NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly ...
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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly-owned subsidiary of
New York Life Insurance Company)
FINANCIAL STATEMENTS (STATUTORY BASIS)
December 31, 2018, 2017 and 2016
Table of Contents
Independent Auditor's Report Statutory Statements of Financial Position Statutory Statements of Operations Statutory Statements of Changes in Capital and Surplus Statutory Statements of Cash Flows Notes to Statutory Financial Statements
Note 1 - Nature of Operations Note 2 - Basis of Presentation Note 3 - Significant Accounting Policies Note 4 - Business Risks and Uncertainties Note 5 - Recent Accounting Pronouncements Note 6 - Investments Note 7 - Derivative Instruments and Risk Management Note 8 - Separate Accounts Note 9 - Fair Value Measurements Note 10 - Investment Income and Capital Gains and Losses Note 11 - Related Party Transactions Note 12 - Insurance Liabilities Note 13 - Reinsurance Note 14 - Benefit Plans Note 15 - Commitments and Contingencies Note 16 - Income Taxes Note 17 - Capital and Surplus Note 18 - Dividends to Stockholders Note 19 - Loan-Backed and Structured Security Impairments Note 20 - Subsequent Events Glossary of Terms
Page Number 1 3 4 5 6
8 8 8 15 15 16 26 31 34 43 46 49 51 53 53 56 60 60 61 65 66
Report of Independent Auditors
To the Board of Directors of New York Life Insurance and Annuity Corporation:
We have audited the accompanying statutory financial statements of New York Life Insurance and Annuity Corporation (the "Company"), which comprise the statutory statements of financial position as of December 31, 2018 and 2017, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2018.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Delaware State Insurance Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Delaware State Insurance Department, which is a basis of accounting other than accounting principles generally accepted in the United States of America.
The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.
PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813) 286 6000, us
Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2018 and 2017 or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2018. Opinion on Statutory Basis of Accounting In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in accordance with the accounting practices prescribed or permitted by the Delaware State Insurance Department described in Note 2. Emphasis of Matter As disclosed in Note 11 to the financial statements, the Company has entered into significant related party transactions with New York Life Insurance Company and its affiliates. Our opinion is not modified with respect to this matter.
New York, New York March 13, 2019
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company)
STATUTORY STATEMENTS OF FINANCIAL POSITION
Assets Bonds Common and preferred stocks Mortgage loans Policy loans Limited partnerships and other invested assets Cash, cash equivalents and short-term investments Other investments
Total cash and invested assets Investment income due and accrued Interest in annuity contracts Other assets Separate accounts assets Total assets
Liabilities, capital and surplus Liabilities: Policy reserves Deposit funds Policy claims Separate accounts transfers due and accrued Obligations under structured settlement agreements Amounts payable under security lending agreements Other liabilities Funds held under coinsurance - affiliated Interest maintenance reserve Asset valuation reserve Separate accounts liabilities Total liabilities Capital and Surplus: Capital stock - par value $10,000
(20,000 shares authorized, 2,500 issued and outstanding)
Gross paid in and contributed surplus Unassigned surplus Total capital and surplus
Total liabilities, capital and surplus
$ 84,920 $ 82,299
$ 153,458 $ 152,851
244 (916) 8,673 676 973
-- 106 1,213 38,464 144,872
198 (993) 8,229 675 1,426 4,015 154 1,189 41,285 143,664
25 3,928 4,633 8,586
25 3,928 5,234 9,187
$ 153,458 $ 152,851
See accompanying notes to financial statements. 3
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