He was warm-hearted, witty, and multi-talented as a singer, woodworker, and gourmand who made his own sourdough starter and savored a nice wine with the dinner recipes he created. Murray Giles Hulse died peacefully in Charlottesville on February 1, 2026, with family singing to him at his bedside. In recent years he faced significant health challenges due to Parkinson’s Disease.
Murray was born in Elizabeth, NJ, to Stewart Harding Hulse and Katharine Jones Hulse on November 12, 1934. He was raised in Westfield, NJ, where he ran track in high school and where music became an important part of his life, beginning in his early years playing the clarinet and working at the local record shop.
Blessed with a beautiful baritone voice, he sang in choruses and select ensembles throughout high school and college. A member of Chi Psi fraternity and Choir, he graduated from Hamilton College in 1956 with a dual major in biology and music, which he liked to claim allowed him to teach frogs how to sing.
Soon after college graduation he began a career with Aetna Life Insurance Company that took him to Michigan, where he and his former wife welcomed and raised their three children in the northwest suburbs of Detroit. During that time, he studied voice with a renowned Metropolitan Opera baritone who said he wished he’d met Murray sooner since he “might have had a career.” He sang with the professional Kenneth Jewell Chorale and had numerous lead roles in musical theater productions in the greater Detroit area.
Wherever he was living Murray sang in the church choir, which is where he and Dory, his devoted wife and soul mate, first met. He was the one in the middle of the baritone section at rehearsals who wore an innocent expression while his fellow singers were guffawing over some witty pun he had just uttered.
After nearly two decades at Aetna, he transitioned to employee benefits consulting—a move that eventually drew him to Boston and New York City before he changed careers entirely. His departure from the corporate world turned a lifelong hobby into a full-time business. Murray started Time & Again Furnishings at home in Ridgewood, NJ, and soon moved to larger quarters as he grew the business of designing and building custom furniture and cabinetry. He was delighted when his son, Eddie, moved from Michigan to join him in the business in 1994. He brought his entrepreneurial business spirit to the Rotary Club of Ridgewood, serving on the Board and as President.
As a hobby Murray’s woodworking skill was top tier. Among his most ambitious projects was his restoration of a 1936 Chris-Craft, awarded a prize by the Lake Winnipesaukee (NH) Antique and Classic Boat Society. This recognition was particularly meaningful due to many decades he spent vacationing at Boulder wood, the special cottage his parents built on the lake which he acquired upon their passing, allowing another generation to enjoy truly memorable times there as well.
When the couple built their home in Earlysville, Virginia in 2002, the construction included a separate woodworking shop. Every room in the house shows his talent in its cabinetry, furniture, or both. Murray joined a club of fellow woodworkers, the Brothers in Wood, who share ideas, sometimes tools, and always camaraderie. When their church formed a Mission Construction Team, Murray didn’t hesitate to offer his skills to repair homes for those in need in Virginia’s coal country and post-Katrina New Orleans, making multiple trips to both locations.
A member of First Presbyterian Church in Charlottesville, Murray enjoyed singing in the church choir, spent a decade singing with the Oratorio Society of Virginia, and supported both Oratorio and the Charlottesville Symphony as a board member. A UVA Hoos fan alongside Dory, they enjoyed traveling together across the United States and three continents.
Murray is survived by Dory, his wife of 48 years, his sister Susan Logan, and three children from his marriage to Marilyn Jaffee: Katherine Loomis (Peter), Elizabeth Ludwig (Thomas), and Edward Hulse (Janine). He is also survived by Dory’s three sons: Matthew (Linda), Peter (Tabby), and Christopher (Carmen) Bailey, as well as a total of 15 grandchildren and 7 great-grandchildren. He also leaves nephews Daniel Logan (Sophia) and Stephen Hulse (Grace), nieces Melissa Hulse (Thomas Dingus) and Jennifer Hulse Mitchell, and five greatnieces and nephews. His brother Stewart Hulse Jr. predeceased him.
A memorial service will be held at 11 a.m. on Saturday, April 11 at the First Presbyterian Church, 500 Park Street, Charlottesville. A reception will follow in the Fellowship Hall. In lieu of flowers, memorial donations may be made to the Charlottesville Symphony, Oratorio Society of Virginia, First Presbyterian Church’s Music Endowment Fund or its Honduras & Mission Fund. Teague Funeral Home has assisted the family with arrangements (TeagueFuneralHome.com). Murray’s ashes will be placed in Monticello Memory Gardens.
WINDSOR, Conn. — Total new annualized premium exceeded $17.5 billion in 2025, up 10% year over year, according to LIMRA’s individual life insurance sales survey. Individual life insurance new premium has set records for four of the past five years, including 2025. The number of policies sold rose 7% for the year.
