AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aaa” (Exceptional) of New York Life Insurance Company, New York Life Insurance and Annuity Corporation (NYLIAC), Life Insurance Company of North America (LINA), New York Life Group Insurance Company of NY (NYLGICNY) and NYLIFE Insurance Company of Arizona. All companies are referred to as New York Life and are headquartered in New York, NY. AM Best also has affirmed the Long-Term ICRs of “aaa” (Exceptional) of New York Life Global Funding and New York Life Funding. Lastly, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of the funding agreement-backed securities programs, the outstanding notes issued therein and the Long-Term IRs on the existing surplus notes of New York Life Insurance Company. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long- and Short-Term IRs)

The ratings reflect New York Life’s balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management.

The rating affirmations reflect New York Life’s ability to continue to generate solid earnings, prudent expense management and financial flexibility. In addition, New York Life has maintained competitive market positioning through continued business growth and the payment of record policyowner dividends. The balance sheet strength assessment is further supported by the company’s well-diversified investment portfolio and its favorable financial flexibility and liquidity. Additionally, the balance sheet strength is also supported by New York Life’s capital adequacy remaining at the strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), supporting the company’s ongoing strategic initiatives and risk-adjusted capitalization relative to peers.

The group’s very strong operating performance is derived from a well-diversified business providing multiple sources of revenue. This performance has continued to improve steadily, supported by favorable earnings across its operating segments and the strength of its agency sales force. An expanding and diverse profitable book of annuities, life insurance and employee benefits provide support for New York Life’s very favorable business profile.

The following Long-Term IRs have been assigned with stable outlooks:

New York Life Global Funding —

- “aaa” (Exceptional) on CAD 1 billion 4% senior secured-fixed rate, due June 2032

- “aaa” (Exceptional) on EUR 500 million 3.625% senior secured-fixed rate, due June 2035

- “aaa” (Exceptional) on $600 million 4.6% senior secured-fixed rate, due June 2030

- “aaa” (Exceptional) on $600 million 0.55% senior secured-floating rate, due June 2027

The following Long-Term IR has been affirmed with stable outlooks:

New York Life Global Funding — “aaa” (Exceptional) program rating

- “aaa” (Exceptional) on all outstanding notes issued under the program

New York Life Funding — “aaa” (Exceptional) program rating

New York Life Insurance Company—

- “aa” (Superior) on $1 billion 5.875% surplus notes, due May 2033

- “aa” (Superior) on $1 billion 6.75% surplus notes, due November 2039

- “aa” (Superior) on $1.25 billion 3.75% surplus notes, due May 2050

- “aa” (Superior) on $1 billion 4.45% surplus notes, due May 2069

The following Short-Term IR has been affirmed:

New York Life Capital Corporation —

- AMB-1+ (Strongest) on the commercial paper program

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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