2023 Corporate
Responsibility ReportTable ofcontents

Click on a page number below

Introduction

3

Our Policy Owners and Clients

34

2023 Highlights

4

Our Approach to Responsible Investment

39

A Letter from Our CEO, Craig DeSanto5

Our Environment

70

Our Business and Products

8

Our Governance79

Stakeholder Engagement and Materiality

11

Looking Forward

87

Our People

14

Appendix88

Our Communities26

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Introduction
Welcome to New York Life Insurance
Company’s fourth Corporate
Responsibility Report, detailing ouractivities in 2023. Sustainability isinherent in our business, as we must be
viable for the long term to be there forour policy owners. As always, we are
guided by our core values of humanity
and integrity, supported by our mutuality
and financial strength.
As the largest mutual life insurance company in the UnitedStates1 and a Fortune 100 company, 2 it is our mission
to deliver peace of mind and financial security to ourpolicy owners, above all else. In this report, we focus onsustainability topics across six focus areas:

Our People

Our Communities
Our Policy Owners
and Clients
Our Approach to
Responsible Investment
Our Environment

Our Governance2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

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2023 highlights
Over 200,000 New York Life agent and employee volunteer hours
Over $33.9M in community investments by New York Life and the
New York Life Foundation

160,000 hours of training completed by all employees$117.3M in spend with diverse suppliers
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A letter from our CEO,
Craig DeSantoC L I C K O N T H E I C O N TO R E T U R N
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As a mutual life insurer focused on the long term,
New York Life has always been invested in the future.
Whether it’s delivering financial security and peace ofmind to our customers, supporting the professional growthof our agents and employees, or giving back to thecommunities where we live and work, we help people
create better tomorrows.
2023 was a record-setting year for New York Life. We
delivered exceptional financial results and declared
the largest overall dividend to eligible policy owners in
the company’s history. You can learn more about our
performance in our 2023 Report to Policy Owners.
In addition to our financial success, we made significant
progress in our ongoing efforts to create lasting value. The
following report goes into detail on many of the initiatives wehave advanced throughout 2023, including:› The launch of the Children’s Collaborative for Healing
and Support, the New York Life Foundation’s mostrecent initiative to address the needs of grieving
children; and› Our plan to transition more of our systems andapplications to the cloud, an important part of ourstrategy to modernize our technology platforms andenhance customer experiences while also reducing
our carbon footprint.

Craig DeSanto
Chair, President & CEO

When I look back on New York Life’s 179 years in business,
I see a company that owes its longevity to adapting withthe times, while simultaneously preparing for the future.
Most importantly, I see a company that has remained true
to its core mission and purpose. I’m proud of what we’ve
accomplished throughout our long history, and I’m inspired by
all we can—and will—achieve in the years and decades ahead.
When I think of the future of New York Life, there are manythings of which I am certain. Among them: We will continue
to be guided by our values and supported by our mutuality
and financial strength—and we will always raise the bar andchallenge ourselves to make a difference.

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About this report
SCOPE AND BOUNDARIES“New York Life” or “the company” or “we,” as usedthroughout this report, refers either separately to the parent
company, New York Life Insurance Company, or collectively
to the parent company and certain or all subsidiaries
and affiliates. In areas where we specifically reference
New York Life Insurance Company, or “NYLIC,” we do notinclude any subsidiaries.

Additionally, New York Life, through its subsidiaries, holds
an interest in the investment firm Kartesia Management S.à
r.l. (“Kartesia”). While discussed in this report, Kartesia is
excluded from any compiled data included in this report (e.g.,assets under management, diversity, emissions, etc.) due to
New York Life’s noncontrolling minority ownership during thereporting period.

This report reflects information covering New York Life fromJanuary 1, 2023, through December 31, 2023. It has been
prepared in accordance with the Global Reporting Initiative(GRI) Standards and references the Task Force on ClimateRelated Financial Disclosures (TCFD) and Sustainability
Accounting Standards Board Insurance and AssetManagement and Custody Activities Standard frameworks.
All reported emissions have been calculated in accordancewith the methodology provided by the Greenhouse Gas
Protocol Corporate Standard.
Below are the entities covered in this report:› New York Life Insurance Company› New York Life Insurance & Annuity
Corporation (NYLIAC)› NYLIFE Insurance Company of Arizona (NYLAZ)› New York Life Group Insurance Companyof NY (NYLGICNY)› Life Insurance Company of North America (LINA)
and its subsidiary LINA Benefit Payments, Inc.
› Seguros Monterrey New York Life SA
de CV (“SMNYL”)› New York Life Investment Management LLC(“NYLIM LLC”)› Candriam S.C.A. (“Candriam”)› Ausbil Investment Management Limited (“Ausbil”)› Tristan Capital Partners LLP (“Tristan”)› MacKay Shields LLC; MacKay Shields UK LLP;
MacKay Shields Europe Investment Management
Limited (collectively, “MacKay Shields”)› Apogem Capital LLC (“Apogem”)› NYL Investors LLC (“NYL Investors”)› IndexIQ Advisors LLC (“IndexIQ”)

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Key contacts
For more information about New York Life’s Sustainability and Corporate Responsibility program, please visit our website.

For specific questions, please contact:
Amanda Lechenet
CVP, Sustainability and Corporate Responsibility
Amanda_M_Lechenet@newyorklife.com
Heather Nesle
SVP, Corporate Responsibility, and President, New York Life Foundation
Heather_Nesle@newyorklife.com
Kevin Maher
Media Contact
Kevin_B_Maher@newyorklife.com

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Our business and products
New York Life provides services ranging from insurance toinvestment and retirement solutions that help people meettheir financial goals at all stages of life, delivered throughfinancial professionals nationwide. We also provide

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insurance and investment products to the institutional
market and operate several global asset management firms
through New York Life Investments.

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New York Life Insurance Company was founded on April
12, 1845, and has occupied its landmarked headquarters
on Madison Avenue in New York City since 1928. We havenearly 180 years of experience helping individuals build better
futures for themselves and those they love.
New York Life’s foundational insurance business focuses on“protection-first” guidance: We help people protect whatmatters most to them, whether it’s protecting their family orbusiness against the unexpected, paying for college, or saving
for retirement. New York Life has a wide variety of solutions
which can help financial goals be achieved.
New York Life’s insurance product offerings fall into sevenmajor categories: whole life insurance, universal life insurance,
term life insurance, institutional life insurance, long-term careinsurance, disability income insurance, and annuities.3

New York Life also owns and operates asset management
firms as a part of our strategic business portfolio. Read more
about our asset management firms in the “Our Approach to
Responsible Investment” section of this report.
Additionally, New York Life Insurance Company owns
Seguros Monterrey (SMNYL), a life, accident, and healthinsurance company that operates in Mexico. SMNYL has$7.5B in assets under management as of 12/31/2023.
The company was founded in 1940 and purchased by
New York Life Insurance Company in 2000. For more
information, please visit their website.
For more information about our business, see ourReport to Policy Owners.

Awards and recognition
N E W YO R K LI FE

No. 71 on Fortune magazine’s 2023 Fortune 5004
2023 Seramount Best Companies for Multicultural Women5
Seramount’s Best Companies for 20236
2023 Chief Learning Officer Learning Elite Gold Level7
2023 Degreed Visionary Awards Learning Innovator of the Year Silver8
OnCon Icon Awards 2023 Top 50 Learning & Development Team Award Winners9
The National Minority Supplier Development Council’s Forefront 25: Top Corporationsfor Minority Businesses10
Human Rights Campaign Corporate Equality Index, perfect score of 10011
Disability Equality Index 2023 Best Places to Work, perfect 10012
Forbes Best Employers for Diversity 202313
2023 Innovations in Diversity Award by Profiles in Diversity Journal14

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N E W YO R K LI FE FO U N DATI O N

2023 The Family Center Founders Award152023 Scholastic Art & Writing Awards Leadership Award16
2023 Higher Achievement Going Places Honoree172023 National Summer Learning Association Summer Learning Legacy Award18
S EG U ROS M O NTE R R E Y

2023–2024 Human Rights Campaign Equidad MX Index, perfect score of 10019
2023 Great Place to Work in Mexico20
2023 Best Companies Against Corruption Mexico,21 perfect score of 100
2023 Most Ethical Companies in Mexico22

To learn more about New York Life’s industry
and workplace awards and rankings, please
visit the New York Life Newsroom.

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Stakeholder engagement
and materiality23
New York Life engages with various stakeholders andmembership organizations to solicit ideas, feedback, anddialogue on shared priorities and important issues. Our
stakeholders include employees, agents, policy owners,
institutional and retail investment clients, community
organizations, Non-Governmental Organizations, service

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providers, suppliers, rating agencies, government agencies,
and trade associations.
For more information on how we engage with our
stakeholders, please see our GRI Universal Standards Index
at the end of this report.

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In 2021, New York Life Insurance Company conducted acomprehensive materiality assessment to evaluate which
environmental, social, governance and economics topics
are most important to our business and our stakeholders.
This assessment covered insurance and asset management
topics in its scope. Our materiality matrix is the result of thisstakeholder engagement. The horizontal axis reflects how
our business leadership and employees ranked these topics,
and the vertical axis reflects how external stakeholders
ranked these same topics. While we consider all issues on

the matrix to be important, issues that ranked the highest
priority for both stakeholders and our business can be seenin the upper-right-hand corner of the matrix. These are
our key priority areas. The topics listed in the middle band
represent material topics that we consider high priority andwarrant ongoing management. And finally, the topics in theband closest to origin of the chart may be emerging topics
for the company or specific to certain stakeholders, and arestill priorities.

Data Privacy & Cyber Security
Responsible Finance & Investing
Diversity, Equity, and Inclusion
Financial Security & Inclusion
Innovation & Technology
Talent Attraction, Retention, & Development
Business Continuity & Risk Management
Climate Change

Importance to stakeholders

Transparency & Disclosure
Energy & GHG Emissions
Customer Experience
Responsible Products & Services
Health, Safety, & Wellbeing
Advocacy & Public Policy
Business Ethics
Community Impact
Responsible Supply Chain
Human Rights
Marketing & Selling Practices
Sustainable Buildings
Biodiversity
Waste
Water

Importance to New York Life2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

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Our corporate
responsibility strategy
New York Life' s mission is to provide financial security
and peace of mind through our products and services.
As stewards for the long term, our core values of humanity
and integrity underscore our company's concern for thecommunities and places where we do business.
In that spirit, and recognizing that sustainability is acontinuous process rather than a time-bound project,
we are committed to making appropriate and responsible
use of natural resources in delivering our products andservices to our customers, now and in the future. We
collaborate with our business partners and suppliers onsustainability and engage our employees in community
service and environmental awareness.

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In 2022, New York Life developed a two-year corporate
responsibility strategy based on our material issues and ourEnvironmental Statement. This strategy will drive our focus
in the near term as we continue to build upon capabilities
within our corporate responsibility program. As we update
our materiality assessment, we will reassess our strategy toensure alignment.
.

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Our people
Wherever you go, in every department and at any event,you will hear the same refrain: What makes New York Lifeso special is its people. Our people come from all walksof life to work here, with a shared drive to help families
and businesses reach their financial goals and support thecommunities where we live and work.

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We take great pride in being an employer of choice, where
employees build long-term careers and stay for decades.
We focus on continuous learning and development andplace great emphasis on the employee experience.

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Snapshot: Our people*
G E N D E R D I V E RS IT Y
Male

Female

58%

42%

EMC

78%

22%

Executive Officers

69%

31%

Appointive Officers

59%

41%

Employees

40%

60%

Agents

55%

45%

Board

ETH N I C D I V E RS IT Y
White

Black

Hispanic

Asian

Other

Board

83.33%

8.33%

8.33%

0%

0%

EMC

100%

0%

0%

0%

Executive Officers

74.94%

3.65%

4.14%

14.84%

0%
2.43%

Appointive Officers

66.1%

5.4%

5.8%

20.8%

1.9%

Employees

54.4%

19.3%

12.2%

10.8%

3.3%

20.4%

3.4%

Agents

51.6%

12.3%

12.3%

E M PLOY E E S BY R EG I O N
Employees

USA

MexicoEurope

Other

84.5%

10%

5%

0.5%

AV E R AG E TE N U R E 2 4

10.4 YEARS

Employees
11.3 YEARSAgents* Gender diversity figures include all entities covered in the “Scope and Boundaries” section of this report and are reported as of 12/31/2023; ethnic diversity figures include
New York Life Insurance Company and its U.S.-based asset management boutiques. All non-U.S. asset management boutiques, MacKay Shields and SMNYL are excluded fromthe ethnic diversity figures, as of 12/31/2023; employees-by-region figures include all entities covered in the “Scope and Boundaries” section of this report, and are reported as of
12/31/2023; average tenure is as of 12/31/2023 and reflects only New York Life Insurance Company employees and agents.

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Benefits

W E LLN E SS AT S EG U ROS
M O NTE R R E Y

We believe that the well-being of our employees
extends to their families, which is why New York Life
offers benefits and resources to help eligible employees
and agents care for themselves and their loved ones.
We offer a full suite of medical, dental, and vision
insurance and spending account options, and income
protection in the form of life insurance and disability
coverage. We also offer a pension plan to eligible
employees and agents, in addition to a 401(k) program.
We understand that flexibility is important, so we provide
flextime and work-at-home arrangements for eligible
employees, in addition to bereavement leave, paid timeoff, and volunteer time off. For more information on our
benefits, please see our website.

In 2023, SMNYL strengthened its comprehensive Wellness
Program for employees. The Wellness Program is focusedon three aspects of well-being—physical, emotional, andfinancial—call with the aim of promoting overall well-being
and life balance. The initiatives in place included active breaks,
monthly conferences, physical exercises, medical checkups,
relaxation spaces, vaccination campaigns, and a wellness
platform available to all employees.
Several conferences were offered during the year covering
topics such as retirement, will and succession preparation,breast and prostate cancer awareness, and nutrition. SMNYL
also offered recreational activities and tournaments, which
led to increased employee satisfaction and engagement.
Spaces were also created in the Mexico City, Monterrey,
Querétaro, and Guadalajara offices in order to provide
employees with a physical place to unwind and relax.

Benefits Highlight:
Well-being Resources
At New York Life, we aim to provide holistic support forour employees through our competitive benefits. We
focus on four aspects of well-being—financial, physical,
emotional, and social. We support our workforce’s
financial well-being by offering robust retirementsavings plans and education benefits, such as tuition
reimbursement to help eligible employees save money
while pursuing professional coursework. To support ouremployees’ physical health, we added Hinge Health, adigital exercise therapy program to help our employees
manage back and joint pain remotely to provide more
flexibility in scheduling. We continue to offer freecounseling sessions through our Employee Assistance
Program so employees can take care of their emotional
well-being during difficult times. We also understandhow important bonding time with a new baby is forsocial well-being, so we recently doubled our Paid New
Parent Benefit .25 Our benefits foster an environment
where our employees can thrive and be well, both in andout of the office.