In the fourth quarter of 2025, new annualized premium totaled $4.9 billion, up 6% over the prior year. Policy count rose 9% in the fourth quarter.
“It was an exceptional year for individual life insurance with indexed and variable universal life products posting double-digit premium growth,” said Sean Grindall, senior vice president and chief member relations and solutions officer, LIMRA and LOMA. “LIMRA predicts more measured sales growth in 2026, as softening economic conditions impact the profitability of interest-sensitive and market-linked product lines. We expect the most successful carriers will be those that broaden their product portfolios to better manage increasing economic volatility and meet the rising need of middle-income and mass-affluent consumers.”
Indexed universal life
Indexed universal life (IUL) set quarterly and annual sales records. In the fourth quarter, IUL new annualized premium was $1.3 billion, up 12% year over year. IUL policy count jumped 13% in the fourth quarter.
“Broader distribution, enhanced products and a strong equity market all contributed to the IUL growth in the fourth quarter and in 2025,” said Karen Terry, corporate vice president and head of LIMRA Insurance Research. “Despite a weaker economy, LIMRA is forecasting double-digit IUL sales growth in 2026, supported by the increased distribution reach as additional products become available.”
For the year, IUL new premium totaled a record-high $4.5 billion, 17% higher than 2024 results. Policy sales increased 8% over 2024 levels.
IUL new premium represented 25% of the total U.S. life insurance market in 2025.
Whole life
Driven by final expense product sales, total whole life (WL) premium and policy count posted positive growth for the fifth consecutive quarter. WL new premium totaled $1.8 billion in the fourth quarter, up 9% year over year. The number of WL policies sold increased 13% in the quarter.
“LIMRA’s latest Consumer Sentiment survey finds half of U.S. adults are very worried about the economy and lower-income consumers registering higher concern. In 2025, we witnessed a number of companies expanded their final expense and smaller-face amount business to attract more middle-market consumers,” noted Terry. “Typically, our data shows consumers are drawn to stable products, like whole life, when faced with economic instability. As a result of this and a continued increase in the final expense market.”
In 2025, WL new premium climbed 7% to $6.4 billion. This sets a new sales record for whole life insurance products. Policy count grew 12% year over year.
WL new premium represented 37% of the total life insurance market in 2025.
Variable universal life
Variable universal life (VUL) new premium totaled $770 million in the fourth quarter, down 3%, compared with the fourth quarter 2024 results. The number of policies sold grew 6% in the quarter.
For the year, VUL new premium totaled $2.6 billion, up 17% year over year. Policy count improved 5%. LIMRA is projecting VUL sales to moderate in 2026, in response to expected equity market volatility.
In 2025, VUL held 15% of the total U.S. individual life insurance market.
Term life insurance
Term life new premium totaled $786 million, 5% above fourth quarter 2024 results. Policy count increased 5% in the quarter. Several carriers attribute their growth to rising consumer interest, underwriting automation and expanded distribution.
In 2025, term new premium increased 3% year over year to $3.1 billion. The number of policies sold grew 2%, compared with 2024 results. LIMRA is forecasting term sales growth to remain relatively flat in 2026.
Term life new premium represented 17% of total sales in 2025.
Fixed universal life
Fixed universal life (fixed UL) sales fell for the fifth consecutive quarter. New fixed UL premium contracted 3% in the fourth quarter to $259 million. Policy count fell 4% from the prior year results.
For the year, fixed UL new premium was $984 million, down 4% year over year, and policy count dropped 6%. Fixed UL new premium held 6% of the U.S. life insurance market in 2025.
Maryland regulators fined Cigna Health and Life Insurance Company $80,000 and ordered it to stop reducing payments on certain doctor-billed services — a practice that could leave patients on the hook for more of their health care costs.
“Insurers must either pay a claim, deny it with a stated reason, or request additional information,” MedChi CEO Gene Ransom told The Baltimore Sun. “Unilaterally rewriting the physician’s code is unacceptable. This action sends a clear message that abusive insurance practices will not be tolerated in Maryland.”
MedChi, also known as the Maryland State Medical Society, advocates for physicians, residents, and medical students. A complaint from a MedChi representative in August alerted the Maryland Insurance Administration to Cigna’s policy of downcoding, or changing a submitted medical billing code to a lower-level code, reducing reimbursement for services rendered. Insurance providers often claim that the cost-containment strategy is justified when the medical documentation does not support the higher code level submitted by the provider.
Cigna’s policy took effect in October, insurance administration spokesperson Craig Ey said. Cigna covers nearly 358,000 households in Maryland, although Ey said it is unknown how many residents were impacted by downcoding.
