's growth was in part fueled by its introduction of a system by which the company used [[Independent_insurance_agent|agents]] to find new business.<ref name=InternationalDirectory/> In 1892, company President John A. McCall introduced the branch office system: offices that served as liaisons between New York and field agents.<ref name=InternationalDirectory/>
===20th Century===
[[File:New York Life Building 2.jpg|thumb|right|[[New York Life Building]]]]
The New York Life Building at 51 Madison Avenue in Manhattan, designed by American [[architect]] [[Cass Gilbert]], opened in December 1928.<ref name="CassGilbert">{{cite web |url=http://www.cassgilbertsociety.org/works/nyc-newyorklife/ |title=New York Life Building |publisher=Cass Gilbert Society |accessdate=30 May 2017}}</ref> The company moved into the 34-story skyscraper in 1929.<ref name=InternationalDirectory/> Later that year, New York Life's assets survived the [[Wall Street Crash of 1929|stock market crash]]; state regulation and company investing policy had led New York Life to invest in government bonds and real estate, not common stocks.<ref name=InternationalDirectory/>
Following [[World War II]], New York Life further diversified; it invested in [[real estate development]] in the late 1940s and launched a mortgage-loan program for [[veterans]] in 1946.<ref name=InternationalDirectory/> In 1957, New York Life hired one of the industry's first black agents, Cirilo McSween.<ref name=Swarns16/><ref name=Deppe17>{{cite book |title=Operation Breadbasket: An Untold Story of Civil Rights in Chicago, 1966–1971 |author=Martin L. Deppe |year=2017 |publisher=[[University of Georgia Press]] |location=[[Athens, Georgia]] |isbn=9780820350455 |page=69 |url=https://books.google.com/books?id=5UhaDgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref> In the 1970s, New York Life began selling annuities and mutual funds.<ref name=InternationalDirectory/> In the late 1990s and early 2000s, as other mutual life insurance companies became publicly traded corporations, New York Life remained a mutual company.<ref name=InternationalDirectory/> New York Life entered the Mexican market in 1999 when it acquired Seguros Monterrey from [[Aetna]].<ref name=Lohse99>{{cite news |title=New York Life Insurance to buy Mexican insurer for $570 million |last1=Lohse |first1=Deborah |last2=Millman |first2=Joel |url=https://www.wsj.com/articles/SB94448744554858708 |newspaper=[[The Wall Street Journal]] |date=7 December 1999 |accessdate=30 May 2017}}</ref>
===Recent history===
New York Life was among the insurers who relaxed their claims process for missing persons in the wake of the [[September 11 attacks]].<ref name=InternationalDirectory/> Fearful of the stability of the market during the two years prior to the [[financial crisis of 2007–2008]], New York Life moved its cash into safer investments such as [[United_States_Treasury_security|treasury bonds]].<ref name=trustedadvisor10>{{cite web |url=http://trustedadvisor.com/trustmatters/ny-life-ex-chairman-sy-sternberg-on-trust-in-the-life-insurance-business-trust-quotes-16 |title=NY Life ex-Chairman Sy Sternberg on Trust in the Life Insurance Business: Trust Quotes #16 |author=t |date=December 8, 2010 |work=Trustedadvisor.com |publisher=Trusted Advisor |accessdate=March 26, 2017}}</ref> In the ensuing financial crisis, New York Life Insurance Company rejected assistance from the [[U.S. Treasury Department]].<ref name="NBCNews08">{{cite news |title=Two insurers reject government bailout help |url=http://www.nbcnews.com/id/27631025/ns/business-us_business/t/two-insurers-reject-government-bailout-help/#.WS212hPysWo |newspaper=[[NBC News]] |date=9 November 2008 |accessdate=30 May 2017}}</ref> New York Life credited its diversification and conservative investments to withstanding a hit from the crisis; company CEO Ted Mathas has been quoted as saying, "We were built for times like these".