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Training and development
Training starts with onboarding, where employees geta high-level introduction to the company. They begin toexperience our culture, explore our nearly 180-year history,
and learn about the company’s foundational pillars—where
life insurance and our career agency distribution system arecentral to our business, supporting mutuality and financial
strength. Throughout their careers, employees can create
development plans with their managers, crafted from online
and classroom curricula and resources tailor-made to help
them grow and achieve their professional goals.
New York Life’s Agent Learning and Development program
was designed to ensure that our agents can demonstrate skills
and knowledge throughout their career. 26 The curriculum
is based on getting the right competency and the rightskills, developed through e-learning and reinforcement(assignments, skill builders, and virtual classrooms). This
captures the milestones agents hit so they may progress tothe next phase in their learning, ensuring they understand thefoundational knowledge of the business before moving into
more complex topics.
After their first year, agents can elect to go into a specialization
pathway. Our Practice Models curriculum, delivered inpartnership with The American College of Financial Services,
allows both our new and experienced agents to complete anyof five industry specializations and designations. This includes
specializations in Retirement Planning, Business Solutions, orEstate Planning. This unique partnership allows agents to gain
knowledge and practical skills while achieving designations
from an accredited university.

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In 2023, New York Life won Bronze in the CLO Division 1
Business Impact Awards 27 for our Technology Learning &Development Program, which recognizes learning leaders
who demonstrate excellence in the design and delivery of
employee development programs through a combinationof qualities such as leadership, vision, business acumen, andstrategic alignment.
In addition, New York Life’s Learning & Development teamwas recognized by OnConferences as among the Top Teamsin Learning & Development 28 as part of a peer review
award program.

Agent Education at SMNYL
SMNYL offers in-depth training to its agent force toensure they are providing the best financial advice andcare to their clients. During 2023, the SMNYL legal
team delivered a series of conferences to its sales force
on subjects ranging from legal agreements, bylaws,
insurance agreements, and succession matters, among
others. This improves the agents’ knowledge and sales
capacity, contributing to a more mature sales force. Thisfocus on agent education has resulted in SMNYL ranking
33rd in the 2023 Top 100 Companies in the Million Dollar
Round Table.29

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FIT FO R TH E FUTU R E
New York Life has made a significant commitment to
the ongoing growth and development of our employees
through our investment in a next-generation digitallearning platform. The New York Life Learning Exchange
gives our employees and managers access to a worldclass collection of learning assets of all types, organized
into academies and pathways covering key aspects of thebusiness, culture, and skills needed to both run New York Life
today and prepare us for tomorrow.
In 2023, learners across New York Life completed over
160,000 learner hours, or 12.5 hours per person, of training on
topics including service, technology, finance, leadership, andmuch more.
New York Life began redesigning its learning sourcing anddelivery model in 2018 to better serve its 850 technologists.
The purpose of this redesign was to provide guidance andeasy access to a wide array of integrated and organizedlearning assets, well aligned with the company’s futuretechnology stack. Each technology employee is provided
with an annual $2,500 learning stipend for their development,
which is independently directed by the learner with guidancefrom their manager. We made cost-effective enhancements
to our technology training by redirecting the learning budget
away from supporting older “legacy skills” that no longer fit
business needs. This allowed us to move to learning skills that
support new technologies, which help “grow the company.”More than 95% of technology employees have participated in
the stipend program since inception.
Achievement of technology and industry standard
certifications is a core measure of the development of
new proficiencies. Since the launch of the Technology
Stipend Skills Development program in 2018, New York Life
technologists have earned over 1,000 professional
designations and certifications, including nearly 400 in
2023 alone.

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LE A D E RS H I P A N D
PRO FE SS I O N A L D E V E LO PM E NT
We believe that good leadership, with a common goal,is part of what makes New York Life so unique. Ourleadership profile is founded on our corporate values
and mission and illustrates what leadership means at
New York Life. This profile not only guides our behaviors but
sets us apart from others in how we do business. Seeing ourleaders emulate the profile in action helps others to observe
what it looks like in practice.
In addition, we support and develop our leaders throughvarious programs that instill these behaviors at different
levels throughout the organization:
Executive Officer (EO) Induction—As new EOs join thecompany, or current employees are promoted to the EO
ranks, EO Induction focuses on participants understanding
their new role, the importance of modeling our leadershipprofile, and further building our inclusive culture.
Accelerated Leadership Program (ALP)—ALP is an eightmonth development program which selects a group of highpotential talent (Appointive Officers)—who prepare for future
leadership opportunities through assessments, coaching,feedback, action learning projects, and networking forcontinued, long-term development. ALP fosters innovation,
teamwork, and problem solving, and builds a diverse networkof colleagues who have a deeper knowledge of the company,
our culture, and the industry overall.
Compass—Appointive Officers, who sit in roles wherestrategy and execution meet, can self-enroll in this fourmonth program. This program helps participants gain a better
understanding of the leadership profile through an engaging
business simulation. The program also helps participants
identify their leadership strengths and development areas
through a 360 assessment and create an impactful set ofaction steps for their continued development.
AMPlify—AMPlify is an eight-month development programfor Appointive Officers. Participants can develop and honetheir leadership skills, with emphasis on communicating,influencing, and demonstrating confidence. This enhances
their understanding of their own capabilities as leaders. The
program embeds a foundational set of core capabilities uponwhich the program participants can continue to build.

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NYL Connect—During this six-month program,
emerging leaders at the Senior Associate level broaden
their understanding of the business and enhance theircommunication skills through a team project. Participants
gain an understanding of their own capabilities, continue tobuild their professional network, and develop leadership skills.
Building My Career at New York Life—This open enrollment
program for Associates and Senior Associates provides
an opportunity for participants to explore their careerdevelopment through understanding their strengths andbuilding an individual development plan in partnership with
their manager. Over a four-month period, participants
attend group sessions and one-on-one coaching, and their
managers are actively involved as well.

Seguros Monterrey Employee
Leadership Development
SMNYL takes pride in their commitment to employees’
continued learning and development to help them growand develop the leadership abilities necessary to achieve
their professional goals.
In addition to the courses provided during the employee
onboarding process and those available to all employees
through learning platforms, SMNYL offers the following
talent development programs:
Leadership Experiences—These sessions aim todevelop and strengthen the leadership skills of SMNYL
managers through a series of conferences. Sessions areoffered on difficult conversations, problem solving anddecision-making, and planning and strategy.
Executive Tuning—This program selects a group of
SMNYL deputy directors and is designed to maximize
participants’ executive profile by enhancing theirleadership styles through diverse methodologies of selfknowledge, habits, and capabilities development. Thesesessions are enriched by a collaborative environment ofleaders from diverse sectors and organizations.

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I NTE R N A L M O B I LIT Y PRO G R A M

E M PLOY E E E N GAG E M E NTAt New York Life, we want to see our employees growand develop in their careers with us. To support this, wehave created the Internal Mobility Program, which offers avariety of online coursework, in-person learning sessions—and a dedicated recruiter available for one-on-one guidance
to prepare employees for the next step in their career
paths. Most importantly, we want to empower employees
to explore and expand their skills and experiences throughinternal opportunities.

New York Life regularly conducts employee surveys. Thesesurveys assess feelings of engagement, satisfaction andinclusion, and allow employees to share comments thatprovide additional insight into their experiences. The survey
results enable leadership to understand the factors thatdrive employee engagement and make adjustments and/or
enhancements to improve the work environment and overall
employee experience.

D E V E LO PI N G O U R
S E RV I C E E M PLOY E E S

The most recent all-employee survey was conducted in
87%
April 2023. Favorability scores for key outcome metrics of
employee engagement and satisfaction surpassed or wereon a par with previous record highs. A few key highlights areincluded in the chart* below.

Service employees receive ample support to ensure thatthey have the proper knowledge and tools regarding
our offerings, rules, regulations, and systems. They are
regularly educated on the many products and riders owned
by our policy owners. They are also trained and encouraged
to handle all customer interactions with empathy. We also
have a Service Advisory Council, which is composed of 12–15
employees who serve as the voice of the department’s 2,400
employees on emerging customer service issues.

Employee Engagement
People of all backgrounds can
succeed at New York LifeE N H A N C I N G O U R E SG K N OW LE DG E
Across New York Life, we continue to build our employee
and agent knowledge on sustainability and corporate
responsibility. In 2023, we continued our internal Corporate
Responsibility webinar series, hosted by our corporate
responsibility department. These webinars educate our
employees and agents on sustainability efforts across theorganization and leverage external partners to provide
educational information. In 2023, some of our webinar
topics were: climate risk management, impact investing,building a garden to support local biodiversity, ethics andcompliance, and governance at New York Life.

PE R FO R M A N C E M A N AG E M E NT
Impact, New York Life's performance management
program, empowers employees to align their goals withthe company's priorities, exchange regular feedback,and recognize their contributions to the company's
success. The program features regular manager checkins and three milestone conversations to set and review
progress on business-aligned goals. Further, Impact
offers multiple feedback channels, promoting continuous
learning, development, and mutual support for employees’
professional growth.

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0%

88%

I can see a clear link between my workand the company’s objectives

83%

People on my team adapt to
new ways of doing things

83%

20%

40%

60%

80%

100%

This chart reflects feedback from New York Life Insurance Company employees only.

*

In addition, New York Life collects feedback at key moments
in our employees’ journey with the company. The insights
gained enable our teams to tailor strategies for recruitment,
onboarding, development, and retention, ultimately fostering
a culture of continuous improvement and ensuring that
our employee value proposition resonates throughout theemployee experience.

G R E E N TE A M
In March of 2023, New York Life launched a Green Team.
The Green Team’s mission is to engage employees andagents in environmental stewardship and build a culture ofsustainability. Meeting monthly, our Green Team does thisthrough three objectives: 1) identifying and implementing
operational improvements; 2) organizing volunteer projects;
and 3) raising awareness about sustainability issues across
New York Life.

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Diversity, equity, and inclusion
The driving force behind our unique shared culture is ouragents and employees—and diversity, equity, and inclusion(DE&I) are a big part of how we shape that culture.
At New York Life, we view diversity as the mixture of
backgrounds, experiences, characteristics, and abilities thatmake each of us unique. Equity ensures that all employees
are treated fairly, through opportunity and access toresources. Inclusion is noticing, valuing, and championing
the differences in other people. It is inclusion that activatesdiversity and equity in our business by encouraging people
to tap into their unique perspectives, knowledge, andstrengths to drive engagement, collaboration, agility,
innovation, and performance.
At New York Life, DE&I is embedded in our talent practices,
our business strategies, and our community engagement.
Our comprehensive talent approach includes:
Recruiting: New York Life’s Talent Acquisition Diversity
Strategist focuses on planning and executing strategies
to attract a diverse pool of applicants, as well as creatingprocess improvements to help mitigate potential bias in
the recruiting process. The company practices behavioralbased interviewing30 across the organization, which helps
mitigate unconscious bias during the hiring process. Utilizing
this interview technique and posing situational questions
provides a more objective set of facts to make employment
decisions compared to other interviewing methods.
Recruiters and hiring managers at all levels are trained inthis method.

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Talent development: Our Talent Development team embeds
DE&I throughout its work, fostering and strengthening
leadership skill sets, educating and training our employees
and managers on DE&I practices and knowledge, andmitigating potential unconscious bias in talent processes.
Education and awareness: Fostering an environment thatencourages employees to be their authentic selves and voice
their individual perspectives is at the heart of our inclusive
culture. Programs led by the DE&I Center (described in thefollowing section) provide opportunities for employees tolearn about and engage in a broad range of DE&I topics.
Reporting and analytics: We take the time to understand the
makeup of our workforce. Measuring inclusion and employee
sentiment is important, which we gauge through ourengagement and pulse surveys.

D I V E RS IT Y, EQ U IT Y,
A N D I N C LUS I O N : E N GAG I N GO U R E M PLOY E E S
New York Life’s DE&I efforts provide many ways for
employees to get involved.

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TH E D I V E RS IT Y, EQ U IT Y,
A N D I N C LUS I O N C E NTE R FO R
AWA R E N E SS & A DVO C ACY( D E & I C E NTE R)
The DE&I Center helps set the standard for the company’s
inclusive principles and practices. It offers an ever-evolving
framework for what it means to embed and uphold a model ofallyship, and continuous learning and growth for the good of
all New York Life employees. The center supports and helps
foster an inclusive culture within New York Life.
The DE&I Center offers programs including:
Coaching—One-on-one coaching sessions with a certifiedcoach for all employees.
Development—Dedicated programs help employees identify
their strengths and build individual development plans inpartnership with their managers.
Building relationships—The Building Professional
Relationships series helps all employees build theirpersonal brand, learn networking best practices, connect
with others, and put it all into practice at DE&I Center-hosted
networking events.
Mentoring—The Empower Mentorship Program connects
Employee Resource Group members with senior-level
mentors to foster new relationships, support, and guidance.
Participants are brought together for training and networking,and a third-party tool facilitates the matching process andprovides resources with best practices and discussion topics
to help participants get the most out of the program.

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E M PLOY E E R E SO U RC E G RO U PS
Our seven employee resource groups (ERGs) are a key component of our DE&I strategy and help to foster an environment
in which different and unique perspectives are encouraged and valued. The ERGs are employee-led and welcoming to all
employees. These groups support internal and external engagement by focusing on four pillars: awareness and advocacy;
professional development; community outreach; and talent acquisition. The DE&I Center offers opportunities to all employees,
through programming offered by the ERGs, to develop and strengthen their skills. These groups allow for connection andnetworking across the company, as well as the chance to participate in impactful programs and events.

Asian PacificCircle (APC)

The Women's
Initiative

Black Organization
for Leadership andDevelopment(BOLD)NYL Vets

ENABLE

Latinos for Excellence,
Advancement, andDevelopment(LEAD)NYL Pride

Read more about our ERGs in our 2023 Diversity, Equity, and Inclusion Report.

SMNYL’s Diversity, Equity,and Inclusion Program
During 2023, SMNYL redesigned its DE&I program. Thiseffort included a newly structured DE&I committee, withrepresentatives from several areas, and a rebranding of
its employee resource groups (ERGs). SMNYL worked
with New York Life’s DE&I team, benefiting from theirexperience and aligning with the broader inclusion
efforts of the company. The realignment created a
129% increase in employee engagement, with a focus
in three employee populations: Women and Allies, Blue
Generation (focused on fostering interaction between
different generations and addressing cultural diversity),
and LGBTQ+ and Allies.

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CO M I N G TO G ETH E R
CO N V E RSATI O N S E R I E S
The DE&I Center’s Coming Together Conversation
Series encourages respectful dialogue and promotes asafe workplace forum where employees can share theirperspectives and feelings on challenging issues. Since theseries’ first session in 2016, the program has evolved into acomprehensive model that includes ongoing, companywide
discussions on timely topics, often cosponsored by one ormore of the ERGs.
The DE&I Center conducts research projects related tothe topics and, at times, invites guest speakers to lead thediscussions. Through the Coming Together Conversation
Series, employees learn how to approach and discuss toughsocial issues to better understand and connect with eachother, leading to a more inclusive workplace.

