NEW YORK, March 18 /PRNewswire/ — New York Life Insurance Company (“New York Life”) has been approved for membership at the Federal Home Loan Bank of New York (“FHLBNY”). The FHLBNY is a reliable source of wholesale liquidity for community member lenders.

“New York Life is one of the premier financial institutions in the United States, and we are pleased to welcome them as a new member to the Home Loan Bank family of community financial institutions,” said Alfred DelliBovi, President of the FHLBNY.

Michael Edward Sproule, Executive Vice President and Chief Financial Officer of New York Life, said, “Membership with the Federal Home Loan Bank of New York gives New York Life an additional source for reliable liquidity to maintain our strong capital position and help accommodate our policyholders’ changing needs. We are happy to partner with such a strong wholesale lender with over 75 years of service to the financial industry and we look forward to a long and prosperous relationship.”

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States. New York Life has the highest financial strength ratings from all four of the major credit rating agencies. 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’s subsidiary New York Life Investment Management LLC provides institutional asset management, institutional and retail mutual funds, and retirement plan services.

The Federal Home Loan Bank of New York, with over $100 billion in assets, is a AAA-rated, Congressionally chartered wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank of New York currently serves 293 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.