<ref name="NYLOffices">{{cite web |url=http://www.albany.nyloffices.com/files/4375/Built%20for%20times%20like%20these.pdf |title=Built for Times Like These |publisher=New York Life Insurance Company |accessdate=30 May 2017}}</ref><ref name="Goffee15">{{cite book |title=Why Should Anyone Work Here?: What It Takes to Create an Authentic Organization |author=Robert Goffee and Gareth Jones |year=2015 |publisher=[[Harvard Business Press]] |isbn=9781625275097 |page=104 |url=https://books.google.com/books?id=68OPCgAAQBAJ&printsec=frontcover&source=gbs_atb#v=onepage&q&f=false |accessdate=30 May 2017}}</ref>
Following the 2013 acquisition of Dexia Asset Management, later renamed Candriam Investors Group, New York Life Investments became one of the largest asset managers worldwide, with access to markets in [[Europe]], [[Asia]] and [[Australia]], in addition to the United States.<ref name="Orzeck13">{{cite news |title=New York Life buys Dexia Asset Management arm for $512M |last1=Orzeck |first1=Kurt |url=https://www.law360.com/articles/475464/new-york-life-buys-dexia-asset-management-arm-for-512m |newspaper=[[Law360]] |date=24 September 2013 |accessdate=30 May 2017}}</ref> As of May 2017, it was ranked No. 26 on ''Pensions & Investments'' list of largest money managers.<ref name="P&I17">{{cite news |title=The largest money managers |url=http://www.pionline.com/specialreports/money-managers/20170529 |newspaper=Pensions & Investments |date=29 May 2017 |accessdate=27 June 2017}}</ref>
In 2016, New York Life opened an office in [[Jersey City, New Jersey]], to serve as a tech hub for the company.<ref name=Strauss16>{{cite news |title=New York Life shuffling, eliminating jobs as it plans tech hub in Jersey City |author=Eric Strauss |url=http://www.njbiz.com/article/20160209/NJBIZ01/160209780/new-york-life-shuffling-eliminating-jobs-as-it-plans-tech-hub-in-jersey-city |work=NJBiz |date=February 9, 2016 |accessdate=May 26, 2017}}</ref>
References for History
|
---|
References
|
Because of my conflict of interest, I'm hoping that editors can review, share any feedback and / or move the details live if they look good. Pinging @ Keithbob and Guy Macon: since you both have worked on company History sections on WP:GA, I wondered if either or both of you would be interested to take a look at this one, given the company's long and interesting history! Thanks in advance! 16912 Rhiannon ( Talk · COI) 21:37, 25 January 2018 (UTC)
Proposal added to article.
Regards,
Spintendo
ᔦᔭ
20:35, 26 January 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again! Following my requests so far to update this article, I'd like to make a request to remove the Criticism and controversy section from the article. This entire section is rather poorly sourced, verges on original research, and consists of seemingly not notable events that were not covered in independent, third-party sources. This section was discussed a while back by 2*6 and Jusdafax, and I think it's worth revisiting since there has been no change since then in terms of improved sourcing.
Sources This section contains eight sources.
The section also includes a number of details lauding New York Life, the source material of which I feel are of equally poor quality. These include bestliferates.org, a New York Life press release, and a dead link to Top Work Places. The only info here with a secondary source is NYL's best-places-to-work listing in Boston, which cites Business Insider. Regardless, I propose that this information be removed, too.
