Perhaps one of the most powerful and important insurance and annuity companies in the United States today is the one formally known as New York Life Insurance and Annuity Corporation. Is more commonly known as “New York Life,” though, and it has a nationwide reach. It is the single largest mutual life insurance company in the nation and one of the largest issuers of life insurance policies in the world today.

At present, New York Life Insurance and Annuity Corporation can boast of having over $300 billion in assets. It also has a $13 billion budget surplus, meaning that the people in Washington running things should be talking to this company about how to manage a budget properly. In 2009, New York Life ranked number 76 on the Fortune 100 list. It is privately held, and is the highest ranking such insurance company is privately held on the Fortune 100 listing.

The company is no slacker, either, and it holds itself and the agents out there selling life insurance and annuity products for it to the highest standards. In 2007, New York Life Insurance and Annuity Corporation, received the highest possible ratings for an insurance company from all of the top rating companies, including Standard & Poor's and Moody's.

The company came through the recent severe recession in fine fashion, as well, being rated in 2009 by those same companies as having what they termed “superior financial strength.” Given that other well-known insurance companies have been the recipient of hundreds of billions of dollars in federal bailout money, the fact that this privately held corporation took not a dime from the federal government is doubly impressive.

The New York Life Insurance and Annuity Corporation also has a relatively long history, tracing its origins back to 1845 when it was founded as the Nautilus Insurance Company. It was started with just $17,000 cash and took on the name “New York Life Insurance Company” in 1849. In New York City, the New York Life Building is a well-known landmark, and is known for having the golden pinnacle on the top of its central tower.

New York Life Insurance and Annuity Corporation has always been known for the innovative business practices and attention to detail that it has brought to the insurance industry. It is closely controlled and the company's managers seem to be completely on top of possible trends – especially those that could lead to crisis – in the insurance industry well before many other insurance companies even begin to become aware of those trends. This speaks highly of the company's management and its leadership.

New York Life seems poised to continue selling the finest life insurance and annuity products in the industry and looks to increase its budget surplus to even higher numbers in the future. Certainly, those who have had life insurance and annuity products with the company seemed completely satisfied by the way it's managed and the rate of return on investment the company has offered for years. In short, there is much to like and very little to dislike about this innovative and very stable insurance company.