Can You Invest in New York Life Insurance?

Is New York Life Insurance publicly traded?

No, New York Life Insurance isn't publicly traded. That means you can't buy New York Life Insurance stock through a brokerage account.

New York Life Insurance is what's known as a mutual insurance company, meaning it's privately held and owned by its policyholders. By contrast, a stock insurance company is owned by its shareholders. As we'll discuss in greater detail later, some (but not all) policyholders can earn a piece of New York Life's profit if its board of directors declares a dividend.

Advocates of the mutual insurance structure argue that it allows companies to focus on policyholder needs rather than the short-term whims of shareholders. The drawback, though, is that mutual insurance companies can't issue shares to raise capital, which can hinder growth.

Note that while you can't buy New York Life Insurance stock, the company has a number of financial products that let you invest in the stock market. These include retirement accounts, 529 plans, mutual funds, and exchange-traded funds (ETFs). But to actually invest in the company -- as in, to get a slice of its profits -- you'll need to be a policyholder.

When will New York Life Insurance IPO?

If you're waiting for New York Life Insurance to launch an initial public offering (IPO), don't hold your breath. Although several major life insurance companies, like Prudential (PRU +0.94%) and MetLife (MET +2.04%), became publicly traded companies in the late 1990s and early 2000s through a process known as demutualization, New York Life resisted the trend.

In its 2024 investment report, New York Life Insurance attributed its ability to "not only weather times of crisis but emerge from them stronger" to its having been a mutual insurance company since its founding in 1845.

Alternatives to New York Life Insurance

Because it's a mutual insurance company rather than a stock insurance company, you can't buy New York Life Insurance shares. However, there are many publicly traded insurance stocks you can add to your portfolio to cash in on the industry.

Here are three to consider:

1. Berkshire Hathaway

Warren Buffett's Berkshire Hathaway (BRK.A +0.15%)(BRK.B -0.42%) is a conglomerate holding company, not an insurance company, but it has significant exposure to the insurance industry. It owns several insurance businesses, including GEICO, Gen Re, National Indemnity Co., and Berkshire Hathaway Reinsurance Group, and holds positions in several publicly traded insurance stocks.

How to buy stocks similar to New York Life Insurance

If you want to invest in the three companies listed above or any other publicly traded company, follow these simple steps to buy stocks.

1. Open your brokerage account: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
2. Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
3. Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
4. Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
5. Submit your order: Confirm the details and submit your buy order.
6. Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

Is New York Life Insurance profitable?

Yes, New York Life Insurance is profitable. The company reported a total income of $27.1 billion in 2024. In 2025, about $2.6 billion of its profit was distributed to policyholders through dividends.

New York Life also received the highest financial strength ratings from all four major ratings agencies in 2025. A high rating indicates that an insurer is in a strong position to pay future claims.

Should you invest in life insurance companies?

Whole life insurance is far more expensive than term life insurance and builds cash value slowly, especially in the early years. While dividends can be taken in cash, used to boost cash value or the death benefit, or applied to premiums, they’re not true investment returns -- the IRS treats them as refunded premiums, not profits.

For most people, buying an affordable term policy and investing the savings in a 401(k) or IRA is a more efficient strategy.

Annuities can make sense for risk-averse investors concerned about outliving their money, but they’re complex products with high fees and limited flexibility.

Because agents earn large commissions on permanent life insurance and annuities, it’s wise to consult a fee-only financial planner before buying. They don’t earn commissions and can help determine whether these products truly fit your financial goals.

ETFs with insurance exposure

Since you can't buy New York Life Insurance stock, you won't find ETFs or mutual funds with exposure to the company. You can find several funds with exposure to other insurance stocks, though:

• Vanguard Value ETF (NYSEMKT:VTV): The fund tracks a market-cap-weighted index of about 314 large-cap stocks deemed value stocks based on metrics like price-to-book ratio, price-to-sales ratio, and return on assets. About 23% of its holdings are in the financial sector, which encompasses insurance stocks. The ETF's expense ratio is 0..04%, which means $0.40 of a $1,000 investment goes toward fees.
• iShares U.S. Financials ETF (NYSEMKT:IYF): If you want an ETF focused specifically on financial stocks, check out the iShares U.S. Financials ETF. The fund invests in an index of about 141 financial stocks, with a sizeable section of its assets invested in insurance stocks. Its expense ratio is 0.38%, which translates to $3.80 in fees on a $1,000 investment.
• SPDR S&P Insurance ETF (NYSEMKT:KIE): This ETF is an option if you're looking for a fund that invests exclusively in insurance companies. The fund has 54 holdings and about $672.3 million in assets under management, making it the smallest ETF on this list. Its expense ratio is 0.35%, meaning $3.50 of a $1,000 investment is put toward fees.

The bottom line

New York Life Insurance gets top marks for financial strength, one of the most important things you should look for in an insurer. But since it's not a publicly traded company, you can't buy New York Life Insurance stock.

Though New York Life Insurance has a solid track record of paying dividends to policyholders, dividends are never guaranteed. Moreover, if you don't need a permanent life insurance policy or an annuity, the prospect of a dividend certainly isn't reason enough to buy one of these costly products.

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