New York Life, America's largest mutual life insurer1, today released the company's 2020-2021 Environmental, Social, and Governance (ESG) Report. The report highlights New York Life's approach to ESG, which is rooted in our core values of humanity and integrity, supported by our mutuality and financial strength.
"We must be thoughtful about—and, more importantly, accountable for—our decisions and actions because, in the bigger picture, we are all in this together," write CEO and President Craig DeSanto and Chairman Ted Mathas in the Report's opening letter. "Our impact extends beyond the scope of our business operations and supporting our most immediate constituents. We have been putting our financial and other corporate resources behind organizations and initiatives aimed at creating opportunities and promising futures for people from all walks of life, as well as addressing the economic and societal inequalities that have become increasingly apparent in our nation."
The Report covers many aspects of New York Life's business—from the company's long-term strategy to be there for our policy owners, to the way the company strives to be a force for good in society. Additionally, this report also includes our first Taskforce on Climate-Related Financial Disclosures (TCFD) index, which discusses the ways we are managing climate risk at New York Life.
Highlights from the report include:
- The results of our updated ESG materiality assessment
- Employee training and development highlights
- New metrics and targets from the New York Life Foundation, including volunteer hours and social justice investments
- New target for our supplier diversity programs
- In-depth discussion from our asset management business on its integration of ESG
- Details on our reduction in greenhouse gas emissions since 2019
- Our efforts around reducing waste and single-use plastics within our operations
- How we handle ESG from a governance perspective
To view New York Life's 2020-2021 ESG Report, visit here.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
2Individual independent rating agency commentary as of 6/22/2022: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).
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