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Agency’s commitment
to DE&I
New York Life’s Target and Cultural Markets units facilitate
knowledge, ideas, and resources to help our agents serve
the needs of communities across the country. Customizing
services, marketing materials, and approach for specificconsumer segments dates back several decades, which isa testament to our steadfast commitment to protecting
American families by reaching out to them in meaningful
and relevant ways. One important part of this is creating
in-language and in-culture marketing materials that connect
with clients and recruits in specific communities and ethnic
groups. New York Life’s Target and Cultural Markets units
serve the following markets: African American, Chinese,
Korean, Latino, South Asian, Vietnamese, Women, LGBTQ+,
and Young Professionals.
The diversity of our field force is a key strategic differentiator,
enabling us to mirror the communities we serve and to fulfill
our mission of bringing peace of mind to a broad range ofconsumers. It is giving New York Life an advantage in meetingthe life insurance protection gap that spans all demographics.
To focus our agents more emphatically on inclusion,
New York Life created a dedicated team within Agency tolead efforts focused on our strategic pillars, which include
building our cultural competency within our field offices
across the country, facilitating achievement across ouragent population, creating positive community impact,
and ensuring inclusive agency processes. These areas will
maintain and evolve our commitment to DE&I within Agency,
and communities in which we live and work.

AG E N CY D E & I PRO G R A M
H I G H LI G HTSThe Cultural Ambassador Program is designed tostrengthen cultural competency and advocacy for inclusion
and belonging in our field offices. A Cultural Ambassador
is an agent who is appointed as a liaison, and partners with
Agency DE&I to help facilitate alignment between company
objectives and local office implementation. Ultimately, thisforges an environment of continuous learning and building
cultural competency in the workplace. The program waslaunched in 2022, and in 2023 received an Innovations inDiversity award from Profiles in Diversity Journal.31 In 2024,
this innovative program has expanded to more offices
around the country.

The Proximity Project is an internal educational video series
which spotlights individuals within the New York Life agent
community. The series showcases stories and perspectives
that can help foster deeper understanding of the diverse
experiences and backgrounds within our field. A major goal ofthis series is to generate empathy through proximity and isdirectly linked to Agency DE&I’s foundational pillar of building
our cultural competency in the field.
RISE® The Empowerment Plan: New York Life remains
committed to addressing the racial wealth gap and creating
positive community impact. Building upon the achievementsof New York Life’s African American Market Unit’s $50 billion
Empowerment Plan, RISE® further extends the mission ofcreating wealth. The initial plan successfully generated morethan $50 billion of transferable wealth in the Black community.
RISE® continues this effort, broadening its scope to offer
financial education, resources, and engagement to narrow
the wealth disparity within the Black community.

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Our annual Data
Science Expo: sharing
with our employees how
we drive innovation
Every October, New York Life’s Center for Data Scienceand Artificial Intelligence (CDSAi) holds its Data Science
Expo. This year's expo saw more than 80 employees from 16
different teams share information about the AI, data science,and data-related projects being developed at New York Life.
The expo blended product demos, quizzes, and raffles toengage the nearly 500 in-person and virtual attendees.
Additionally, New York Life’s risk management andcompliance teams provided information on New York Life’s
guiding principles and best practices for using AI, to protect
our data now and in the future.

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Our communities
New York Life’s tradition of service and humanity
comes to life through the New York Life Foundation,
which has provided over $440 million in charitable
grants since its founding in 1979. The foundation
concentrates its giving in three core areas: childhood
bereavement support, middle school education, andsocial justice (with a focus on building generational
wealth, and uncovering and learning from history).
Our agents and employees also dedicate their timeand resources to giving back to their local communities.

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Our impact on communities extends into how we engage
within our vendor community. New York Life has a longstanding supplier diversity program. This program is
integrated into our procurement process, helping us ensure
the inclusion of diverse vendors in New York Life’s vendor
evaluation process. Additionally, we engage directly withdiverse suppliers outside of our procurement process
through our mentorship program and targeted matchmaking,where we introduce diverse suppliers to executives and otherkey stakeholders at New York Life. We also actively participate
in various industry and community associations, including
through board membership. This multifaceted approacheffectively supports many of the diverse communities where
we live and work.

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Our commitments
and progress
New York Life has set the following community-basedtargets through 2025. You can see progress toward thesecommitments in the charts below.
› Provide 500,000 agent and employee volunteer
hours for our local communities.
› Invest $15 million in organizations and programs
focused on social justice through New York Life andthe New York Life Foundation.
› Create additional opportunities to connect diverse
vendors with New York Life executive and appointive
officer stakeholders for inclusion in the consideration
pipeline for targeted service needs.

Volunteer Hours
33,808466,192

Hours Remaining Toward Goal
Total Achieved

Social Justice Investment$4,350,235$10,649,765$ Remaining Toward Goal
Total $ Investment

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Childhood bereavement support
The New York Life Foundation adopted childhood
bereavement as a philanthropic focus in 2008 to increaseawareness of the issue and provide access to resources forbereaved children and their families. This area seamlesslyaligns with the core business of New York Life, and ourphilanthropic initiatives and investments serve as anextension of the commitments that we uphold through ourlife insurance policies.
Motivated by the astonishing statistic that one in twelve
children will experience the death of a parent or sibling
before turning 18,32 the New York Life Foundation has
implemented a tiered investment strategy aimed at reaching
and meeting children where they are. This is achievedby partnering with organizations that are a part of thecommunities and environments of the children they serve.
The programs supported by the New York Life Foundation
meet our youngest grievers through our collaboration with
Sesame Workshop; they connect with school-aged children
through New York Life’s Grief Sensitive Schools Initiative®;and they reach youth of all ages through the country’s first
identification initiative33 with the Children’s Collaborativefor Healing and Support. Over the past 15 years, the
New York Life Foundation has dedicated its efforts to helping
bereaved children be seen, heard, and recognized so they canbe supported and connected to essential resources.
For the last several years, the New York Life Foundation, in
partnership with Judi's House/JAG Institute, has funded
the Childhood Bereavement Estimation Model (CBEM). Thismodel provides estimates of the number of U.S. children andyouth who will experience the death of a parent or sibling by
the time they complete high school. In 2023, this number
increased to one in twelve from one in thirteen in 2022. Thisworsening statistic shows how vital it is that bereavement
work continues and evolves.
Our philanthropic financial commitments are complemented
by our engaged workforce. The New York Life Foundation has
developed bereavement initiatives that nurture connections
between our workforce and their local communities.
New York Life employees and agents voluntarily serve asambassadors to our Grief-Sensitive Schools Initiative®.
These ambassadors provide valuable information about
the prevalence and impact of childhood bereavement
along with tangible resources and a grant to support schoolcommunities to strive to become grief sensitive. Since theprogram launched in 2018, over 5,000 schools have pledged
to become grief sensitive.

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Identifying Grieving Children in Utah
with the Children’s Collaborative
In 2023, the COVID Collaborative, alongside the
New York Life Foundation, launched the Children’s
Collaborative for Healing and Support to enable theidentification of children who have experienced the lossof a parent or caregiver and connect them to appropriate
support systems.
This launch coincided with a new initiative in partnershipwith the state of Utah. Utah has been at the forefrontof demonstrating the importance of state and local
commitment to using data and following evidence-based
practices to identify children who have lost a parent
or caregiver. Identifying those children has allowed fora collaborative approach between the government,
community-based and philanthropic organizations,schools, and universities.
The Utah Children’s Collaborative takes a two-pronged
approach to identification:› Work with the Gardner Policy Institute to overlay
statewide birth and death records to match listed
birth parents of children under the age of 18 withthose parents who are now deceased. This matchingeffort provides scalable and sustainable ways forgovernment entities to identify bereaved youth andnotify them of available resources and organizations
within Utah that offer support.
› Partner with the Granite School District to add
language to their back-to-school forms in the fall of2024, which will allow caregivers to voluntarily sharethat a parent or caregiver in their family has passed
away. The remaining caregiver will be able to opt in
to receive resources and support for the student andtheir family. This also acts as a secondary method
to capture loss that is not identified in the statewide
match to support services.
The Utah initiative supports the Children’s
Collaborative’s plan, with the support of the
New York Life Foundation, to better understand what
is working well, which parts of the system need to be
improved, and how best to measure results.

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Middle school transitions
Much as New York Life seeks to achieve financial security
for our policy owners, the New York Life Foundation
focuses on facilitating financial security in communities
by supporting foundational academic and social skills that
position students to be successful in school and life. Middle
school is a pivotal time in a young person's development, bothacademically and socially. For this reason, the foundation
has chosen a strategic focus on the middle school transition
to high school. Middle school students who reach the ninth
grade on time and performing at grade level are four times
more likely to graduate from high school. This increases theirchances of finding postsecondary success, which creates
opportunities for a brighter future.
The foundation’s education grantmaking approach
focuses on supporting the academic and social-emotional
development of middle school youth. Specifically, thefoundation funds organizations that offer enriching programsfor young people during the after-school hours and summer
months. These critical out-of-school-time (OST) programs
help children grow and develop outside of the traditional
school day and prevent learning loss.
In 2023, the New York Life Foundation awarded a grant
to BellXcel to launch the Rise Initiative, a two-year pilot
program to address the critical needs of children in ruraland Native/Indigenous communities that are not being
served by OST programs. For the pilot, BellXcel will workwith local, community-based organizations to build andimprove the access and quality of after-school programs
for approximately 3,000 youth living in historically underresourced communities in 10 states.

SO C I A L J USTI C E I N V E STM E NTSThe New York Life Foundation recognizes the importanceof supporting marginalized communities and communities
of color as part of our ongoing commitment to further amore equitable society. Funding themes include bridging
the generational wealth gap for underserved communities,
uncovering and learning from history, and providing general
operating support for social justice organizations.
One notable 2023 investment was a two-year, $500,000
grant to the Low-Income Investment Fund (LIIF) to provide
targeted programming and services designed to grow,enhance, and improve Early Care and Education home-based
provider facilities and help sustain these small businesses.
Additionally, we recommitted our support for The
HistoryMakers, an organization that records and preserves
the oral histories of both well-known and lesser-known
African Americans who have excelled in their fields. Our
renewed partnership will expand the use of the curriculums
entitled “Becoming a FutureMaker,” focused on identity andcareer pathways, and from “Loss to Thriving,” focused on theissues of loss.

In addition, the New York Life Foundation continues tosupport social justice-related efforts as part of its education
grantmaking. Last year, the foundation awarded a grant toBreakthrough Collaborative to strengthen its after-schooland summer programs across its network, reaching nearly
10,000 youth across the country.
Lastly, our Aim High local grants program is tailored forsmaller local community-based OST programs. This targetedfunding stream helps organizations with pressing or emerging
issues in the OST and youth development field. This program
will continue to support grassroots organizations doing
important work in communities across the country.

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Volunteering and employee engagement
New York Life collaborates with hundreds of charitable organizations, donating time andexpertise to address community needs across the country.

VO LU NTE E RS FO R G O O D

CO M M U N IT Y I M PAC T G R A NTS

Our corporate volunteer program, Volunteers for Good
(VfG), develops and promotes volunteer opportunities
for our workforce. As of December 31, 2023, the VfG
network included 116 New York Life Offices across thecountry. In 2023, we had 7,824 unique volunteers (29% of
the total workforce) record over 200,000 volunteer hours(a 50% increase over 2022), which resulted in over $2.9
million in volunteer grant and incentive funding (a 40%
increase over 2022).

The Community Impact Grant (CIG) program was createdexclusively for New York Life field managers, agents, andGeneral Office employees to support their leadership
involvement with local philanthropic organizations andmeet compelling needs in their communities. In thiscompetitive grant program, successful applicants candemonstrate their charitable investment (time, talent,
and financial), leadership, and network involvement with
their nonprofit organizations. Community Impact Grants
range from $5,000 to $25,000 and are awarded to nonprofit
organizations for specific projects. Since the program’s
inception in 2008, over 850 grants have been awarded, with a
total amount exceeding $12 million.

New York Life agents and employees can support nonprofits
in several ways. They can earn up to $10,000 in a teamvolunteer grant for cumulative engagement efforts.
Team grants range from $720 to $10,000 per project andare available after accumulating 40 hours.* Additionally,
individuals can earn up to $1,000 annually in an individual
volunteer grant for eligible 501(c)(3) organizations to which
they dedicate their time.
The New York Life Foundation also supports Acts ofKindness and Civic Engagement, where our workforce canearn up to $1,750 annually for a nonprofit of their choice
when participating in neighborly acts of service or civic
engagement. Additionally, New York Life provides every
employee with one full day of paid volunteer time off annually.

G I V I N G C A M PA I G N
Each year, New York Life hosts its Giving Campaign. The
Giving Campaign serves to ignite a spirit of connection,bringing employees and agents together to generously
donate and raise funds for the philanthropic causes closest
to their hearts. The 2023 campaign, centered around thepowerful theme of human connection, resulted in ourhighest-ever participation rates, with 29% of agents and 74%
of employees donating and joining in for in-person, virtualand hybrid events. In total, the 2023 Giving Campaign raised$6.12M for charitable organizations across the country.

*

All New York Life offices have annual caps on team grants.

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Disaster relief
New York Life and the New York Life Foundation provide
support to the communities where we live and work intimes of great need. In response to the devastating wildfires
that occurred on the Hawaiian island of Maui, New York Life
donated a total of $200,000 to the Maui Strong Fund andthe Maui Food Bank. We also provided workforce matching
grants of more than $160,000. To further support relief andrebuilding efforts, at our Chairman's Council agent meetingin Maui, the foundation hosted a record-breaking combined
agent and family volunteer effort. More than 600 participants
assembled hygiene tote bags and smile totes for Boys andGirls Club families affected by the fires, while also preparing
300 saplings for rainforest planting.
In response to a series of devastating tornadoes in
Arkansas, New York Life supported the Arkansas Food
Bank with a $20,000 disaster relief grant and $20,000 in
special volunteer grants from our workforce’s volunteer
efforts. In addition, our workforce volunteered with localorganizations to support multiple disaster relief efforts:
New York Life provided special grants of $5,000 to eachrelief organization in honor of our employees’ andagents’ volunteerism.

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Additionally, New York Life and our workforce responded to
two international crises and disasters. After the earthquakethat struck Turkey and Syria, New York Life supported Save
the Children and UNICEF USA in their humanitarian relief
efforts and matched its workforce donations to these andother international relief agencies. In response to the ongoingcrisis in Israel and Gaza, New York Life committed $1 millionof funding to support humanitarian efforts in the region.
New York Life also has an Emergency Assistance Fund tosupport our workforce in the wake of emergencies, including
natural disasters, fires, deaths, and domestic violence. In
2023, the fund provided over $143,000 in emergency grants
to 56 employees and agents.

$1 . 8 4 M

D I SA STE R G R A NTS

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SMNYL and Save
the Children
Seguros Monterrey has a long-standing partnershipwith Save the Children Mexico, a nonprofit organization
focused on giving children a healthy start in life, theopportunity to learn, and protection from harm. In 2017,
the partnership resulted in the launch of the “Niños en
Duelo” program, focused on childhood bereavement. The
program was launched in education centers in Monterrey,
Querétaro, Guadalajara, and Mexico City, with the goal ofprotecting and securing the psychosocial well-being ofchildren through the Healing and Education Through theArts (HEART) program. In 2023, thanks to a grant from the
New York Life Foundation, the program was enhanced toinclude middle school outreach.
During 2023, SMNYL employees supported and participatedin various Save the Children initiatives:› As a strategic ally, SMNYL was invited to visit
three migrant shelters located in Tijuana and
Mexicali. The facilities offer the HEART program
to migrant children.
› SMNYL hosted three volunteer sessions with over 50
employees in early childhood community education
centers, which benefited more than 150 children
participating in the HEART program, while also
adding a reading space to the center.
› SMNYL launched a fundraising campaign in late
October 2023 to support the well-organizedhumanitarian actions carried out by Save theChildren for those affected by Hurricane Otis in
the state of Guerrero, Mexico. The collaboration of
employees and the matching donation of SMNYL
amounted to MX$300,000 and were used by Save theChildren to deliver potable water, food, hygiene, andeducational kits to affected children in Acapulco.

