New York Life Global Funding - Irish Stock Exchange

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NEW YORK LIFE INSURANCE COMPANY NOTES TO STATUTORY FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 NOTE 1 – NATURE OF OPERATIONS New York Life Insurance Company (“the Company”), a mutual life insurance company domiciled in New York State, and its subsidiaries offer a wide range of insurance and investment products and services including life and health insurance, long-term care, annuities (including single premium immediate annuities or guaranteed lifetime income annuities), pension products, mutual funds, and other investments and investment advisory services. Through certain Affinity programs, the Company is the exclusive provider of life insurance and fixed immediate and deferred annuities to members of AARP and underwrites group life, health and disability programs for professional and affinity organizations. The Company’s primary business operations are its Insurance and Investment Groups. The Insurance Group operations are conducted primarily through the Company and its wholly owned U.S. insurance subsidiaries New York Life Insurance and Annuity Corporation (“NYLIAC”) and NYLIFE Insurance Company of Arizona (“NYLAZ”). Through its wholly owned subsidiary, New York Life Enterprises LLC (“NYL Enterprises”), the Company markets individual insurance and investment products in Mexico, Taiwan and India. The Investment Group activities are conducted primarily through the Company, NYLIAC and various registered investment advisory subsidiaries of its wholly owned subsidiary, New York Life Investment Management Holdings LLC (“New York Life Investments”). NYLIFE LLC is a wholly owned subsidiary of the Company, and is a holding company for certain noninsurance subsidiaries of the Company. NYLIFE LLC, through its subsidiaries, offers securities brokerage, financial planning and investment advisory services, trust services and capital financing. Basis of Presentation The accompanying financial statements have been prepared using accounting practices prescribed by the New York State Department of Financial Services (“statutory accounting practices”), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“U.S. GAAP”). The New York State Department of Financial Services (“NYSDFS”) recognizes only statutory accounting practices prescribed or permitted by the State of New York for determining and reporting the financial position and results of operations of an insurance company and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed practices by the State of New York. Prescribed statutory accounting practices include state laws and regulations. Permitted statutory accounting practices encompass accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. The Company has no permitted practices. 10
A reconciliation of the Company’s net income at December 31, 2011 and 2010 between NAIC SAP and practices prescribed by the State of New York is shown below (in millions): December 31, 2011 December 31, 2010 Statutory Net Income, New York basis $ 263 $ 526 State Prescribed Practices: NYSDFS Circular Letter No. 11 (2010) impact on deferred 1. premiums* 3 5 2. NYSDFS Seventh Amendment to Regulation No. 172 admitted unearned reinsurance premium** (2) (1) Statutory Net Income, NAIC SAP $ 264 $ 530 A reconciliation of the Company’s surplus at December 31, 2011 and 2010 between NAIC SAP and practices prescribed by the State of New York is shown below (in millions): December 31, 2011 December 31, 2010 Statutory Surplus, New York basis $ 15,129 $ 14,717 State Prescribed Practices: NYSDFS Circular Letter No. 11 (2010) impact on 1. deferred premiums* 96 93 2. NYSDFS Seventh Amendment to Regulation No. 172 admitted unearned reinsurance premium** (37) (35) Statutory Surplus, NAIC SAP $ 15,188 $ 14,775 * NYSDFS Circular Letter No. 11 (2010) clarified the accounting for deferred premium assets when reinsurance is involved (See Changes in Accounting Principles for details). ** NYSDFS Regulation 172 was amended to allow for the admission of an unearned reinsurance premium asset (See Changes in Accounting Principles for details). Certain amounts in prior years have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or surplus as previously reported. Changes in Accounting Principles Accounting changes adopted to conform to the provisions of NAIC SAP or other state prescribed accounting practices are reported as changes in accounting principles. The cumulative effect of changes in accounting principles is generally reported as an adjustment to unassigned funds (surplus) in the period of the change in accounting principle. Generally, the cumulative effect is the difference between the amount of capital and surplus at the beginning of the year and the amount of capital and surplus that would have been reported at that date if the new accounting principles had been applied retroactively for all prior periods. In October 2010, the NAIC revised Statement of Statutory Accounting Principle (“SSAP”) No. 5, “Liabilities, Contingencies and Impairments of Assets”. The revisions require the reporting entity to recognize, at the inception of a guarantee, the fair value of the liability for the obligations it has undertaken in issuing the guarantee, even if the likelihood of having to make payments under the 11
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Page 13 and 14: Structured Securities”. The revis
Page 15 and 16: • life insurance companies are re
Page 17 and 18: The following table reconciles the
Page 19 and 20: are adjusted to reflect historical
Page 21 and 22: Real estate held for the production
Page 23 and 24: Dividends to Policyholders The liab
Page 25 and 26: Benefit Plans The Company maintains
Page 27 and 28: During periods of low or declining
Page 29 and 30: 2011 2010 Estimated Estimated Carry
Page 31 and 32: Common and Preferred Stocks The car
Page 33 and 34: The Company maintains a watchlist o
Page 35 and 36: The related allowance for credit lo
Page 37 and 38: issued to the Federal Home Loan Ban
Page 39 and 40: Proceeds from investments in bonds
Page 41 and 42: 2010 Less than 12 months Greater th
Page 43 and 44: NOTE 5 - DERIVATIVE FINANCIAL INSTR
Page 45 and 46: Income Generation The Company seeks
Page 47 and 48: December 31, 2010 Derivative type P
Page 49 and 50: Net Investment Hedges The following
Page 51 and 52: Loan Agreement, when aggregated wit
Page 53 and 54: agreements. At December 31, 2011 an
Page 55 and 56: Life Reserves Reserves for life ins
Page 57 and 58: of NY was $5,033 million of which $
Page 59 and 60: Fair value separate accounts fundin
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The following is a reconciliation o
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The tax effects of temporary differ
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As discussed in Note 2 - Significan
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at an adjusted treasury rate plus 2
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The assets of the Pension Plan and
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The tables below are for financial
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Weighted-average assumptions used t
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eimbursements under the ERRP for ce
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The fair values of the Pension Plan
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The fair values of other postretire
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All participants who complete an ho
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participants age 50 and over to mak
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Guarantees At December 31, 2011 the
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Nature and circumstances of guarant
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At December 31, 2011, the lease agr
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The following tables present the te
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The following table presents the ch
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NOTE 16 - WRITTEN PREMIUMS Deferred
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Mortgage loans The estimated fair v
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The levels of the fair value hierar
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The following table represents the
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Transfers between Levels 1 and 2 Du
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and on-going review of third-party
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APPENDIX 107
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IMPAIRMENTS TAKEN ON CURRENT HOLDIN
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