My take is that important, notable events and issues belong on Wikipedia—whether positive or negative—if it has generated coverage in reliable, independent sources, is relevant to the subject, and given WP:DUE weight. In this case I tend to agree with 2*6 that the sources used here are not compelling, and are borderline spammy. Interested to hear others thoughts on this and whether this section might be updated or removed! Just to quickly note again, I do have a financial COI here as I'm here on behalf of NYL as part of my work with Beutler Ink, so will not make this edit myself and would like to discuss with others. 16912 Rhiannon ( Talk · COI) 21:29, 22 December 2017 (UTC)
![]() |
To be honest, I'm not quite sure why that section exists to begin with. The cited report doesn't seem to be as much an investigation or criticism as routine review and the results, lacking comparative context as they are, look like nothing unusual. So we have two possible cases here: Either it's a routine review, which should be filed under "New Jersey State review" or "Case statistics", rather than "criticisms" or "investigation"; or it's indeed an investigation - a non-routine event based on some outside derogatory information (client complaints, media reports and the like) - in which case you should provide the context and outcomes of the investigation in addition to its conclusions. François Robere ( talk) 23:03, 9 February 2018 (UTC) |
The cited report doesn't seem to be as much an investigation or criticism as routine review.The report was conducted by the Commissioner for Banking and Insurance of the state of New Jersey, officially called a "Market Conduct Examination", as authorized by N.J.S.A. 17B:30-13.2 (Complaint handling procedures) and N.J.A.C. 11:2-17.6 (Rules for replying to pertinent communications). [1]: i These were not part of any type of regular or routine examination, and were triggered by reports from consumers. [1]: 15
Lacking comparative context as they are, look(s) like nothing unusual.The examination revealed certain instances where company practices did not accord fully with various provisions of New Jersey insurance statutes and regulations. [1]: i On the contrary, these are unusual occurances.
So we have two possible cases here: Either it's a routine review, which should be filed under "New Jersey State review" or "Case statistics", rather than "criticisms" or "investigation"; or it's indeed an investigation - a non-routine event based on some outside derogatory information (client complaints, media reports and the like)This was not outside information. According to the report, these findings were based on information provided by the New York Life Insurance Company itself (e.g., "Based on the documentation and information submitted by the Companies"). [1]: i
in which case you should provide the context and outcomes of the investigation in addition to its conclusions.Notwithstanding the fact that outcomes and conclusions are often the same thing, both are to be found in the report under "Examiner's findings". A summary of those findings is what I placed in the Wikipedia article in place of the poorly formed claim statements which were originally placed there. As these "outcomes/conclusions" exist in two locations for editors to read on their own, I wont expound upon them further. Suffice it to say, they do not speak poorly of NY life Ins. Indeed, the findings exonerated the company in the majority of areas where complaints were filed, with the majority of errors being committed in policyholder services. [1]: 3
References
The section in question has been rewritten:
All of the information remains the same. Its presentation is the only thing altered. Let me know if this works. Spintendo 18:54, 27 February 2018 (UTC)
Is the Policyholder service improvements subsection of the company History appropriate, or should it be removed or reduced in length? The current content is based on a market conduct examination report from the State of New Jersey Department of Banking and Insurance and there is no coverage of this from independent, secondary sources, however a mention of the report has been retained in the article for a couple of years in one form or another. Thanks in advance, 16912 Rhiannon ( Talk · COI) 20:25, 12 March 2018 (UTC) Please note: I have a conflict of interest as I am here on behalf of New York Life as part of my work with Beutler Ink. 16912 Rhiannon ( Talk · COI) 17:49, 15 March 2018 (UTC)
First party | Third party | |
---|---|---|
Primary source | A NYLIC employee fills out paperwork regarding a life insurance claims process they are undergoing with a customer.
|
Friends and family members of that customer who were present to witness the claims process share their observations of the family member's experience of that process by publishing it on Facebook.
|
Secondary source | A NYLIC employee gathers documents which discuss other customer's life insurance claims processes.
|
NJ Banking and Insurance regulators examine these documents and write a report of findings based on conclusions drawn from their examination, publishing their findings through the NJ Courts. |
Tertiary source | A NYLIC employee incorporates the findings of other non-life insurance insurance examiners outside of the company who have been asked to consult on these claims and offer their opinions.
|
A database on insurance claim processes with data on hundreds of different cases in all realms of insurance is set up by consumer advocates for the public to examine, which is published online through the LexisNexis database.
|
Notes
References
That policy says Do not analyze, evaluate, interpret, or synthesize material found in a primary source yourself."
You still need to describe in what way and with which passages I am taking material from a primary source and analysing it. We need to see specific passages where material from the report has been taken and used in analysis in anything I have placed into the article. Also, the policy states "Wikipedia articles usually rely on material from reliable secondary sources. Articles may make an analytic, evaluative, interpretive, or synthetic claim only if that has been published by a reliable secondary source."