Cigna, whose CEO David Cordani earned $23.3 million in 2024, according to Becker’s Payer Issues, singled out doctors who consistently billed for higher-cost procedures than their peers and paid them for lower-cost treatment without explaining the changes, which is illegal under Maryland law, according to the Maryland Insurance Administration order. The 10-page finding requires Cigna to pay doctors within 30 days, or acknowledge receipt of their bill and provide one of three responses: deny the claim with a reason, dispute the legitimacy of the claim, or ask for additional information.
Effectively, the order gives insurers a choice between paying the bill, asking for more information or accusing the doctor of fraud or improper billing, Ransom said. Cigna’s practice cuts or delays payment for treatments already delivered, taking doctors’ time away from caring for patients.
The practice had angered physicians and their representatives around the country, including California, Texas, and Memphis, Tennessee.
A Cigna Healthcare spokesperson emailed The Baltimore Sun a statement stating, “Our Evaluation and Management policy is based on American Medical Association guidelines to promote more accurate reimbursement, and it only impacts around 1% of the physicians in our national network.
“Consistent with the Maryland Insurance Administration’s guidance and in compliance with Maryland law, we will continue limited reviews of certain claims to help ensure customers are protected from improper billing.”
The Maryland Insurance Administration investigated the top five health insurers in the state, including Cigna, in November, looking for instances of downcoding, but did not find the four other carriers engaging in the practice, Ey told The Sun via email Thursday. Previously, the administration issued a consent order to Aetna Health for downcoding in March 2021.
Although Cigna quoted that 1% impact figure to the administration, Ey said, “the MIA is not aware of the specific number of claims impacted. Cigna did reprocess all impacted claims back to the October 1, 2025, effective date as a result of the order.”
The American Medical Association advises medical practices “must keep a vigilant eye on payment details to identify downcoded claims,” as many insurers unilaterally downcode services without notice. Its policy advocates for insurers to reach out to outlier physicians first to address coding issues. The AMA policy also supports increased notification and communication with doctors about downcoded claims.
Ransom said Cigna’s reviews take a toll on patient care.
“Downcoding is not a harmless administrative adjustment,” he said. “It undermines physician judgment, delays payment for legitimate care, and ultimately harms patients by destabilizing the physician practices that care for them.”
Downcoding may shift costs onto the patient, similar to a claim denial, but Ey said that depends on many factors.
“It is possible that the practice of downcoding has impacts on patients, but the exact nature of the impact is likely determined by the service that is downcoded and the nature of the coverage a patient has,” Ey said. “Downcoding certainly creates administrative headaches for providers, which may cause downstream impacts for patients.”
If a provider believes they haven’t been properly reimbursed even after Cigna reprocessed their claims, they can file a complaint with the Maryland Insurance Administration online or by phone.
Insurers remain optimistic about their investments going into 2026, despite heightened market uncertainty.
This marks the fifth year in which Conning surveyed U.S. insurers about their investment focus. Two Conning analysts unpacked the 2026 findings in a recent webinar.
“Markets performed pretty well in 2025 despite Liberation Day and a lengthy government shutdown,” said Matt Reilly, head of insurance solutions at Conning. “Investment performance for insurers has been strong over the last few years.”
Insurer optimism remained high between 2024 and 2026, Conning found, with 79% of insurers surveyed saying they had a positive view of the future in 2026, down only one percentage point from 2024.
Market volatility is insurers’ biggest portfolio concern
But some risks persist, Reilly said.
Market volatility, inflation and recession risk lead the list of insurers’ portfolio concerns over the next 2-3 years. Those concerns were followed by liquidity risk, the domestic political environment and the impact of monetary policy.
The Federal Reserve’s expectation to reduce interest rates further in the next 12 months influences the investment strategy of nearly every insurer surveyed. Meanwhile, more than three-quarters of insurers surveyed said they anticipate an increase in inflationary pressures.
Most insurers expect positive equity returns in 2026, with 65% looking at returns of up to 10% and 19% expecting returns of more than 10%.
Risk appetite persists
Insurers’ risk appetite persists as caution emerges, said Jeremy Lachtrupp, Conning managing director of insurance solutions. More than half of insurers surveyed (57%) said they expect to increase their investment risk in the year ahead. This is a drop from the 62% who reported the same in 2025. More than three-quarters (76%) said they expect to extend their portfolio duration in 2026.
Insurer capital continues to shift beyond traditional fixed income, Conning found. More than half of insurers surveyed said they plan to increase their allocations in areas other than traditional fixed income, including 60% that said they will increase their allocations to asset-based finance and 57% that will raise their allocations to private equity.
Portfolio repositioning is driving higher portfolio turnover, with 73% of insurers reporting higher turnover in 2025.
Interest in private assets continues to increase for insurers, the survey found. Nearly 9 in 10 respondents (88%) expect private assets to exceed 10% of their total portfolio allocation within two years.
Liquidity remains adequate for most insurers, with 76% reporting adequate or excess liquidity.