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Protecting and promoting supplier diversity
For more than 20 years, New York Life has invested in a
multifaceted Supplier Diversity Program, fully integrated
with procurement. We aim to grow our partnerships andhelp develop, promote, and ensure access to certified
diverse-owned businesses across the New York Life
enterprise. Having an inclusive and diverse supply chain
fosters innovative solutions and capabilities, and supports
New York Life’s commitment to strengthening communities
through development and economic opportunities.
We are intentional in our efforts to provide diverse supplierswith an equal opportunity to be included in the procurement
process—expanding outreach through our external andinternal partnerships and engaging directly with themthrough active participation in advocacy partners’ national
and local events, targeted matchmaking, and development
initiatives such as mentorship and scholarship programs.
Continued Supplier Diversity Program enhancements allow
us to stay aligned with our business strategy, peers, andindustry best practices.

We aim to include one or more qualified diverse suppliersin the pool for consideration in all competitively sourced
projects, and for 2022, achieved a 94% success rate
against this goal. We remain focused and committed
to improving this success rate and aim to achieve
100% consideration of qualified diverse suppliers for allcompetitively sourced projects.
We continue to receive industry awards and recognition
for our outreach,34 leadership and initiatives in this area, andwe have expanded our participation in industry
advocacy organizations.

Through our efforts, in addition to vendors, we havepartnered with diverse-owned investment brokers andaccounting firms. Our Supplier Diversity Advisory Council,
composed of leaders from across our business areas,
has resulted in proactive engagement and exploration ofopportunities to incorporate more diverse suppliers into our
procurement process.

Diverse Supplier Spend (Millions - USD)

35

$117.3

$69.8

2018

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$74.7

2019

$69.0

2020

$80.4

2021

2022

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Our policy owners and clients
Our commitment to ourpolicy owners—mutuality
and our dividend
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Mutuality is central to our way of doing business. As amutual company, New York Life Insurance Company has
no shareholders. Instead, we operate for the benefit of ourpolicy owners. Every year, the owners of our participating
insurance products vote to elect the directors who oversee
our business. Our mutuality embeds a deep focus on ourcustomers into our culture. Our decision-making centers on
their long term interests.

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Maintaining the trust of our policy owners is paramount.
For nearly 180 years, our mutuality has manifested in our
unwavering commitment to financial strength. In our insurance
business, we make promises that can span decades, andthat safeguard the future of our customers’ families. Eachowner of our participating insurance products is part of acommunity of millions who collectively own more than $1
trillion in protection for their loved ones and businesses.
Ultimately, through our mutuality, our participating
policy owners share in our success. Since 1854, we haveconsistently paid an annual policy owner dividend36 on
our participating whole life insurance products. This trackrecord of shared success helps set us apart. Publicly tradedinsurers focus on generating returns for their shareholders.
In contrast, the returns that we generate reinforce ourcommitment to long-term financial strength and play animportant role in supporting the insurance benefits weprovide to our participating policy owners.

Delivering a seamlesscustomer experience
A few years ago, New York Life created the Foundational
Business to unify the groups that support our agent- andadvisor-sold products and services. Since then, this group
has helped our advisors and agents deliver holistic financial
guidance, serve more clients, and increase productivity. In
the spirit of continuous improvement, New York Life hastransitioned our Foundational Business to a value stream
operating model, focusing on creating seamless end-to-end
experiences for our agents and clients.
The company has identified six value streams, ranging fromfield operations to purchase and service experience. Eachvalue stream contains the people, processes, and businesscapabilities focused on the client or agent experience withinthat value stream, combined with a shared accountability
around business outcomes and strategy. Value streams arebeing activated in a phased approach, and New York Life will
adapt and improve the value stream model based on what welearn along the way.

Customer experience
We strive to serve the needs of our policy owners andprovide an excellent experience. Our dedicated team ofover 3,500 customer service employees operate out of 170+
corporate and sales office locations nationwide to support
New York Life’s over 15 million active customers and over
12,500 active agents, brokers, and advisors across theentire customer life cycle.

O N A N A N N UA L BA S I S ,N E W YO R K LI FE AV E R AG E S OV E R
6 M I LLI O N TO U C H PO I NTS W ITH
CUSTO M E RS A N D PAYS O UT OV E R$ 4 B I LLI O N I N D E ATH B E N E FIT
PAYM E NTS TO O U R B E N E FI C I A R I E S .
Service employees are committed to addressing the needs ofour customers quickly and efficiently. We manage the needsof customers who were onboarded as early as the 1930s tothe ones we onboard today. By offering customers different
channels for transacting and interacting with us—via web,phone, chat, and mail—we are able to meet their channelof preference. In fact, New York Life ranked among thebest companies for customer service in Newsweek’s 2023
“America’s Best Customer Service” list.37 Additionally, theUniversity of Michigan Business School ranked New York Life
near the top in their American Customer Satisfaction Index
versus similar insurance companies in 2023.38
Customers also interact with us through our website,which allows them to navigate and transact with ease andpeace of mind. We encourage our customers to consider
paperless options, where available, to allow for moreseamless communication. Additionally, we continue to invest
in new transactional capabilities and make user experienceenhancements every year.

Each value stream has a dedicated lead who is responsiblefor determining their value stream’s strategy, outcomes, andobjectives, as well as designing a multiyear plan for their areaof focus. The leads are accountable for continually reviewing
progress toward goals, identifying insights, and determining
where adjustments may be needed. Since each value stream
represents one key piece of the customer and agent journey,these leaders must closely collaborate with each other as a
unified team to ensure that our experiences are consistently
strong from end-to-end.

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R ETE NTI O N TE A M
Our Retention Team helps customers who may feelthey need to surrender their policies due to financial
hardship understand how they can keep their policies
while adjusting to life’s changes. We are committed
to helping our clients explore options for retaining
their coverage when they contemplate foregoing theirpurchase or investment. We have a dedicated team ofexperts who know the ins and outs of our solutions andcan make recommendations that are in the customer’s
best interest.

D I G ITA L C A PA B I LITI E S
Our digital capabilities have grown exponentiallyin recent years and go beyond our external-facing
tools. We’re able to serve our customers, even when
our agents can’t meet them in person. New customers
are provided with options to apply for coverage andreceive important policy documents electronically.
Additionally, we have seen an increase in registrations
on our website and transactions conducted by clients
via self-service since ramping up our digitization
efforts. Our modernized customer relationshipmanagement platform enables our workforce toefficiently interact with our customers. Customer
information such as transaction history, policy values,
and products owned is readily available, allowing for a
proactive customer engagement model. The platform
design aims to deliver an improved user experienceand enables easy processing of transactions.

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SU PPO RTI N G O U R G RO U P
B E N E FIT SO LUTI O N S CUSTO M E RS
New York Life’s Group Benefit Solutions (NYL GBS)
serves the needs of businesses and their employees
through a comprehensive set of benefits and tools that
help provide financial security and peace of mind. We
strive to offer services that are useful to employers andtheir employees. Some of these services are:› Vocational coaching services which provide
counseling and technical assistance for people
experiencing challenges performing their job
because of an illness or injury. Services include
assisting employees to use proper body mechanics
to reduce stress and strain, adaptive techniques,
tools, and equipment that will assist them to remain
working, as well as services to help people recoverfaster, rebuild confidence, ease financial concerns,
and return to work after a disability absence.
Examples of return-to-work services include:
partnering with customers, clients, and healthcare
providers to coordinate a safe and sustainable return
to work, facilitating trial work periods, job-seeking
skills training, job placement assistance, securing job
modification and adaptive equipment, and financial
support for retraining.
› Advancing efforts in support of mental health. Our
enhanced Employee Assistance Program (EAP)
benefit and Wellness Support provide emotional
support for clients and their family members.
Access is available 24 hours a day, seven days aweek, and includes work/life assistance, coaching,
online articles, resources, and videos.39 In 2023, we
supported over 50,000 customer engagements.
› Expanded support for Spanish-speaking clients
through the addition of over 90 native Spanish
speakers to its contact center to answer
customer questions.

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GBS Survivor Resources
We know that losing a loved one is difficult. And weunderstand how challenging it can be for beneficiaries tomanage their loved one’s insurance benefits, among otherpressures, during such a difficult time. As part of the NYL
GBS Survivor Assurance program,40 we offer services tosupport beneficiaries when they need it most, including:› An NYL GBS Survivor Assurance account in thebeneficiary’s name: Beneficiaries can access these funds
easily by writing a check from the book of drafts they are
sent. A Certificate of Confirmation explains everything
beneficiaries need to know to access their money.

S M N Y L : I M PROV I N G S E RV I C E FO R
O U R E LD E R LY C LI E NTS
A multidisciplinary team led an initiative to improve
service for SMNYL’s elderly clients. The General Protocol for
Attention to the Elderly aims to provide priority mechanisms
to aid the elderly, ensuring respectful treatment.
The protocol includes attention and assistance to thespecific needs of the elderly, together with a simplified
application process. In addition, it provides financial
education materials through various communication
channels. SMNYL’s customer service team and agentsreceive corresponding training in human rights matters,
communication, nondiscrimination, and inclusion in orderto provide this service.

› Financial, Legal, and Estate Support: Professional
support for all types of pressing financial, legal, or estateissues; includes law consultations, tax consultations,credit, and tax questions, and much more. Assistanceincludes identity theft and fraud resolution services,and online tools for state-specific wills as well as otherimportant legal documents.37
Additionally, through claims services, Group Benefit
Solutions has pioneered the Survivor Support Specialist
program, providing one-on-one, trained, compassionate
support and guidance while offering a variety of services
and resources tailored to the caller’s specific needs
before, during, and after the loss of a loved one.

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R E S PO N S I B LE PRO D U C T A N D
M A R K ETI N G PR AC TI C E S
New York Life insurance and annuity products, including
long-term care and disability insurance, are internallyapproved by a committee with senior executive
representation across various areas, including ProductDevelopment, Finance, the Office of the General Counsel,
Corporate Compliance, Risk Management, and others asneeded. Our products are also put through a rigorous internal
and regulatory process to ensure that each complies fully withapplicable regulations.

SMNYL’s Vida Mujer
In 2023, the National Commission for the Protection
and Defense of Users of Financial Services (CONDUSEF)
recognized SMNYL for its Vida Mujer life insurance
product. Offered for sale in Mexico since 1995, Vida
Mujer is specifically designed to address women’s various
and diverse needs during different stages of their lives.
This recognition reinforces SMNYL’s commitment toenhancing women's financial health and security.

Additionally, our U.S. retail mutual funds and exchangetraded funds comply with applicable federal securities laws
and are put through a review process approved by a primarily
independent Board of Trustees.
We maintain a robust compliance process to help ensurethat product marketing materials are reviewed forcompliance with regulatory standards and company
policies and procedures.
New York Life’s customers communicate with the company
about our products and services through various means,including our agents, third-party brokers, third-party
administrators, directly through our website (both public
and our customer portal), an Ethics Hotline, and throughour employees. Customer service representatives areavailable to answer questions and assist customers. Our
compliance and service areas address and respond to written
or electronic inquiries and complaints in compliance withlaws and regulations. Complaints are an important sourceof information for us about the quality of our products andservices and the way they are delivered. Our goals are to
resolve complaints promptly and fairly and to identify the root
cause of the complaint so that any underlying issues can beaddressed in a timely manner.

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Our approach to responsible investment
At New York Life, our diverse portfolio of Strategic
Businesses contributes to our ability to fulfill our longterm commitments to our policyholders and clients. Ourasset management business, New York Life Investments,
is focused on building sustainable relationships and abetter financial future for its clients and communities.

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Responsible investing:enduring value within an
evolving landscape
New York Life Investments views responsible investing*as a holistic approach to evaluating risk and opportunity.
As stewards of our clients’ capital, we take this
responsibility seriously.
Our multi-boutique family of asset managers—with solutions
as diverse as the clients we serve—utilize this holistic
approach in an effort to build better financial futures. Whenevaluating the operational and structural risks of potential
investments, our analysis may include consideration offactors such as the strength of a company’s governance, its
positioning to withstand environmental impacts, responsible
employment practices, and the evolving regulatory landscape.
This assessment helps us identify companies that we believe
are better positioned for success, both in the short and longterm. We view these considerations as a part of our overall
approach to managing risks and identifying opportunities,
allowing us to serve the investment objectives, needs, andmandates of our clients.
The information that follows is a testament to this approachand showcases our progress and vision for the future. Thankyou for your continued trust and partnership.

Anthony R. Malloy
Executive Vice President and Chief Investment Officer
New York LifeNaïm Abou-Jaoudé
Chief Executive Officer
New York Life Investment Management**

The terms "responsible investing," "sustainable investing," and "ESG investing" areused interchangeably in this report. They all refer to an investment approach thatconsiders factors typically referred to as environmental, social, and governance factors.
This approach may differ depending on materiality, strategy, asset class, or client
preferences.
**
New York Life Investment Management (NYLIM) refers to New York Life’s global multiboutique third-party asset management business.
*

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WHO WE ARE

New York Life Investments
39.0% NYL Investors
20.5%
Candriam									
17.8% MacKay Shields
12.4% NYLIM LLC
1*
Apogem
5.3%
					
2.3%
TristanAusbil
1.4%
IndexIQ
1.3%

$707
$716
BILLIONBILLION

Our Global Boutiques
New York Life Investments offers clients access to specialized, independent investment teams
through its family of boutiques.

New York, NY
Provides investment management
and financing solutions for
New York Life and select third-party
investors, focused on fixed income,real estate, and private capital.

New York, NY
Chicago, IL
Richmond, VA
Alternatives investment firmwith capabilities spanning private
credit, private equity, GP stakes,
and private real assets.

Europ
Global multi-specialist asset
manager focused on fixed income,equity, thematic investing, absolute
return strategies, sustainable
investments, and asset allocation, as
well as tailored solutions for pension
funds and insurers.

London, UK
Real estate investment firm
specializing in a wide range ofproperty types across the UK andcontinental Europe.

U.S., UK, Ireland
Investment firm offering specialty
fixed-income expertise andinvestment agility across global
fixed-income markets.

Sydney, Australia
Investment firm with expertisein active management. Capabilities
across Australian equities andglobal small-capitalized equities,
natural resources companies andassociated industries, and listed
infrastructure securities.

New York, NY
New York Life Investment
Management LLC (NYLIM LLC) is theadvisor to U.S. retail mutual funds
and separately managed accounts,
offering investment strategies
managed by affiliated boutiques andunaffiliated subadvisors.

New York, NY
Pioneer and leading providerof exchange-traded funds,
granting investors access toinnovative solutions designed todeliver a smarter approach
to traditional investing.

**

EuropeEuropean specialist provider ofprivate capital solutions for small andmidsized companies.