In which case, what is the claim that is being erroneously made here? Is the entire report "the claim"? Correct me if I'm wrong, but if I had to guess I'd say that's what you thought it was, the entire report is the claim. However, a secondary source provides an author's own thinking based on primary sources, generally at least one step removed from an event. Describe for me how these regulators, looking at primary source documents from NYLIC — some of them covering events as many as two years prior to the report being made — are not the secondary source (the regulators)? And finally, if the regulators are the primary source, then what is the analysis they are doing? I see that they are reporting on data, the number of files which failed to be resolved. The determination of a failure in resolution—is that the analysis? If that is the analysis, then what documents are they basing this analysis on? I think what would be helpful here would be to take a quick informational survey. A survey is a great way of guaging participants levels of understanding of a particular incident, in order to make sure they are all on the same page. Otherwise, discussion would have an added sense of difficulty. Rhiannon and I will both answer these ten questions. There are six multiple choice, three true or false and one fill in the blank. Rhiannons questions are below, and mine are in the extended section below that (don't peak at my answers).
Q: What relationship to the event do these items have? NYLIC employees. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC customers. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC policyholder records. Which kind of a source is this?
Q: What relationship to the event do these items have? NJ DOBI (division of banking and insurance) employees. Which kind of source are they?
Q: What relationship to the event do these items have? NJ DOBI's documents (the report). Which kind of a source is this?
Q: Who or what was present at the event to witness it? Mark all that apply:
Q: What was the event, and when did it occur?
_________________________
__________________________ (fill in the blanks)
Final questions:
Q: True or false. If you were to call this individual on the day the event occurred and ask them how the event turned out, they would have no problem giving you the correct answer.
Extended content
|
---|
Q: What relationship to the event do these items have? NYLIC employees. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC customers. Which kind of a source are they?
Q: What relationship to the event do these items have? NYLIC policyholder records. Which kind of a source is this?
Q: What relationship to the event do these items have? NJ DOBI (division of banking and insurance) employees. Which kind of source are they?
Q: What relationship to the event do these items have? NJ DOBI's documents (the report). Which kind of a source is this?
Q: Who or what was present at the event to witness it? Mark all that apply:
Q: What was the event, and when did it occur? Q: True or false. If you were to call this individual on the day the event occurred and ask them how the event turned out, they would have no problem giving you the correct answer.
|
We can discuss the answers when everyone is completed. Spintendo 02:28, 20 March 2018 (UTC)
The consensus is against including the proposed subsection on a 2009 market conduct examination undertaken by a New Jersey state government office.
Should this article contain a subsection on a 2009 market conduct examination undertaken by a New Jersey state government office, sourced entirely to the investigation report? The current section is as follows:
References
Is this appropriate? 16912 Rhiannon ( Talk · COI) 15:10, 21 March 2018 (UTC)
Hi again! On behalf of New York Life, as part of my work at Beutler Ink, I'd like to propose adding a new subsection to the article's Operations section. Although New York Life is an insurance firm and its major area of business is in life insurance, there's no information about this within the body of the article. My suggested draft aims to briefly explain the types of insurance New York Life offers, and give an overview of its main business. I created this new Insurance operations draft in my user space, which briefly outlines New York Life's products paying close attention to Wikipedia's rules on neutral point of view and verifiability. The section also provides an overview of New York Life's dividend payments to policyholders, which is an key aspect of its life insurance business model as a mutual company.