Lower premium benefits are prized by employees in today’s economy, but thousands of dollars in unexpected out-of-pocket costs haunt many later
ST. PAUL, Minn.–(BUSINESS WIRE)–
As rising costs continue to outpace wages, many Americans are cutting costs by prioritizing lower premium insurance benefits offered by their employers during open enrollment — often at the expense of long-term financial protection.
The research identifies a growing “affordability trap” — a pattern in which employees choose high-deductible health plans (HDHPs), skip supplemental coverage or reduce voluntary benefits to save on payroll deductions. While these decisions lower immediate monthly costs and produce bigger paychecks, they can result in thousands of dollars in unexpected out-of-pocket expenses later.
“When budgets are tight and enrollment decisions feel overwhelming, employees default to the one number they can control — the premium,” said Adam Taylor, vice president for Employee Benefits Solutions at Securian Financial. “But what looks cheaper today can become far more expensive tomorrow.”
The hidden financial exposure behind “cheaper” plans
Securian Financial’s study found cost dominates benefits enrollment decisions, with nearly two-thirds of employees, especially older generation employees, saying it’s their top workplace benefits priority during open enrollment. Most employees say they choose lower-premium plans with higher deductibles or stick with bare-minimum coverages because it’s all they can afford.
For many employees, the out-of-pockets costs these “cheaper” plans come with can end up hurting them financially and beyond. In the past 12 months:
22% of survey respondents received a surprise medical bill that was higher than expected
20% used savings or emergency funds to pay medical bills
18% experienced significant financial stress due to medical bills
17% went into debt for medical expenses
13% delayed or avoided medical care due to cost concerns
3% filed for bankruptcy or considered it due to medical debt
“The math employees are doing is simple: ‘What comes out of my paycheck?’” said Taylor. “The math they’re not seeing is what happens if they’re hospitalized, need surgery or face a serious diagnosis. That’s where the affordability trap snaps shut.”
Recommendations for employers
The study urges employers to move beyond premium comparisons and make total exposure visible:
Show real-dollar scenarios: Illustrate premium + deductible + out-of-pocket maximum in routine and high-cost years.
Bundle guidance at decision points: If employees select HDHPs, be sure to show them supplemental insurance protections like accident, critical illness and hospital indemnity insurance that can help offset likely exposure. Only 30% of employees surveyed said they were enrolled in supplemental coverage, but 67% who are said they find it helpful.
Invest in scenario-based benefit decision-support tools: 70% of employees said in the study they use these AI-based tools when available.
Design for time-constrained decisions: Lead with the most consequential trade-offs, as the study found one in five employees (20%) feel pressured to decide quickly during open enrollment.
Communicate trade-offs transparently: Explain what has changed since last year, why and what employees should consider next.
“The affordability trap isn’t about employees making bad decisions,” said Emma Thomas, director of marketing at Securian Financial, who leads the company’s annual workplace benefits research. “It’s about employees making rational decisions with incomplete information—and paying for it later. Employers can’t eliminate the trade-offs, but they can make those trade-offs visible.”
Study methodology
Securian Financial’s fourth annual workplace benefits study included a quantitative online survey of 1,000 employees at companies with 1,000+ employees, fielded November 18 to December 1, 2025, and qualitative virtual interviews with eight HR decision-makers at companies with 1,000+ employees, fielded November 10-24, 2025.
ABOUT SECURIAN FINANCIAL
To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 145 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of building secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer.
SINGAPORE–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Vietnam National Scale Rating of aaa.VN (Exceptional) of PVI Insurance Corporation (PVI Insurance). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PVI Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from PVI Insurance’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).
PVI Insurance’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. PVI Insurance benefits from good financial flexibility, given its majority ownership by HDI V.a.G. AM Best views the company’s investment portfolio to be of moderate risk, with investments mostly allocated toward cash and term deposits and the remainder held in non-rated corporate bonds, affiliated private equity investments and real estate. Offsetting factors include the company’s high dividend payout ratio and high reinsurance dependence to support the underwriting of large commercial property, engineering and energy risks.
AM Best assesses PVI Insurance’s operating performance as strong, supported by the company’s five-year average return-on-equity ratio of 16.7% (fiscal year [FY] 2021-FY 2025). Operating earnings improved in FY 2025, supported by an improvement in loss experience and favourable reserve development relating to Typhoon Yagi losses. Underwriting performance is expected to remain robust over the medium term, supported by profitable results in both commercial and retail lines of business. Investment income, consisting mainly of interest and dividend income, is expected to remain a key contributor to the company’s overall earnings.
AM Best assesses PVI Insurance’s business profile as neutral. The company is the largest non-life insurer in Vietnam based on both 2024 and nine months of 2025 direct premiums written. The company has a strong market position in commercial and industrial lines of business, including energy, property, engineering, aviation and marine insurance. Support from HDI V.a.G. has enhanced PVI Insurance’s technical expertise and service offerings, strengthening its position in the regional industrial risks insurance segment. Business expansion in inwards reinsurance was a major contributor to recent growth, although prudent accumulation management remains an area to be monitored.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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 specialising 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.