“New York Life Investments’’ is both a service mark, and the common trade name, of the following investment advisers (also referred to herein individually as a “boutique” andcollectively as “boutiques”) affiliated with New York Life Insurance Company: Ausbil Investment Management Limited (“Ausbil”), Apogem Capital LLC (“Apogem”), Candriam S.C.A.
(“Candriam”), IndexIQ Advisors LLC (“IndexIQ”), MacKay Shields LLC (“MacKay Shields”), New York Life Investment Management LLC (“NYLIM LLC”), NYL Investors LLC (“NYLInvestors”), and Tristan Capital Partners LLP (“Tristan”). AUM is based on estimates and is subject to change.
Assets under management (AUM) includes assets of the investment advisers that make up “New York Life Investments” as of 12/31/2023. AUM includes certain assets, such as
non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfoliodelivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD
is converted at the spot rate as of 12/31/2023. The total AUM figure of “New York Life Investments” is less than the sum of the AUM of each affiliated investment adviser in the group
because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser.
**
Kartesia is excluded from any compiled data included in this report (e.g., assets under management, diversity, emissions, etc.) due to New York Life’s noncontrolling minority ownershipduring the reporting period.
*

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Navigating the evolving
landscape with purpose
As the investment landscape has evolved, traditional
analysis may no longer be enough to understand present
and future risks and opportunities in our modern world.
Understanding how factors such as data security, workforce
management, supply chain risk, and changing climate-related
regulations affect investment value can unlock opportunity
while guarding against risks. Across New York Life
Investments, we believe that this holistic approach toinvestment management can deliver long-term value overthe market cycle, effectively weathering short-term trends.
As sustainable investing continues to evolve, we remainanchored by our fiduciary duty and aim to create lasting value
for our clients.
This past year presented several challenges—inflation,higher interest rates, talks of a recession, natural disasters,
and increasing geopolitical uncertainty that complicated theinvestment landscape. Still, we held steadfast to our fiduciary
duty and investment principles.

We believe:
We can create long-term value by considering material ESG
factors as we make investment decisions.
Addressing environmental challenges can support asustainable future.
Investing in people and communities will fuel innovation,
progress, and growth.

These guiding principles drive us forward. They help orient
us toward our mission: empowering clients to achieve theirgoals while building a better financial future for our clientsand communities.

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Introducing our boutiques
New York Life Investments’ multi-boutique structure
empowers each firm to leverage their deep expertise tooffer solutions that best suit their clients, asset classes,
and the regions they invest in.
We invite you to explore the individual stories andachievements of each boutique in this report. By delving
deeper, you’ll gain a fuller understanding of how ourdedication to holistic analysis of risk and opportunity
translates into practical outcomes.41

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NYL Investors
NYL Investors is a wholly owned investment
subsidiary of New York Life. With $305 billion* inassets under management (AUM), NYL Investors
is responsible for managing the vast majority of
New York Life’s General Account. NYL Investors
became a UN Principles for Responsible Investment(PRI) signatory in 2020 and remains committed
to evolving its responsible investing practices andsupporting the sustainability goals of the enterprise.

R E S PO N S I B LE I N V E STI N GProcess Enhancements
At NYL Investors, ESG factor assessments are a formalcomponent of their fixed income investment due diligenceprocess of issuers and borrowers. The investment team’s
objective is to assess material and relevant factors that can
impact the financial performance of a company. Additionally,a proprietary ESG score is applied to corporate bond,structured asset, U.S. sovereign, and private placement
issuers held in client portfolios. These scores are utilized
within the investment teams to communicate issuer levelrisks and opportunities.

portfolio and potential investments. These findings arefactored into the 10-year property condition assessment cost
tables discussed at REI’s Investment Committee meeting,and mitigation checklists are reviewed to help build resiliency
at the property level.
REI also monitors the evolving regulatory risk landscape.
Industry frameworks, notably Carbon Risk Real Estate
Monitor (CRREM) models, are used to assess certain
portfolios and measure their exposure to transition risk.
This ongoing effort also seeks to evaluate compliance withgovernment-mandated energy or greenhouse gas (GHG)
emissions performance requirements. By evaluating theenergy intensity and emissions of REI's properties against
CRREM models and government-mandated building
performance requirements, they can assess the near-termrisk and then implement multiyear plans with the aim of
future-proofing their assets.
The REI debt portfolio seeks to adhere to sustainable
investment best practices by collecting property-level andborrower data. Furthermore, REI's Investment Committee
conducts evaluations of sustainability factors as part of thedue diligence process.

Climate Impact Analysis
NYL Investors aims to deepen its understanding of thepotential impacts of climate change to client portfolios andmonitor and manage risks and opportunities associated withthe energy transition. A dedicated responsible investing teamis coordinating the firm's efforts to leverage internal andexternal tools, models, and scenarios to measure and assessclimate risk, which can enable more informed decisionmaking. The inputs that are beginning to be assessed include
Network for Greening the Financial System (NGFS) scenarios,
greenhouse gas emissions footprints, implied temperaturerise, and climate value at risk. The initial scope of analysis
is focused on public corporate bond assets where data ismore readily available. Sectors more heavily impacted by theenergy transition, like utilities, energy, and materials, havebeen prioritized in the initial phase of analysis. While this work
is in its early stages, expectations are that the data, models,and analytics will evolve over time to become more useful inthe investment decision process.
Real Estate Investors (REI), an investment division within NYL
Investors, is actively engaged in assessing and mitigating
both climate-related physical and transition risks. The realestate equity team utilizes a third-party tool to identify andassess climate-related impacts on the real estate equity

AUM as of 12/31/2023. AUM includes certain assets that do not qualify as Regulatory Assets Under Management, as defined in the SEC’s Form ADV.

*

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Track and report progress
To support New York Life’s ambition to contribute toa more sustainable future, NYL Investors has started to
track investments in responsible assets. These assets
include investments in renewable energy,* green andsocial bonds,** impact investing,*** PACE investments,****and certified real estate properties.† As of December 31,
2023, NYL Investors’ investments in the segments
described above exceeded $16 billion.‡

In addition, REI is committed to measuring the progress of
its sustainability practices within the real estate equity anddebt portfolio. REI believes that incorporating principles
aligned with sustainable investment best practices promotes
favorable relative return potential for clients over the longterm. In alignment with its commitment to sustainability, REI
has established 10-year targets (2019–2029). These targets
include a 25% reduction in energy and emissions, a 10%
decrease in water consumption, and the attainment of an
overall diversion rate of 40%.

NEW YORK LIFE REAL ESTATE INVESTORS’
10-YEAR (2019–2029) TARGETS

25%

EnergyConsumption

10%

reduction

Water
Consumption

25%

Greenhouse
Gas Emissions

40%

Total Diversion
Rate

reduction

reduction

Renewable Energy Investments include Solar, Wind, Hydro, Geothermal, and designated infrastructure investments.
Green and Social Bonds Include certified green, social, sustainability, and sustainability-linked bond issuance and FNMA Multi-Family Loan Programs.
***
New York Life’s impact investment strategy aims to address the racial wealth gap in the United States by investing in underserved and undercapitalized communities, with a focus on
supporting small businesses, affordable housing, and community development. The impact program seeks to develop, alongside industry-leading partners, broad solutions and investment
structures that will continue to deliver both investment returns and inclusive economic outcomes linked to job growth, health and wellness, and personal and household advancement.
Impact investments to date include equity, debt, and tax credit-related investments. Invested capital includes commitments that have been funded as of year-end 2023.
****
PACE Investments are investments in the Property Assessed Clean Energy Program.
†
Certified Real Estate Properties include LEED Certified Gold or Platinum designations at the time of purchase, Fitwell certification, and BREEAM accreditation for real estate debt andequity assets.
‡
Represents NYL Investors-managed portion of New York Life’s General Account.
The 10-year environmental reduction targets are relative to a 2019 baseline on a like-for-like absolute basis. The carbon emissions reduction goal relates to REI's Scope 1 and Scope
2 emissions. Interim progress toward New York Life Real Estate Investors’ goal to reduce like-for-like GHG emissions by 25% from 2019 to 2029 is measured on an annual basis. Withassistance from a third-party consultant, this process includes extracting property-level consumption data from the EPA’s Energy Star website. An independent third party is engaged
on an annual basis to provide assurance verification on the GHG emission data being collected and reported.
***

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I M PAC T I N V E STI N G
Launched in April 2021, New York Life’s impact investing
program seeks to help bridge the racial wealth gap in
America by investing in underserved and undercapitalized
communities, while also earning market rate returns
for our policy owners. New York Life is determined todevelop large-scale solutions and investment structuresthat can generate widespread and inclusive, positive
economic outcomes, with a focus on fostering employment
opportunities, enhancing health and well-being, andpromoting personal and household advancement.
Overseen by NYL Investors, the impact investing program
has committed $1.3 billion to impact investments as ofDecember 2023. With only about half of these commitments
currently funded, it will take many more years to realize the full
effects of our investments. Nevertheless, there are notable
impactful developments to report through year-end 2023.
Financing Small Businesses Across the United States
New York Life has partnered with Momentus Capital, afamily of leading mission-driven financial organizations, toprovide small-business loans specifically intended to support
entrepreneurs from underserved and undercapitalized
communities. This first-of-its-kind program from within
the life insurance space will unlock capital for creditworthy
businesses that traditionally have been overlooked byfinancial institutions. Featuring increased flexibility from aloan underwriting perspective, the program should expand
small-business financing for borrowers who are often unable
to access this kind of capital. With an initial $50 million
commitment, the program is expected to ramp up in early
2024, with the first few loans already funded.

Investing in Affordable Housing andCommunity Development
Through Low-Income Housing Tax Credits, New York Life
has invested approximately $500 million in low-income
housing projects, providing key equity financing that is thefoundation for new affordable housing construction. As of
year-end 2023, these investments have contributed to theconstruction of over 15,000 housing units, with an additional
11,000 units still to be developed.
Through New Markets Tax Credits, New York Life iscatalyzing meaningful investment into projects in
low-income communities to support inclusive economic
development. These projects not only create jobs, but also
promote upward economic mobility for local residents byincreasing access to healthcare facilities, grocery stores,
childcare, small-business financing, and cultural andcommunity facilities, among others.
Homeless Shelter Construction in New York City
New York Life has financed a total of seven homeless shelter
constructions or rehabilitations across Manhattan, Staten
Island, Brooklyn, and Queens. With homelessness at an
all-time high, New York City is under immense pressure tofind space for those in need. These shelters will add critical
capacity to the city’s homeless services system and provide
vital support in helping residents transition to stable housing.

As part of its partnership with Fairview Capital, New York Life
continues to deploy its $200 million commitment to support
diverse and emerging fund management firms, who in turnare more likely to invest in diverse small businesses. Fairview,
one of the largest minority-owned investment management
firms in the United States, was cofounded by JoAnn Priceand Laurence Morse, pioneers in venture funds of funds andsocial impact investing. At the end of 2023, New York Life’s
portfolio with Fairview included 19 funds and over 250 small
businesses across the United States, the majority of which
are owned or led by minority or women business leaders.

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VO LU NTE E R I S M

E N GAG E M E NT A N D TR A N S PA R E N CY

NYL Investors’ employees supported various volunteer
efforts throughout 2023. Employees partnered with
Volunteers of America-Greater New York (VOA-GNY)
on activities to support families living in two of their NYC
shelters. Through their Brightening BirthdaysTM program,volunteers sent gifts to 121 children celebrating birthdays
while living in transitional housing. For Halloween, volunteers
filled and shipped over 200 treat-filled goody bags. For
the Season of Giving, volunteers donated over 100 sets ofpajamas for children, women, and men. During Month ofService, NYL Investors partnered with Book Fairies to provide
access to literature in under-resourced areas by donating 255
new books for distribution at their free book fairs. Additionally,
volunteers contributed to help City Harvest rescue anddeliver nutritious food for families across the city.

NYL Investors is committed to engaging withstakeholders and being transparent on its sustainability
journey. Internally, the firm publishes a responsible
investing newsletter and provides educational opportunities
for its employee base through corporate-wide sustainability
webinars and participation in an enterprise “Sustainability”
team. NYL Investors also participates in a monthly
collaboration session with all New York Life Investmentsboutiques, New York Life's Office of Governmental Affairs,
and New York Life's Corporate Responsibility team toshare sustainability insights and best practices. Externally,
responsible investing trends are discussed within theinsurance general account management peer group andtrade associations.

REI hosts a Discovery Program, which is a joint effort between
REI, the team’s Diversity, Equity, and Inclusion Committee,and Human Resources (HR). Established in 2020, the threeday program offers an immersive experience designed to
introduce participants to the multiple business units within
an institutional real estate investment platform and to thevarious roles within a real estate organization. The program
selects intellectually curious students who attend New
York area colleges, including Buffalo, Fordham, and Rutgers
universities, and Baruch, Hunter, and Brooklyn colleges.
Based on the universally positive feedback REI has received
from participants, it is considering expanding the Discovery
Program to additional colleges and universities in other U.S.
cities where it has offices.

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REI promotes engagement within the communities it invests
in by encouraging tenants to adopt sustainable practices
through the utilization of tools like tenant fit-out guides, theimplementation of green lease language, and the hosting of
on-site events. By fostering partnerships and advocating
for responsible investment policies, the firm is actively
contributing to a collective effort to combat climate change.
NYL Investors’ sustainability goals align with abroader commitment to deliver the investment
outcomes its clients expect in a responsible manner.
Through continuous evolution and collaborative
engagements, the company is making meaningful
contributions toward a more sustainable future.

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Candriam
Candriam, a pioneer in sustainable and responsible
investing for more than 25 years, is a global, multispecialist asset manager headquartered in Luxembourgwith $160 billion † in AUM. A founding signatory of the
UN PRI charter in 2006, the firm’s focus and dedication
to drive progress and identify sustainable opportunities
for investors is embedded in its name, which stands forConviction AND Responsibility In Asset Management.

Candriam Sustainable Governance Structure
Across the firm, Candriam has more than 35 people involvedin sustainable governance and investment. A dedicated teammanages ESG research and analysis. Candriam achieves
a consistent and aligned approach toward environmental,social, and governance issues through several strategic
committees, such as the ESG and Corporate Social
Responsibility (CSR) Steering Committees, the CSR Ethics
Committee, the Sustainability Risk Committee, and the Proxy
Voting Committee. These groups report directly to the Group
Strategic Committee. A Sustainability Regulation Committeemonitors European regulatory developments relevant to
Candriam’s activities.

CANDRIAM’S GOVERANCE STRUCTURE
BOARD OF DIRECTORS | BOARD OF MANAGEMENTGROUP STRATEGIC COMMITTEE
Sustainability Risk
Committee
Proxy Voting
Committee

CSR Ethics
Committee

Product GovernanceCommittee*

Candriam Institute

ESG Steering
ESG Investments
ESG Business Development
ESG Data, IT & Ops
ESG Editorial

Stewardship & Collaborative
Initiatives
ESG Regulation & Certiﬁcation

CSR Steering
Human Resources and D&I**
Clients
Corporate Value Chain
Community
Corporate Governance

Sustainability Regulation Committee*ESG characteristics of products/services and considered by Candriam’s regular product governance process in the Client Solutions and ProductRange Committees.
**Staﬀ commitees: D&I, Women@Candriam, Well-Being.

†

AUM as of 12/29/2023. AUM includes certain assets, such as nondiscretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting
services, white labeling services, and model portfolio delivery services that do not necessarily qualify as Regulatory Assets Under Management, as defined in the SEC’s Form ADV. AUM
is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/29/2023.