Here is the proposed draft for review:
New York Life's core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time. [1] [2] New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance and annuities. [2] The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP. [3]
In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012. [4] [5]
New York Life led the Million Dollar Round Table in the United States for the 62nd consecutive year with 2,511 members in 2016. [6]===Insurance operations===
New York Life's core product is [[whole life insurance]], a type of life insurance offering lifelong protection that builds cash value over time.<ref name=Girouard09/><ref name=NerdWallet17/> New York Life also sells [[term life insurance]], [[universal life insurance]], [[variable universal life insurance]], [[long-term care insurance]] and [[annuities]].<ref name=NerdWallet17/> The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the [[AARP]].<ref name=Manning13>{{cite news |title=New York Life builds on AARP knowledge to expand direct sales |author=Margie Manning
|url=http://www.bizjournals.com/tampabay/news/2013/08/15/new-york-life-builds-on-aarp-knowledge.html |work=[[Bizjournals]] |date=August 15, 2013 |accessdate=May 11, 2017}}</ref>
In 2016, New York Life reported that total dividend and benefits paid to policyholders grew to $10.1 billion and announced a dividend payout of $1.8 billion, a 35 percent increase since 2012.<ref>2016 Annual Report, p. 2-3</ref><ref name="PolicyOwnerReport">{{cite web |url=https://www.newyorklife.com/content/dam/nyl-cms-dotcom/pdfs/financial-info/2016/2016-Report-to-Policy-Owners.pdf |title=2016 Report to Policy Owners |date=2016 |page= 3 |publisher=New York Life Insurance Company |accessdate=27 June 2017}}</ref>
References
|
---|
References
|
As I do have a financial COI, I do not intend to make any edits to the live article. I hope that an uninvolved editor (or editors) are able to review my proposed updates and make edits as appropriate. Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:46, 11 April 2018 (UTC)
![]() | This edit request by an editor with a conflict of interest has now been answered. |
Hi again, I'm back with some more suggestions for the Operations section. Previously, I'd suggested adding an Overview subsection for this section, however the editor who reviewed preferred just to add in a few details to the existing Operations; I wanted to revisit this information, however, since there are some details they chose not to include that strike me as encyclopedic and useful to readers of this article.
Below, I've placed in green the details that I'm re-submitting for review by editors to consider adding into the Operations section, to flesh out general information about the company. The other details shown below have already been incorporated into the Operations section. Specifically, I'm looking to add:
New York Life Insurance Company is the largest mutual life insurance company in the U.S. [1] and the country's third-largest life insurance company. [2] The company is owned by its policyholders and has no outside shareholders. [3] As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. [4] [5] The company has paid a dividend every year since 1854. [6]
New York Life offers life insurance in the U.S., and asset management operations globally. [7] Through Seguros Monterrey New York Life, the company offers insurance in Mexico. [8] Ted Mathas has served as CEO since 2008 and chairman since 2009. [9] As of 2017 [update], New York Life has 11,320 employees [10] and a sales force of about 12,000 agents [11] in 120 offices in the United States. [12] In addition to its headquarters and Jersey City tech hub [13] the company has corporate offices in Austin, Texas; White Plains, New York; and Tampa, Florida. [14] [15] [16]New York Life Insurance Company is the largest mutual life insurance company in the U.S.<ref name="Um17">{{cite news |title=New York Life selects new CIO |last1=Um |first1=Sage |url=https://www.ai-cio.com/news/new-york-life-selects-new-cio/ |newspaper=Chief Financial Officer |date=January 17, 2017 |accessdate=30 May 2017}}</ref> and the country's third-largest life insurance company.<ref name=Swarns16/> The company is owned by its policyholders and has no outside shareholders.<ref name=Girouard09>{{cite news |title=A Financial Bunker For Scary Times |author=John E. Girouard |url=https://www.forbes.com/2009/02/10/mutual-life-insurance-financial-adviser-network_0210_financial_planning.html |work=[[Forbes]] |date=February 10, 2009 |accessdate=May 11, 2017}}</ref> As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends.<ref name=InternationalDirectory/><ref name="NerdWallet17">{{cite web |url=https://www.nerdwallet.com/blog/insurance/reviews/new-york-life-insurance-review/ |title=New York Life Insurance Review 2017 |date=2017 |publisher=[[NerdWallet]] |accessdate=30 May 2017}}</ref> The company has paid a dividend every year since 1854.<ref>2016 Annual Report, p. 2</ref>
References
|
---|
References
|
As I've noted before I do have a financial COI, as I'm here on behalf of NYL as part of my work at Beutler Ink and will therefore not make any edits to the live article. It's my hope that an uninvolved editor (or editors) can review my proposed updates and make edits as appropriate. @ Galatz: Would you be willing to take a look at these suggested additions? Thanks in advance! 16912 Rhiannon ( Talk · COI) 20:55, 26 April 2018 (UTC)