Zocks helps turn first meetings into complete case packets, eliminating operational bottlenecks and accelerating time to issue
SAN FRANCISCO–(BUSINESS WIRE)– Zocks, the privacy-first AI assistant for financial advisors, today announced it is bringing its AI-automated operational and document intelligence capabilities to the life insurance market. Zocks is already in use exclusively at two of the three largest U.S. life insurance carriers.
Zocks captures and creates accurate notes on household, financial, and life details during a discovery meeting, then automatically completes paperwork including carrier applications, fact finders, and client intake forms. Documentation in any format, including PDFs, scans, and photos, is also automatically processed in less than 60 seconds and synced to applications and forms.
Zocks also automatically syncs relevant client information from meetings and documents to customer relationship management (CRM) systems, illustration, and other planning tools, further reducing time-intensive data entry.
Additionally, Zocks extracts client details required for needs analysis, suitability, case design, and other essential administrative work that, when incomplete or done improperly, results in back-and-forth underwriting delays and long “Not In Good Order” (NIGO) cycles.
The result is faster, cleaner applications, quicker follow-ups for a better client experience, and ultimately more policies issued per month.
Beyond application and underwriting support, Zocks automates meeting preparation, follow-up emails, and client communications to keep momentum between meetings. It identifies important details like missing items, exam scheduling, beneficiary confirmations, delivery requirements, and payment setup, so advisors can provide faster, more personalized service.
“Zocks speeds up our workflow after calls, letting us send emails and meeting notes quickly during our short breaks,” said Jack Rogers, Case Manager at Strategic Wealth Group, a Guardian Life agency. “We are in meetings back-to-back all day, so in the past we would wait until the day ended to post case planning notes to the team and send out follow-ups. Now, we can do it in between calls.”
Zocks also addresses one of the insurance sector’s most persistent challenges: recruiting and retaining productive agents. Industry commentators, citing Bureau of Labor Statistics (BLS) age data, estimate that roughly 50% of today’s insurance workforce could retire over the next decade.
Zocks’ performance tracking helps firms identify what their best producers do well and replicate it across the organization, including the ability to rate meetings across 18 configurable dimensions and benchmarked against industry standards. Leaders now have data-driven insights to coach producers and close the gap between top performers and the rest of the team.
“Life insurance professionals face a unique combination of high meeting volume, complex documentation requirements, and thin margins for error,” said Mark Gilbert, CEO of Zocks. “The firms that win in this competitive market are using AI to remove friction at every step, from the first meeting to the issued policy to client retention. Zocks gives producers and leaders the capacity and insights to do that at scale.”
Zocks is the AI Assistant for financial services. Its privacy-first platform saves advisors 10+ hours a week by automating administrative tasks like meeting preparation and notes, intake and account opening forms, tailored client emails, document processing, and more. With powerful integrations and enterprise-ready controls, Zocks turns every client conversation into structured, accurate data and insights that strengthen relationships and fuel business growth. Join thousands of advisors and firms, including Carson Group, Osaic, Kestra Financial, and Ameritas, that rely on Zocks; learn more and start a free trial at zocks.io.
When a loved one dies, family members have a number of things they must do. In addition to making funeral arrangements, survivors must take care of the loved one’s estate to the best of their ability. Family members often wonder if their loved one had a life insurance policy.
While the staff at the Department of Insurance can’t help you probate a person’s will, we can help you locate a lost life insurance policy. The service is free and helps locate benefits from life insurance policies or annuity contracts purchased in North Carolina.
You can find the Lost Life Insurance and Annuity Service on the Department of Insurance’s web page at: ncdoi.gov. Scroll down and click on the link that says, “Locate a lost life insurance policy.” After agreeing to the terms and conditions, you will be asked to provide some information about yourself and the deceased.
If you’re having trouble or need assistance, you can call our toll-free number at: (855) 408-1212 to speak to one of our consumer specialists. Call between 8 a.m. and 5 p.m. on weekdays.
The program works. Last year, the tool helped North Carolinians obtain $65.9 million in claims from life insurance policies that had been lost. In 2024, North Carolinians obtained $70.5 million in life insurance benefits. In 2023, the service found $65.9 million in benefits.
People purchase life insurance policies for several reasons. They may want to:
· Allow a surviving spouse to continue having a comfortable standard of living.
· Make retirement more comfortable.
· Provide for a child’s education.
· Pay for funeral expenses. · Pay for medical bills. · Pay off a mortgage so surviving family members don’t have to worry about having a roof over their head.
· Pay off other outstanding debts.