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U N V E I LI N G R I S K S
A N D O PPO RTU N ITI E S:
C A N D R I A M ’S CO M PR E H E N S I V E
I N V E STM E NT A PPROAC H
Sustainability is at the core of Candriam’s investment
philosophy. The connection between sustainable
principles and the risk/return profiles of issuers iscentral to the firm’s investment approach. To help
identify overarching risks and potential opportunities,
Candriam’s in-house ESG team is a vital part of the firm's
investment processes. This includes the analysis ofunderlying companies’ business activities and stakeholder
practices, research into potential controversies, andoversight of disciplined issuer dialogue. The team also
conducts country-by-country analyses of ESG risks andopportunities for sovereign debt issuers, employing its
nuanced proprietary sovereign model. By weaving ESG
analysis into the investment process, Candriam strives
to help clients achieve their financial, environmental, andsocial goals.

O N G O I N G E N GAG E M E NT TO D R I V E
POS ITI V E C H A N G E
For over two decades, Candriam has engaged withcompanies on responsible investing issues through proxyvoting, direct dialogue, and collaborative dialogue, in
support of sustainable finance. Candriam believes thatengaging with issuers and exercising its shareholder voting
rights promotes constructive dialogue and contributes topositive change. The firm remains committed to facilitatingthese necessary conversations among issuers, investors, andthe public.
Candriam takes a structured approach to its stewardship
activities and has defined three high-conviction focus areas
since 2015: energy transition, fair working conditions, andbusiness ethics. Furthermore, Candriam has outlined three
specific areas of attention related to voting rights, including
board independence and accountability, accuracy of financial
information, and the protection of the rights and equal
treatment of shareholders.
For more information on Candriam’s Stewardship Activities,
please visit their website.

STEWARDSHIP FOCUS AREAS:

PROXY VOTING PRIORITIES:

Energy transition

Board independence
and accountability

Fair working conditions

Accuracy of ﬁnancial
information

Business ethics

Protection of rights
and equal treatmentof shareholders

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H OW C A N D R I A M I S TA K I N G AC TI O N
O N C LI M ATE C H A N G E
The potential impacts of climate change have been
integrated into Candriam’s investment philosophy for over
15 years. As the risks from climate change have persisted,
the firm joined the Net Zero Asset Managers Initiative* in
2021, committing to reduce the environmental impact of its
investments and operations by achieving net-zero carbon
emissions by 2050.** To reach this goal, Candriam has scoped
their net-zero commitment by specific portfolios and mapped
three decarbonization methods for its portfolio which best
suit the underlying investment strategies and asset classes:
absolute contraction, temperature alignment, and climate
benchmark limit. These methods allow for a more targeted
approach to decarbonization, as needs can vary acrossthematic strategies and broad-based diversified strategies
with an inherently low-carbon intensity.
In 2023, Candriam published an updated Climate Strategy. This
document details how Candriam’s investment teams assess
and manage climate risks and ultimately aim to create positive
climate benefits. The Climate Strategy is based on four pillars:

1. Exclude
Exclude activities that are deemedincompatible with reaching the Paris goals.
2. Integrate
Integrate climate risks and impacts
into Candriam’s investments.
3. Engage
Engage with high-emitting companies toaccelerate their transition strategy.
4. Report
Report on the climate impacts of
Candriam’s portfolio in a comprehensive
and transparent manner.

AWA R D -W I N N I N G LE A D E RS H I P
In 2023, Candriam earned numerous awards andcertifications for its responsible investing efforts. Notably,
Candriam was ranked as the top ESG brand among almost
600 asset managers globally by the H&K Responsible
Investment Brand Index (RIBI).*** The firm was also ranked
21st among the top 50 brands in Europe in 2023 by the
Broadridge Fund Brand 50 report.****N AV I GATI N G WATE R SC A RC IT Y
Recognizing the growing global threat of water scarcity,which is exacerbated by environmental degradation,
Candriam launched a dedicated strategy in 2023. This
strategy capitalizes on the growth potential of companies
worldwide that are actively developing solutions to address
this critical challenge.
The strategy identifies companies that facilitate solutions
to water-related issues and encompasses a wide rangeof activities, including infrastructure and management
solutions, innovations in transport and storage, and products
and services focused on usage efficiency.

FO CUS O N H U M A N R I G HTSIn 2023, Candriam published its first Human Rights Policy,
which describes the policies and procedures implemented
at a corporate level aimed at abolishing all forms of modern
slavery, human trafficking, child labor, discrimination,and violence, while supporting the establishment of goodworking conditions, and encouraging fair treatment of all
employees and workers within the firm’s supply chain.
At the investment level, the policy describes how Candriamseeks to prevent, mitigate, and remediate human rights
risks. Candriam’s proprietary ESG framework excludes
issuers with high human rights-related risk from its
investments. After an investment has been made, Candriam
continuously monitors human rights-related risks anddetermines the actions to be taken to remediate therisk, should it materialize. As a remediation tool, direct orcollaborative engagement, and voting, are used to address
negative impacts on human rights.

https://www.candriam.com/en/professional/SysSiteAssets/presspage/press/pressrelease/2021/11---2021/pr_nzami-announcement_en.pdf
Candriam has certain statements regarding net-zero and emissions reductions. Further details about these goals, including progress measurements, can be found on Candriam’s
website. The calculation of Candriam’s operational carbon emissions is performed by a service provider; no independent verification is performed by any third party.
***
Candriam was highlighted as the top ESG brand among 600 global asset managers for the period of March 2022 to March 2023, according to the March 2023 Hirschel and Kramer (H&K)
Responsible Investment Brand Index™. It is important to note that no direct or indirect compensation was paid for this ranking. For more information about this ranking click here.
****
This ranking is based on the Broadridge Fund Brands 50 report for the period March 2022 to March 2023, during which Candriam was recognized as the 21st best performing fundbrand globally. It is important to note that no direct or indirect compensation was paid for this ranking. For more information about this ranking click here.
***

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C H A M PI O N I N G D I V E RS IT Y,
EQ U IT Y, A N D I N C LUS I O N
Candriam embraces diversity as a driver of innovation
and resilience. The firm’s Diversity & Inclusion Policy
empowers staff across all levels, fostering creativity andencouraging everyone to tackle challenges with fresh
perspectives. Candriam’s strategic activities related
to diversity and inclusion include raising awareness byproviding trainings and hosting events and speakers,
partnering with universities and schools to reach new
candidates, initiatives to promote work-life balance, andencouraging a work environment that fosters inclusion.

2023 Milestones:› Active member of 30% Club
› Tracking gender balance in promotions› Surveying employee needs and expectations› Enhancing maternity leave support

Some notable milestones undertaken by the firm
include enhancing maternity leave support andconducting an employee survey to understandemployee needs and expectations.
Six pillars fuel Candriam’s strategy:

RAISING
AWARENESSATTRACTING
DIVERSE TALENTRETAINING
DIVERSE TALENT

Training, speakers, manager
goals, and events promote
understanding.

Partner with universities,
schools, and organizations
to reach diverse candidates.

Invest in learning,
mentoring, and diverse
succession planning.

WORK-LIFE
BALANCEEMPOWERING WOMENAND MINORITIESFOSTERINGINCLUSION

Hybrid work, ﬂexibility,
assistance programs, andcultural activities support
employees.

Through internal mobility, personal
development, mentoring, and dedicatedtraining programs (such as Women &Leadership), Candriam commits to
supporting a diverse succession plan for
key roles across its organization.

"Communities" like
Women@Candriam amplify
diverse voices throughvarious initiatives andactively participate inindustry networks.

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E X PA N D I N G I M PAC T A N D
E M PLOY E E E N GAG E M E NT:C A N D R I A M I N STITUTE
The Candriam Institute for Sustainable Development saw
continued growth in 2023, supporting a diverse portfolio of
impact initiatives.

INSTITUTE’S FOUR KEY
FOCUS AREAS

2023 INITIATIVES ALIGNED WITHKEY FOCUS AREAS

Education, Research, and Entrepreneurship:
Providing free training, funding research,and empowering social entrepreneurs

Signing a new partnership with Ashoka focused on
venture philanthropy to support social entrepreneursin the ﬁeld of biodiversity and the environment

Social Inclusion and Solidarity:
Fostering social cohesion, equal opportunities,
and emergency response globally

Contributing to the Red Cross’s international
emergency fund and supporting earthquake
victims in Turkey and Morocco.

Protecting the Environment:
Restoring natural ecosystems

Restoring peatlands in Belgium and the hydro-ecological
functions of the Retz Forest in France.

Fight Against Cancer:
Funding innovative research and patient care

Participation by over 180 employees in the annual
Atlas Go Challenge supporting BIG International’s
ﬁght against breast cancer.

Continuing its outreach efforts, Candriam Academy has
over 14,500 members across 79 countries and is now
accessible in Japanese.*
By expanding its reach and engaging employees, theCandriam Institute strengthens its positive impact on theworld. Learn more about Candriam Institute on their website.

*

As of December 31, 2023.

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MacKay Shields
Founded in 1938, MacKay Shields LLC joined New York Lifein 1984 and has grown to become a global asset
management boutique focused on fixed income investing.
With $139 billion in AUM,* MacKay Shields has apresence in the U.S., UK, and Ireland. The MacKay Shields
team comprises approximately 200 professionals who
collaborate locally and across borders to navigate market
cycles to deliver consistent returns for their clients.

A LI G N I N G TH E VA LU E S
O F STA K E H O LD E RS
MacKay Shields knows that continued growth requires astable, balanced foundation. That’s why the firm’s cultureof excellence is grounded in three pillars:

Employee commitment
The people who work at MacKay Shields drive everything
the company does for its clients and communities.
Recognizing that people are the firm’s most valuable asset,
MacKay Shields invests in the development of new skills
for career advancement, supports the recruitment of thenext generation of leaders, and celebrates the diverse
backgrounds and perspectives of all colleagues.

To assist its investment teams in their analysis of financiallymaterial ESG factors, over the past year, MacKay Shields
implemented a norms-based indicator for all investment
teams. This indicator will help these teams proactively
identify and assess corporate issuers that are classified
as very severe violators of the principles of the UN Global
Compact. In addition, as regulations of sustainable financehave continued to evolve across global jurisdictions, MacKay
Shields investment teams have made enhancements to theirprocesses and procedures to support clients in managing an
increasing number of regulatory obligations. This involves,
but is not limited to, investment teams’ inclusion of datathat addresses elements of the EU’s Sustainable Finance
Disclosure Regime.

Community partnership
Volunteering and community service are at the core of thefirm’s culture. MacKay Shields is committed to seeing its local
communities thrive, and the firm takes responsibility for theirwell-being. From financially empowering young people toproviding food security to the elderly, MacKay Shields and its
employees have engaged in annual fundraising campaigns
and have volunteered with mission-driven organizations.
Some of the organizations supported include Invest in Girls,
Fresh Air Fund, STEPtember, and God’s Love We Deliver.

In 2023, MacKay Shields partnered with a consulting firm
to enhance the firm’s Diversity, Equity, and Inclusion (DE&I)
programs. The partnership resulted in the implementation of
initiatives to support DE&I awareness and education within
the firm.
The varied backgrounds, experiences, and perspectives of
MacKay Shields employees are critical to the firm’s success,and the company continues to take steps to expand efforts to
support diversity and inclusion across the organization. As of
December 31, 2023, 35% of MacKay Shields’ workforce was
female, and 30% identified themselves as part of an ethnic
minority group.

Responsible investing
As a fiduciary entrusted to act in its clients’ best interests,
MacKay Shields believes that consideration of financiallymaterial ESG factors can have an impact on long-term
investment performance and, therefore, is a natural andimportant component of disciplined investment research
and management of client portfolios. Each investment teamat MacKay Shields believes that consideration of financiallymaterial environmental and social risk factors is essential
within its distinct investment philosophy and process in aneffort to meet financial goals and align with client objectives.
*

AUM as of 12/31/2023. AUM is reported in USD.

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CO LL A BO R ATI O N
A M O N G E M PLOY E E S A N D
E X TE R N A L PA RTN E RS
MacKay Shields' employees are given the resources andtools to collaborate across disciplines, develop new skills
for career advancement, participate in the recruitment of
the next generation of leaders, and celebrate the diverse
backgrounds and perspectives of their colleagues.
Education and information-sharing remain the keys tosuccess at MacKay Shields. To complement and assist
investment teams, Responsible Investing specialists
support day-to-day operations and the firm’s strategic
priorities around sustainability research, strategy, and ESG
data integration. Internal working groups have also been
established within and across investment teams, as well asat the firm level. These teams provide forums for responsible
investment governance and knowledge development at alllevels of the organization.
In an ever-changing ESG landscape, staying informed ofthe latest guidance and developments is critical. To remaincurrent, MacKay Shields is involved in various industry groups
and organizations, including The Credit Roundtable, UNPRI,
the Task Force on Climate-Related Financial Disclosures,and the Emerging Markets Investors Alliance, which the firm
joined in September 2023.

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U.S. Retail: NYLIM LLC
and IndexIQ
New York Life Investments offers a diverse array ofinvestment options for the U.S. market through its
retail business. This retail business is divided into twoareas: Mutual funds, closed-end funds, and separately
managed accounts are managed by New York Life
Investment Management LLC (NYLIM LLC), while
exchange-traded funds (ETFs) are managed by IndexIQ
Advisors LLC (IndexIQ).

E SG G OV E R N A N C E
An ESG Governance Council, comprised of senior
management from both NYLIM LLC and IndexIQ, guides andoversees the firm’s commitment to the principles of the UN
PRI while ensuring alignment with fiduciary duty.

N AV I GATI N G TH E E VO LV I N G
L A N DSC A PE : E M POW E R I N G C LI E NTS
TH RO U G H E D U C ATI O N
Fueled by the growing attention and evolving conversations
regarding ESG investing in 2023, NYLIM LLC partnered with
Candriam to help provide stakeholders with the knowledge
necessary to navigate this dynamic field and make informed
investment decisions aligned with their long-term goals.
The firms worked together to produce diverse learning
content to better enable stakeholders to understand how
ESG factors can be material to investment decisions. The
content included continuing education presentations,thought leadership pieces, podcasts, and videos. Leveraging
their combined expertise, NYLIM LLC and Candriam cohosted insightful presentations at conferences and webinars,
shedding light on the present state and future trajectory of
responsible investing.
This unwavering commitment to education lies at thecore of NYLIM LLC's value proposition, fostering acommunity of empowered investors prepared to navigate
any market environment.

