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Built for Times Like these.
1. New York Life Built for Times Like These October 2008 00381341 CV (Exp.03/09)
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8. #3. Investment Approach Commitment to Diversification Life Insurance Industry: Top 10 Credit Exposures as a Percentage of Total Credit Risk Source: Bloomberg.com; statutory filings as of year-end 2007. 00381341 CV (Exp.03/09)
9. #3. Investment Approach Little Exposure to Subprime Market Life Insurance Industry: 2007 Subprime Exposure as a Percentage of Total Adjusted Capital Data used in this chart are from Fitch Rating Agency Report "Subprime Mortgage Exposure for U.S. Life Insurers— Update and Outlook" dated February 21, 2008. Total Adjusted Capital is defined as statutory surplus plus asset valuation reserves plus one-half of the liability for policyholder dividends payable in the following year. For New York Life, 2006 Total Adjusted Capital was $14.6 billion (includes $2.8 billion from NYLIAC). 00381341 CV (Exp.03/09)
10. #3. Investment Approach Lowest Exposure to Financial Sector Life Insurance Industry: Financials as a Percentage of Top 10 Credit Exposures Source: Bloomberg.com; statutory filings as of year-end 2007. 00381341 CV (Exp.03/09)
11. #3. Investment Approach Very Limited Credit Losses to Date Source for AIG data is company financial press releases. Source for all other companies’ data is Bloomberg.com. (“Banks’ Subprime Losses Top $500 Billion on Writedowns,” August 12, 2008.) New York Life credit losses represent other than temporary impairment losses and realized credit losses, net of recoveries, on fixed-maturity investments; of the $300 million in credit losses, $180 million are for NYLIC, and $120 million are for NYLIAC. Financial Services Industry: Credit Losses (January 1, 2007 - June 30, 2008) 00381341 CV (Exp.03/09)