Whatever the reason for taking out a life insurance policy, beneficiaries expect to be able to receive those benefits when a loved one dies.
The life insurance policy may have been taken out years or decades ago. Families may have moved over the years. The policy may have been misplaced or accidentally thrown away. Searching through a safe, desk drawers or filing cabinets may yield no results.
Fortunately, this tool is available to help families during difficult times. Losing a loved one is difficult enough.
You may want to keep our toll-free number handy in case you have other questions regarding insurance.
N.C. Department of Insurance Commissioner Mike Causey.
Strong earnings, surplus growth and the largest dividend in company history reflect successful execution of company’s long-term strategy
NEW YORK–(BUSINESS WIRE)–
New York Life, America’s largest¹ mutual life insurer, today announced record financial results for 2025, reflecting the strength of its mutual structure, diversified business model, and disciplined capital management.
The company delivered $3.6 billion in earnings,2 a four percent increase over the prior year, and grew surplus to $34.7 billion,3 up from $33.3 billion in 2024. Supported by this strong performance, New York Life declared a $2.8 billion dividend4 to eligible participating policy owners, the largest in company history, continuing its 172-year track record of paying dividends.
“In 2025, we grew earnings, strengthened our capital position, and declared the largest dividend in our history,” said Craig DeSanto, Chair, President & CEO of New York Life. “As a mutual company, we operate for our policy owners — not shareholders — which allows us to take a long-term view, share our success with those who rely on us, and focus on what matters most: helping our clients build financial security and peace of mind.”
Sustained Financial Strength
New York Life’s surplus growth continues to underpin its superior financial strength. In 2025, the company again earned the highest possible financial strength ratings currently awarded to U.S. life insurers from all four major rating agencies.5
The company’s consistent capital growth, diversified earnings, and prudent risk management are designed to ensure it can meet its obligations across economic cycles.
Diversified Business Model
New York Life’s performance was supported by its broad-based growth across its diversified businesses.
In 2025:
Insurance sales increased 14 percent6
Annuity sales increased 40 percent7
Mutual fund sales increased 7 percent8
Collectively, New York Life policy owners now hold nearly $1.3 trillion in individual life insurance,9 reflecting the company’s long-standing focus on delivering protection-first financial security.
This diversified growth strengthens New York Life’s capital position and supports its ability to deliver long-term value to participating policy owners.
Investing to Deliver Enhanced Client and Advisor Experiences
“We continue to invest to make it easier to do business with New York Life,” said DeSanto. “That includes expanding digital capabilities, leveraging artificial intelligence, and strengthening the technology that supports our operations — all with a focus on enhancing service, security, and long-term value.”
Financial Performance Highlights for the Year Ended Dec. 31, 2025
$3.6 billion in operating earnings2
$34.7 billion in surplus (including the asset valuation reserve)3
$2.8 billion dividend declared for payment in 20264
$18.1 billion in policy owner benefits and dividends10
$892 billion in assets under management11
Nearly $1.3 trillion in individual life insurance protection in force9
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, disability income 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.5
“New York Life” or “the company,” as used throughout the press release, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life companies, which include NYLIC and its subsidiaries and affiliates, including New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ and LINA are not authorized in New York and do not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions business. Any discussion of ratings and safety throughout the press release applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performances will fluctuate with market conditions.
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2025. For methodology, see https://fortune.com/company/new-york-life-insurance/.
2Operating earnings is the measure used for management purposes to track the company’s results from ongoing operations and the underlying profitability of the business. This chart is based on Statutory Accounting principles on insurance operations with certain adjustments we believe are more appropriate as a measurement approach.
The New York State Department of Financial Services recognizes only unadjusted statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its policy owners. Policy owners can view a detailed reconciliation of our management performance measure by visiting our website, www.newyorklife.com, beginning in mid-March.
3Total surplus, which includes the AVR, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was $27.6 billion and $26.4 billion at December 31, 2025 and 2024, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.6 billion and $8.4 billion at December 31, 2025 and 2024, respectively, and LINA’s statutory surplus of $2.3 billion and $2.2 billion at December 31, 2025 and 2024, respectively. AVR for NYLIC was $4.7 billion and $4.6 billion at December 31, 2025 and 2024, respectively. AVR for NYLIAC was $2.3 billion and $2.1 billion at December 31, 2025 and 2024, respectively. AVR for LINA was $0.2 billion and $0.2 billion at December 31, 2025 and 2024, respectively.
4Dividends are not guaranteed. New York Life Insurance Company is a mutual company that issues participating products that are eligible for dividends, but is also the parent of subsidiaries which issue non-participating products. The participating products are invested in separate and distinct portfolios and have their own dividend scales.
5Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).