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I N V E STI N G FO R
I M PAC T: PA RTN E RS H I PS
FO R POS ITI V E C H A N G E
Supported by the belief that financial solutions can becatalysts for positive change, NYLIM LLC and IndexIQ have
carved a unique path in the U.S. market. The firms offer
strategies that go beyond traditional investing, tackling
crucial themes like health and well-being and cleaner oceans.
Recognizing that these challenges require collaboration,
NYLIM LLC and IndexIQ joined forces with leading nonprofit
organizations whose values and goals align with each theme.
NYLIM LLC and IndexIQ proudly support thefollowing organizations with financial contributions andactive participation:› American Heart Association's (AHA) Social
Impact Funds: Supporting food security,
economic empowerment, and healthcare access inunderserved communities.
› American Cancer Society: A leading cancer-fightingorganization with a vision to end cancer for everyone.
› Girls Who Code: Closing the gender gap
in technology and empowering girls and nonbinary
students with the computing skills needed topursue 21st-century opportunities.
› National Wildlife Federation (NWF): Uniting all
Americans to ensure that wildlife and people thrive ina rapidly changing world.
› Oceana: Combating plastic pollution andsafeguarding our oceans.
NYLIM LLC and IndexIQ actively encourage employees
to participate in education sessions, community service,
and wellness programs, in line with the nonprofits' values
and missions. From co-hosting educational webinars on
gardening with the NWF to appearing in Oceana's Supporter
Spotlight, NYLIM LLC and IndexIQ’s dedication translates topositive impacts across communities. Whether joining park
cleanups and tackling NYC streets for NWF's Clean Earth
Challenge or participating in walkathons for the AHA’s Social
Impact Funds, team members consistently championed
these important causes.

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Month by month, making a difference:
Partnership highlights
October
Breast Cancer
Awarenss Month• Virtual walk-a-thonbeneﬁting American
Cancer Society

June
National Oceans Month• Month-long fundraiser
beneﬁting Oceana• World Reﬁll Day:
Awareness
campaign to prevent
plastic pollution
April

February
Heart Health Month• Virtual walk-a-thonbeneﬁting AHA• Wear Red Day to show
support for the awareness ofheart disease and stroke

March
Women’s History Month• Education session with
Equileap, a leading
provider of genderequality, diversity,and inclusion data

Earth Month• Garden for Wildlife
workshop with NWF• Neighborhood cleanup
in NYC for the Clean
Earth Challenge

I N 2 0 23, N Y LI M LLC A N D
I N D E X I Q’S E FFO RTS W ITH FO U R
O F TH E I R N O N PRO FIT PA RTN E R
O RGA N I Z ATI O N S R E AC H E D A N
AU D I E N C E O F A L M OST T WO
M I LLI O N PEO PLE .

O C E A N A’S SU PPO RTE R S POTLI G HT
Oceana featured New York Life’s Corporate Vice Presidentof Sustainability and Corporate Responsibility, Amanda
Lechenet, in the Supporter Spotlight section of their website.
“One of the [investment solutions] that New York Life
Investments created invests in companies that help ‘protect
and/or achieve cleaner oceans through reduced pollution andincreased resource efficiency.""Oceans not only perform essential roles like absorbing
carbon dioxide and providing food to billions of people; theyplay an important role in the economy, too," Lechenet pointed
out. "Ninety percent of trade uses sea routes and it’s a sourceof jobs for millions of people…The ocean will continue to playa bigger role in meeting people’s needs through trade andfood." The blue economy is growing at twice the rate of themainstream economy and already contributes $2.5 trillion
annually to the global economy.
“[…] New York Life Investments contributes an amountbased on the [product’s] management fee to support
Oceana’s campaigns, including the campaign to reduce theflood of plastic pollution entering the oceans.” To read more,
click here.

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I N V E STI N G I N TO M O R ROW
TH RO U G H E D U C ATI O N A N D
FOSTE R I N G FUTU R E LE A D E RS
The Advisor Advancement Institute (AAI) at New York Life
Investments is the educational and practice-building
platform for the growth-minded financial advisor. Througha mix of research-driven programs and resources, AAI helps
advisors address their most pressing challenges and perform
at their very best. The AAI team delivers a flexible experience
spanning from immersive live seminars to actionable ondemand content, meeting advisors where they are—sothey can get to where they want to be. Additionally, since its
launch in 2018, AAI has made supporting financial educationin underserved communities a significant part of its mission.

Furthermore, New York Life Investments continues to be aproud member of The Equity Collective, a collaboration of 27
wealth and asset management firms led by Morgan Stanleythat have joined forces to educate, empower, and cultivate
the next generation of diverse leaders in finance. Driven by ashared commitment to diversity and by working closely withselect organizations—Boys & Girls Clubs, Team IMPACT, andhelloHIVE—the firm has participated in select engagements
throughout the year to create awareness, demystify
perceived barriers, and attract the next generation of leaders
to our industry.

In 2023, AAI delivered over 35 interactive workshops andeducational events to underserved communities. Topics
included the basics of investing, money management forchildren, financial discussions with aging parents, resumebuilding, and self-assessment of financial fitness. By offering
inclusive and relevant financial education, AAI continues toplay a crucial role in promoting financial literacy and wellbeing while empowering more diverse talent to pursue
careers in finance.

Notably, during HIVE’s helloFinance summer program,
Jomil Guerrero, then New York Life’s Chief Diversity Officer,
served as a keynote speaker on a panel with other industry
executives, offering valuable insights into New York Life
Investments' unique culture and impactful DE&I initiatives.
Juanita Jeffrey, Head of Institutional Marketing at
New York Life Investments, also participated in a panelsession at Fordham University for First Year Diversity
Scholars, highlighting her career growth and how diversity has
impacted her journey in the industry.

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SA LE S TE A M S G I V E BAC K
Third Party Distribution's 2023 annual sales conference
wasn't just about driving business success—it was about
leaving a lasting positive impact on the community. Beyond
fostering valuable networking and education for sales
professionals, the conference integrated a heartwarming"Give Back" initiative.
This initiative partnered with Boys and Girls Club Carver
Ranches, a local South Florida organization supporting
underprivileged children. Conference attendees, divided into
teams, took part in a unique activity: building red wagons. The
enthusiasm was palpable as each team transformed standard
Radio Flyers into personalized masterpieces, adding custom
designs and creative flair to make them extra special for
their young recipients. By the end of the conference, 14 redwagons, built by 140 attendees, were ready to bring joy andexcitement to underprivileged children.

M I LE S TH AT M AT TE R : W H E N E V E RY
STE P E M POW E RS CO M M U N ITI E S
Beyond traditional community engagement, the Marketing
department at New York Life Investments embraced aunique initiative in 2023. Every mile ran, walked, or biked was
meticulously tracked, not just for personal fitness, but for agreater purpose. Through New York Life's Foundation, thesemiles and steps were transformed into valuable volunteer
hours and grants.

AWA R D -W I N N I N G FI R M
IndexIQ was recognized as the 2023 Best ESG Fixed Income
ETF Issuer ($100m+).* For more information, click here.

*

On October 27th, 2023, IndexIQ won the Best ESG Fixed Income ETF Issuer ($100m+) for the period of 1/1/2023–12/31/2023. No direct or indirect compensation was paid for thecreation and distribution of this ranking.

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Apogem Capital
Apogem Capital (“Apogem”) is a leading, muti-strategy
alternatives investor with $41.5 billion* in AUM that offers
investors access to the middle market’s growth engine
through investments in established private companies
and funds. Apogem manages a streamlined suite of capitalsolutions, including direct lending, junior debt, primaryfund investments, secondary investments, equity coinvestments, GP stakes, and private real assets.

E SG I NTEG R ATI O N I N TH E
I N V E STM E NT PRO C E SS

Apogem believes consideration of ESG factors in theinvestment process is instrumental to fulfilling its fiduciary
duty. Across Apogem’s strategies, these factors are carefully
considered and adapted to the specific investment type andasset class. This ensures a systematic analysis of material
ESG-related considerations before committing to an
investment decision.***O PE R ATI N G A N D
I N V E STI N G R E S PO N S I B LY
Formed in April 2022 through the merger of three firms
with decades of investing experience, Apogem believes inmaintaining distinct responsibilities to its clients, sponsors,
employees, and the communities in which they live,
work, and invest. By operating and investing responsibly,
Apogem aims to achieve its goal of generating attractive andsustainable returns, establishing long-term relationships,
mitigating risk, and capitalizing on value.

PR I O R ITI Z I N G SUSTA I N A B I LT Y:
A PO G E M ’S 2 0 23 M ATE R I A LIT Y
A SS E SS M E NT
In 2023, Apogem undertook a comprehensive ESG
materiality assessment to identify and prioritize thegovernance/economic, social, and environmental topics
most significant to its business, stakeholders, and society.**
Prioritizing key areas, Apogem's 2023 ESG materiality
assessment identified the following topics as most impactful
to stakeholders and business performance:
GovernanceSocialEnvironmental

Responsible investment
Corporate governance
Talent attraction, retention,and development
Diversity, equity, and inclusion
Climate resilience
Carbon emissions

Going forward, Apogem plans to periodically reassess andupdate this materiality assessment to reflect its stakeholders’evolving needs and preferences.

AUM as of 12/31/2023. AUM is based on estimates and is subject to change.
Internal and external stakeholders included Apogem’s senior leadership team, industry peers, thought leadership and industry experts, prominent industry standards and frameworks,
and investors.
***
The information in this report outlines Apogem’s ESG practices, which were in place as of December 2023.
***

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Apogem offers a broad range of private debt
and equity strategies.
Private Equity, including Private Real Assets
Primary Fund Investments
Direct Co-Investments
Secondary Investments
GP Stakes
Private Credit
Direct Lending

Enhancements to Due Diligence: Private Equity, including
Private Real Assets
In 2023, Apogem prioritized enhancing the firm’s approach
to integrating ESG analysis into the private equity due
diligence process. Investment professionals completed
training and began implementing the enhanced approach inQ3 2023. The approach incorporates reviews by the Head of
Sustainability and relevant investment committees, as well
as a proprietary framework that leverages industry-leading
frameworks and considers material industry-specific andApogem-specific factors to identify potential investmentlevel risks and opportunities, as applicable and relevant to
the investment strategy.*
Private Credit
The underwriting and analysis of material ESG-related
risk factors are a core part of Apogem’s private credit
due diligence, underwriting, and portfolio management
processes. Apogem’s investment professionals assign
proprietary risk ratings to companies and formally document
findings for investment committees. Material changes in ESG
risk factors are typically documented as part of the ongoing
portfolio management process, and the proprietary risk
rating is updated, as appropriate.

*

CO R PO R ATE R E S PO N S I B I LIT Y
AT A PO G E M
Apogem recognizes a distinct responsibility toward its
employees, its most valuable asset, and its communities.
Through the launch of its Engagement Committee in early
2024, cochaired by the Head of Human Resources and Headof Sustainability, Apogem aims to further support employees
and enhance involvement in the communities.
Attracting and Retaining Top Talent
Apogem prioritizes cultivating a dynamic and supportive
environment that attracts, retains, and develops the besttalent. Apogem believes in creating an environment thatis constantly evolving to meet the needs of its employees.
Apogem aims to meet this need by offering a collaborative
culture, opportunities for career development, competitive
benefits, and a commitment to fostering DE&I.
Building a Diverse and Inclusive Team
DE&I is core to Apogem’s mission as an employer andinvestor. The firm believes diverse perspectives andbackgrounds are crucial for optimal results. Leveraging
resources from New York Life’s Office of DE&I, Apogem builds
a welcoming and respectful culture for all employees.
Commitment to Community
Apogem recognizes its responsibility to the communities
it serves. In 2023, its second annual company-wide offsite
meeting combined strategic discussions and teambuilding activities with community involvement. Apogem
donated sporting equipment and storage items to the Walt
Disney World Boys and Girls Clubhouse, demonstrating its
commitment to making a positive impact.
Apogem actively engages its employees in meaningful
volunteer opportunities, fostering a sense of responsibility
and collective impact. Highlights from 2023 include:› 93% employee participation in New York Life’s Giving
Campaign, supporting charities of their choice.
› Volunteering with various organizations, including
the Billion Oyster Project in New York City.
› Partnering with Soles4Souls to collect new orgently used shoes, raising $2,500 and donating 212
pairs, equivalent to nearly $12,000 in economic
opportunity for communities worldwide.**Given the nature of Apogem's LP Solutions business within its secondaries business—the purchase of LP portfolio(s), the nature of our investments, availability of information, andtiming of commitments varies considerably. ESG practices may therefore differ from those noted within the Private Equity section above.
The shoes Apogem donated benefited Soles4Souls’ international 4Opportunity program, in which Soles4Souls repurposes shoes and utilizes them as a tool to help people in need in
the developing world to generate income.

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TristanTristan Capital Partners (Tristan) is a $17.6 billion* realestate investment management company headquarteredin London, specializing in a range of property types acrossthe UK and Europe. Tristan’s core values of performance,
teamwork, partnership, trust, and integrity support thefirm’s commitment to integrating sustainability standards
and practices at the firm, fund, and asset level.

E M B E D D I N G SUSTA I N A B LE
PR AC TI C E S AC ROSS ITS PO RTFO LI O
Tristan’s ESG Policy and Sustainable Development Charter
apply to both Tristan’s portfolio and the wider organization.
Learn more and download Tristan’s ESG Policy here.
Tristan evaluates real estate assets using an ESG scorecard,
focusing on:› Energy efficiency and renewable energy generation› Sustainable building standards and certifications› Carbon emissions reduction

2 0 23 H I G H LI G HTSIn 2023, Tristan’s equity portfolios made significant progressin implementing asset-level initiatives to improve energy
efficiency, optimize operational performance, and minimize
their environmental impact. Specific examples include installingelectric vehicle (EV) charging points in car parks, replacing
fossil fuel-based heating equipment with all-electric heatpump technology, and installing photovoltaic (PV) systems.
Tristan’s commitment to sustainability extends to its
certification program across its equity portfolio. By the end of2023, 61% of office investments within Tristan’s equity funds
held green building certifications, such as BREEAM, LEED, andWELL.** Recognizing the value of these standards, Tristan strives
to expand the program, aiming to increase office coverage to
84% in 2024, on a like-for-like basis.

EQ UA LIT Y, D I V E RS IT Y, A N D
I N C LUS I O N AT TR I STA N
Chaired by founding partner and executive chairman Ric
Lewis, Tristan’s Equality, Opportunity, and Philanthropy (EOP)
Committee actively fosters an inclusive work environment
through dedicated programs. Highlights from 2023:› Step into Real Estate: Continuing its cornerstonesponsorship alongside Goldman Sachs andEastdil Secured, Tristan empowers students fromunderrepresented backgrounds to enter the industry
through this program managed by Sponsors for
Educational Opportunity London. The second cohort
joined in 2023.
› Women in Tristan: This internal network hosted
an event on “Mentorship vs. Sponsorship” andsocial events, attracting colleagues across alllevels. It aims to boost gender representation
through events, workshops, sponsorship, andnetworking opportunities.
› The Black Heart Foundation: Tristan continues tosupport the 10,000 Black Interns program, whichaims to provide 2,000 internships annually to
students based in the UK, annually across 24 sectors
over five years.

I N V E STI N G I N SO C I A L G OO D
Tristan maintains its commitment to social responsibility
through ongoing financial support for The Black Heart
Foundation's scholarship program, dedicated to improving
education for underprivileged children. Additionally, theteam actively participates in community programs like The
Giving Tree and HandsOn London, demonstrating their
dedication to local engagement.

Tristan’s debt strategies also leveraged economic
incentives to promote the completion of energy efficiency
and sustainability improvements, as well as obtaining
certifications throughout 2023.
Tristan further demonstrates its commitment tosustainability by participating in the GRESB Real Estate
Assessments, an internationally recognized framework forbenchmarking ESG performance at the fund level. In 2023,
two of Tristan’s funds saw year-on-year improvements intheir management scores in the module.
AUM as of 12/31/2023. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023. AUM is based on estimates and is subject to change.
As of 12/31/2023.