6Insurance sales represent annualized first-year premiums on participating issued whole life insurance, term life insurance, universal life insurance, long-term care insurance, disability insurance, and other health insurance products. A sale is generally counted when the initial premium is paid and the policy is issued. Adjustments are made to normalize nonrecurring premiums to align with our annualized recurring premium methodology for insurance sales. Some examples are: single-premium individual and Corporate Owned Life Insurance products sold through our agents and third party distribution channels, which are counted in this metric at 10 percent of their premium. Sales are generated from both domestic and Mexican operations.
7Total annuity sales represent premiums on our deferred annuities (both fixed and variable) and on our guaranteed income annuities. Sales are generally recognized when premiums are received. Annuities are primarily issued by NYLIAC.
8Mutual fund sales represent total cash deposited primarily to new and existing accounts of the New York Life Investments (NYLI) Funds, New York Life’s proprietary mutual funds. NYLI Funds are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, an indirect wholly owned subsidiary of NYLIC.
9Individual life insurance in force is the total face amount of individual life insurance contracts (term, whole, and universal life) outstanding for NYLIC and its domestic insurance subsidiaries at a given time. The company’s individual life insurance in force totaled $1,264.5 billion and $1,227.3 billion at December 31, 2025 and 2024, respectively (including $193.7 billion and $183.6 billion for NYLIAC at December 31, 2025 and 2024, respectively).
10Policy owner benefits primarily include death claims paid to beneficiaries and annuity payments. Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available, following each year’s operations, for distribution in the form of dividends. Dividends are not guaranteed. Each year the board of directors votes on the amount and allocation of the divisible surplus. Policy owner benefits and dividends reflect the consolidated results of NYLIC and its domestic insurance subsidiaries. Intercompany transactions have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were $9.5 billion and $9.1 billion for the years ended December 31, 2025 and 2024, respectively. NYLIAC’s policy owner benefits were $6.3 billion and $6.3 billion for the years ended December 31, 2025 and 2024, respectively. LINA’s policy owner benefits were $1.9 billion and $1.9 billion for the years ended December 31, 2025 and 2024, respectively. Benefits have been adjusted to exclude implications of a strategic reinsurance transaction.
11Assets under management consist of cash and invested assets and separate account assets of the company’s domestic and international insurance operations, and assets the company manages for third-party investors, including mutual funds, separately managed accounts, retirement plans, and assets under administration.
The company’s general account investment portfolio totaled $371.6 billion at December 31, 2025 (including $140.3 billion invested assets for NYLIAC and $8.6 billion invested assets for LINA). At December 31, 2025, total assets equaled $463.5 billion (including $223.5 billion total assets for NYLIAC and $9.5 billion total assets for LINA). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $428.8 billion (including $212.6 billion total liabilities for NYLIAC and $7.0 billion total liabilities for LINA). See Note 3 for total surplus.
Where applicable, prior period numbers have been restated to conform to the current-year definition. In addition, non-U.S.-denominated results are generally valued using applicable year-end exchange rates.
A copy of our statutory financial statements and reconciliation to our performance measure are also available by writing to the Secretary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
My dad may very well live another 20 years or more, but last week the three of us — my dad, my sister and I — spent a day doing something most people avoid for as long as possible: we visited the cemetery and made his funeral arrangements. We picked out his future burial plot. We designed the gravestone that will one day bear his name beside my mom’s. And later, over lunch, we met with the cremation company so he could prepay for his services and document his final wishes.
On paper, it was a day about death.
In reality, it was a day about love.
Lori Seaton
It was emotional, absolutely. Vulnerable, yes. But underneath the heaviness was an unmistakable truth: My dad was giving us a gift. A gift of peace, clarity, and preparation. A gift he knew we would need someday — and one he was brave enough to give while he was still here.
The plot with the sunny ‘neighborhood’
My mom passed a couple of years ago after an unexpected ALS diagnosis. She was healthy, vibrant – the last person anyone thought would leave us first. Her death altered our understanding of preparation in a way nothing else could have. It also shaped how we approached this day — our unusual family outing to choose a future resting place for our parents (my mom’s urn currently rests on dad’s mantle).
Despite the emotional weight, we found ourselves laughing in the way only families who love each other deeply can. My mom was incredibly social and full of life, so as we walked through the cemetery looking at potential plots, we joked about wanting to choose one in a “good neighborhood”—you know, a fun group of couples for Mom and Dad to hang out with for eternity.
We wanted sunlight too. Mom loved the sun. She loved tanning. So of course, her spot needed sunshine. It was ridiculous and tender at the same time, us trying to make sense of a moment that was both profoundly sad and strangely intimate.
Only a family that knows how to love through loss can laugh while standing in a cemetery.
The prayer that captured everything
Eventually, we found a section of the cemetery called “Peace.” It felt right immediately, but it wasn’t until we noticed the statue nearby that the meaning of the day really landed.
On the statue was the prayer of St. Francis:
Lord, make me an instrument of your peace.
Where there is hatred, let me sow love.
Where there is injury, pardon; where there is doubt, faith;
Where there is despair, hope;
Where there is darkness, light;
And where there is sadness, joy.
I read it once, then again. Each line hit me deeper – because that’s exactly what my dad was doing for us.
He was sowing love through preparation.
He was giving us faith that his wishes would be honored.
He was offering hope that someday, when the time comes, the logistical burden won’t overshadow our grief.
He was shining light on something most families only face in the dark.
And he was giving us joy, odd as that sounds—joy in knowing we would not carry the confusion or stress that so often accompanies loss.
Standing there in the Peace section, I realized:
This wasn’t just a plot. It was his final act of protection.
The wallet card we never knew about
After choosing the plot, we drove back to the cemetery office to design the gravestone. That part felt especially surreal — selecting fonts and layouts for something that won’t be used for years, maybe decades. But my dad approached it with calm practicality, the same way he does everything.
And then something unexpected happened. As we were finalizing the design, my dad suddenly remembered a small, engraved metal card my mom had once given him. He pulled out his wallet, and there it was — worn from years of being carried, but still legible.
He read the final line: “My best friend, my soulmate, my everything.”
My sister and I had never seen this card. We never would have included this line on the gravestone — could never have known to. But in that moment, my dad gave us a piece of their love story. A piece that will now live in stone. A piece of them, and we added it immediately.
And even he seemed relieved — maybe proud — to know that this sentiment, one my mom gave him in life, will carry forward into memory.
This is the kind of detail planning now allows.
This is the kind of meaning families miss when decisions are made in grief.
Lunch and the second layer of his gift
After leaving the cemetery, we had lunch with the people from the cremation company. Here is another step most families avoid thinking about until they are forced to: my dad prepaid for the company’s services — taking another weight off our future shoulders. He’ll complete a document outlining his final wishes, ensuring we’ll never have to guess. We won’t have to wonder what he wanted. We won’t second-guess ourselves. We won’t worry whether we’re doing something wrong.
He is removing the load before we ever have to carry it.
The red file folder
What strikes me most is that this day wasn’t a one-time act. It’s part of a larger pattern of love and preparation he has carried out since my mom died.
My dad is a planner, but he is also incredibly loving. Those two qualities together have resulted in something remarkable: a bright red file folder containing everything his daughters might need someday, including a list of all his financial accounts, points of contact, power of attorney documents, his will and instructions.
He walked us through it — where it’s stored, what’s inside, what to do. It was equally heartbreaking and comforting. That folder is his way of continuing to parent us, even when he won’t physically be here to do it.
And let me tell you: few things bring more relief than knowing your future self will have answers during a time when you desperately need them.
Losing mom changed everything
When my mom was diagnosed with ALS, none of us saw it coming. She had always been healthy, the one we all assumed would outlive my dad by years, maybe decades. Life doesn’t follow our assumptions. It throws curveballs we never saw coming, and it rarely asks permission first. Her illness and death taught us a painful truth: We do not get to choose the timing. But we can choose the preparation.
My dad understood that, and he chose to act.
What I felt most strongly: relief
I expected sadness and heaviness. What surprised me was the overwhelming sense of relief.
Most families make these decisions while drowning in grief. Emotions are raw, time is short, and everyone is terrified of making the wrong choice.
But because of my dad’s gift, we won’t have to do that. We will not face a dozen impossible decisions on the worst day of our lives. We will not wonder what he would have wanted.
We will not spend our early grieving days in conference rooms, choosing things we wish we weren’t choosing.
We will get to grieve. Fully, honestly and without chaos.
That is the gift.
Why I’m sharing this: A call to action
I’m writing this because I want others to feel what we felt that day — not the sadness, but the clarity and empowerment. The quiet sense of peace that comes from knowing the future will not be a mystery.
These conversations are difficult, and these decisions are emotional. No one wants to imagine the day their loved ones will need this information. But it is worth it. I can tell you, it is incredibly, profoundly worth it. The gift of preparation is one of the greatest acts of love you can offer your family.
Have the conversations sooner.
Make the decisions sooner.
Fill the folder.
Choose the plot.
Write the wishes.
Do it while you can bring humor, memory and intention into the process. Don’t wait for a crisis to make the choices for you.
A day of peace, a legacy of love
As we walked back through the “Peace” section of the cemetery that day, the prayer of St. Francis stayed with me. Each line mirrored what my dad had just given us — love, faith, hope, light and even joy. His preparations were not about dying. They were about living —living in a way that protects his daughters long after he’s gone. And that, I’ve learned, is what love looks like at its most unselfish. A gift of peace when your loved ones will need it most. And my dad gave us that gift long before we’ll ever need to use it.