***

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AusbilAusbil Investment Management Limited (Ausbil) is aleading Australian investment manager. Establishedin 1997, Ausbil’s core business is the management ofAustralian and global equities for superannuation funds,
institutional investors, master trusts, and retail clients. As
of December 31, 2023, Ausbil manages over $11 billion* inactive Australian and global equity investments.

AUS B I L’S A PPROAC H
Ausbil's dedicated ESG Team manages a research universeof all S&P**/ASX 200 companies, plus specific names
outside the universe that appear in the firm's large-cap
ASX 300 benchmarked strategies. The ESG Team manages
both qualitative research and quantitative scoring for eachcompany in their universe. They also provide ESG training
to the wider investment team, and manage Ausbil’s active
voting on equity holdings. In addition, engagements area fundamental tenet of Ausbil’s responsible investment
approach. To that end, the team maintains an annual
engagement plan and engages on ESG issues with individualcompanies as well as at conferences, with governments andindustry groups, and nongovernmental organizations.

*

PRO M OTI N G POS ITI V E C H A N G E
TH RO U G H E N GAG E M E NT
Ausbil believes investors have a key role to play, either
through targeted company-specific engagementsor through collaborative engagement and advocacy
activities, in improving the overall sustainability
practices of companies. Individual endeavor coupled withfocused collaboration can achieve positive changes tocompany behavior.
During 2023, Ausbil focused on broad systemic issues suchas climate change and modern slavery/human rights, aswell as more specific issues like corporate culture, diversity
and inclusion, recycling, indigenous rights, and corporate
governance. The firm’s ESG research also covered artificial
intelligence (AI), regulations, and geopolitical affairs. The
firm engaged with companies on ESG matters on over
160 occasions. Most of these engagements dealt with amix of different environmental, social, and governanceissues, with social issues being most prevalent at 35% of allengagements.

AUM as of 12/31/2023. AUM includes certain assets, such as model portfolio delivery services, that do not necessarily qualify as Regulatory Assets Under Management, as defined in
the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023.
© 2024 S&P Dow Jones Indices.

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E SG A N D SUSTA I N A B I LIT Y TO PI C S A D D R E SS E D I N E N GAG E M E NTS W ITH
AUSTR A LI A’S LI STE D CO M PA N I E S

Climate change strategy, risks, and opportunities related to climatechange, including regulatory change and physical risks

14%

Climate change/TCFD reporting and climate change targets (e.g., scope 1, 2,
and 3 science based-targets), climate change AGM resolutions

6%

Biodiveristy, waste, recycling, circular economy, and sustainable packaging

6%

Customer demand for environment products and otherenvironmental topics

4%

Carbon Capture Storage (CCS), hydrogren, direct air capture (DAC)
and renewable energy, sustainable fuelEnvironmental incidents and operational environmental management
Tailings risk management and rehabilitation

2%
1%
1%

Culture, staﬀ engagement, diversity, staﬀ conduct, whistleblower
protection, and human capital development

9%

Data privacy and cyber security, AI

8%

Responsible sourcing, modern slavery/human rights/labor rights

5%

Occupational health and safety/mental healthCommunity relationships, including traditional owners

4%

Customer hardship/remediation, customer complaints,
and customer satisfaction

4%

Social issues related to controversial products(e.g., weapons, gambling, alcohol, and tobacco)

3%

Industrial relations, staﬀ underpayment

3%8%

Executive remuneration

6%

Board composition, board and management succession/renewal
Other governance (e.g., ESG governance and ESG disclosure,litigation, bribery and corruption, class actions, etc.)
ESG disclosure
Regulatory and legal issues, including AUSTRAC,
ASIC, class actions, and more
Source: Ausbil, December 31, 2023.

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10%

3%
2%
1%
5%

10%

15%

20%

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Ausbil’s annual engagement plan includes milestone targets
and desired outcomes, aiming to identify and understandglobal best practices and encourage companies to adopt bestpractices in their own sustainability efforts.

D R I V I N G C H A N G E TO G ETH E R :CO LL A BO R ATI O N FO R R E SU LTS
Over time, Ausbil has recognized the power of collaboratingwith other investors seeking similar outcomes. In 2023,
Ausbil’s collaborative efforts included:› Chairing the Human Rights Working Group of RIAA
(Responsible Investment Association Australasia)
and having a seat on RIAA's board.
› Participating on the steering committee of
IAST-APAC (Investors Against Slavery andTrafficking – Asia-Pacific).
› Collaborating in leadership and governance positions
with the IGCC (Investor Group on Climate Change).
Ausbil is an active member and signatory of key organizations
and initiatives, such as:› Responsible Investment Association
Australasia (RIAA)*› Investors Against Slavery and Trafficking Asia Pacific(IAST APAC)**› Investor Group on Climate Change (IGCC)› The Plastics Solutions Investor Alliance

FI G HTI N G M O D E R N S L AV E RY: I N
BA N G L A D E S H A N D B E YO N D
Ausbil is deeply committed to advancing human rights
and combating modern slavery. This includes humantrafficking, forced labor, child labor, and other exploitative
practices. Ausbil’s proprietary human rights risk analysis toolassesses approximately 250 companies, acknowledging theinherent risk present throughout supply chains. Hotspots for
exploitation are mapped by industry and geography, guiding
their targeted engagements.
As part of this research, Ausbil conducted a field trip to
Bangladesh in 2023, coinciding with the 10th anniversaryof the Rana Plaza tragedy, where over 1,100 garment
workers died when a building collapsed. This researchassessed progress made in workplace policies andpractices with respect to modern slavery conditions, andidentified remaining risks in worker protection, safety,
human rights, and social welfare. Notably, the trip aimed
to reinvigorate investor focus on these critical issues
within Bangladesh and the global garment supply chain.
Beyond voluntary reporting, Ausbil leverages its industry
leadership to drive change. Through active dialogue andknowledge sharing, Ausbil champions human rights andempowers others to join the fight for ethical practices acrossglobal supply chains.

PR I O R ITI Z I N G A SUSTA I N A B LE
FUTU R E : AUS B I L’S C LI M ATE
C H A N G E A PPROAC H
Ausbil actively engages on climate change, informed by its
proprietary Net Climate Change Risk (NCCR) tool, whichanalyzes climate risks and opportunities for Australian
Stock Exchange (S&P/ASX 200) listed companies. NCCR
is supported by in-depth analysis done jointly by the ESG
research team and Ausbil’s team of equity analysts. Ausbil’s
strategy for climate change engagement is to pursue
company-specific engagements and to participate incollaborative engagements. Company engagements havelargely focused on three main themes: governance—board
and management oversight of climate change; strategy—
encouraging companies to have climate strategies in place,including CO2 emissions-reduction targets as appropriate;and disclosure.

*

Ausbil has been a member of RIAA since 2003. Måns Carlsson, Head of ESG at Ausbil, currently chairs RIAA’s Human Rights Working Group and also serves as a director of the board.
Ausbil has been involved in IAST APAC since 2020 and is on the steering committee, chairs a working group, is an active project leader on one company engagement, and is a support
investor on three other company engagements.

**

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I N FLU E N C I N G C H A N G E
TH RO U G H VOTI N G
Ausbil prioritizes corporate governance and uses proxyvoting as a tool to drive positive change on ESG issues.
The firm’s voting policy outlines key principles, emphasizingalignment between shareholder interests and company
performance. This includes demanding performance hurdles,aligning remuneration with desired behaviors, and ensuringaccountability for poor performance.
Though supported by proxy advisors, the Ausbil ESG
Research Team ultimately makes its own recommendations
at all meetings at which Ausbil votes in the S&P/ASX 200
universe. The ESG Research Team’s recommendations may
differ from the recommendation of proxy advisors basedon an internal sustainability assessment. The figure below
summarizes the key voting statistics.

AUSBIL 2023 VOTING SNAPSHOTACTIVE VOTING IN 2023
Key against statistics

Votes

Vote against proxy recommendation

38

Vote against board recommendation
Shareholder-proposed resolutions

37
15

Votes

%

All FOR vote

117

69%

AGAINST on at least one resolution
ABSTAIN on at least one resolution

38
14

22%
8%

Total proxy meeting votes executed over AGM season 2023

169

All voting statistics

All voting statistics by resolution

Resolutions

For
AgainstAbstain877
56
18

Total resolutions voted on in 2023

951

92%
6%
2%

Source: Ausbil, December 31, 2023.

For more information on Ausbil’s ESG initiatives, please visit
their website.

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Kartesia
Kartesia is a European investment management firm thatspecializes in financing small- and mid-market European
companies. Led by the founding managing partners, thefirm has offices across Europe. Kartesia manages more than
$6.6 billion* in assets and relies on a team of approximately
100 experienced professionals across investment andoperating divisions to operate its business.

LE A D I N G BY E X A M PLE
Kartesia is committed to establishing market-leading
responsible investment practices across its organization.
ESG investing at Kartesia is managed by a fully dedicatedteam made up of two full-time employees, including
the Head of ESG who was recently appointed Partnerin the firm. This team works closely with the legal andcompliance departments to ensure adherence to regulatory
requirements, as well as regularly engaging with investment
teams to enable them to be properly armed with the relevant
information to effectively manage the portfolio.
Further, engaging employees is a key tenet in Kartesia's ESG
approach. Employees undergo specific ESG investment
training (CANDRIAM Academy, in collaboration with its
affiliated boutique, Candriam), and can also participate invarious initiatives promoting diversity, equity, inclusion, andphilanthropy, cultivating a culture of shared responsibility.

M E A SU R I N G SUSTA I N A B I LIT Y
PRO G R E SS
Kartesia tracks its progress through a range of metrics across
key areas:
ESG and Workforce:› Dedicated ESG team: two full-time equivalent (FTE)
professionals, including one partner
Engagement:› Signatory to the UNPRI since 2014
› Member of European Leveraged Finance
Association (ELFA)’s Collateralized Loan Obligation(CLO) Investor Committee and ESG Committees
since 2022
› Member of France Invest since 2023
Sustainable Finance Disclosure Regulation (SFDR):› Six funds classified as Article 8 and one fund as
Article 9 under SFDR*

Impact Investing:› Three impact deals closed since launching thededicated impact strategy
Climate Action:› Established climate policy framework› 56% of loan deals perform a carbon assessment› 100% of loan deals covered by a model-basedcarbon assessment› 100% of loan deals covered by a climate
risk assessment
DE&I:› 43% female employees/53% female junior/31%
female senior› Diversity of employees, including 27 nationalities and26 languages spoken

PO RTFO LI O CO M PA N Y
E N GAG E M E NT
In 2023, Kartesia prioritized strengthening engagementwith its portfolio companies on ESG issues. This resulted
in the development of an engagement policy centered on
promoting three long-term ESG topics:
Energy Transition
Kartesia partnered with a pan-European service provider
specializing in carbon footprint calculations, reduction
initiatives, and offset plans. This partnership offered a
discount on their services, exclusively to all Kartesia portfolio
companies. Kartesia actively encouraged portfolio companies
to perform carbon footprint assessments and establish
formal carbon-reduction initiatives.
Fair Working Conditions
Kartesia systematically investigates fatal accidents and/or relevant litigation during the corresponding reporting
year within its ESG questionnaire. This ensures proactive
awareness and engagement on these critical issues.
Business Ethics
Kartesia encourages its portfolio companies to collaborate
with external consultants to develop comprehensive
sustainability strategies. In 2023, several companies
partnered with such consultants, whose proposals included
dedicated sections on governance and ethics. Additionally,
Kartesia launched a specific collaboration with a consultant
to help its portfolio companies navigate the Corporate
Sustainability Reporting Directive (CSRD) obligations.
As of December 31, 2023, Kartesia has engaged with 94% of
its loan portfolio companies.

AUM as of 12/31/2023. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023. AUM is based on estimates and is subject to change.

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VOLUNTEERING AND PHIL ANTHROPY
The entire Kartesia team is committed to making tangible
contributions to society through volunteering, philanthropic
initiatives, and energy-reduction efforts. Building upon its
dedication to giving back, Kartesia significantly expanded its
philanthropic reach in 2023, forging two new partnerships.
Olivia Hendrickx Research Fund (Belgium)
Both Kartesia Philanthropy and Kartesia Benelux portfolio
companies provide financial support to this organization,
which seeks to advance pediatric oncology research. Further
demonstrating their commitment, Kartesia members
participated in a 20km race to raise additional funds.
National Numeracy (United Kingdom)
Kartesia Philanthropy is proud to support National Numeracy,
an independent charity founded in 2012 to tackle the issueof low numeracy levels among adults and children, while also
championing the importance of everyday mathematicalskills in the UK. Beyond financial support, the Kartesia UK
team leads classroom sessions, educating children on
practical numeracy skills. These sessions aim to help children
overcome “math anxiety,” develop a positive attitude toward
math, and build skills that will benefit them in future careers.

2 0 23 R ECO G N ITI O N
Kartesia’s dedication to ESG principles was further affirmed
in 2023, as evidenced by several prestigious awards fromleading private capital and media organizations. Notable
recognitions include:› The “AAA Best GP ESG reporting solution for LPs”
and “AA Best ESG Manager of the Year” awards fromESG AAA European Awards.*› The “Responsible Investor of the Year 2023” award
from Unquote British PE Awards.**

On October 24th, 2023, Kartesia was honored by the ESG AAA European Awards. The
accolades received were:
1. AAA Best GP ESG Reporting Solution for LPs
2. AA Best ESG Manager of the Year
These awards recognized Kartesia during the time period from January 2022 to
December 2022.
Importantly, no direct or indirect compensation was involved in obtaining these awards.
For further details on the methodology behind these awards, please refer to this link:
https://awards.privateequitywire.co.uk/esg-aaa-european-awards*

On October 3rd, 2023, Kartesia was honored by the Unquote British PE Awards. The
accolade received was:
1. Responsible Investor of the Year 2023
This award recognized Kartesia during the time period from June 2022 to June 2023.
Importantly, no direct or indirect compensation was involved in obtaining thisprestigious award.
For further details on the methodology behind this award, please refer to this link. https://community.ionanalytics.com/british-private-equity-awards-2023/process**

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Supporting New York Life’s
corporate responsibility
strategy with corporate
venture capital
New York Life Ventures (NYL Ventures) is the corporate
venture capital business of New York Life. Aligned withNew York Life’s corporate responsibility strategy, NYL
Ventures seeks to create value by partnering with innovative
early-stage technology companies. Founded in 2012, NYL
Ventures has grown to exceed $1B in investments madeand driven a Proof-of-Concept test (between New York Lifeand a start-up) at an industry-leading rate of one proof ofconcept every 2.5 weeks. Examples of partnerships in 2023
that demonstrate NYL Venture’s commitment to corporate
responsibility include:
Investment in Crusoe:
Crusoe has pioneered climate-aligned digital infrastructurethat taps into wasted, stranded, or clean energy—natural gas
being flared or excess production from clean and renewablesources—to power high-performance computing andartificial intelligence (“AI”). In 2022, Crusoe reduced natural
gas flaring by over 4 billion cubic feet and avoided 6,400
metric tons of methane emissions, equivalent to 528,000
metric tons of CO2e. NYL Ventures closed a late-stage
investment in Crusoe in 2023.

Partnership with Empathy:Partners with New York Life since 2021, Empathy provides
beneficiaries with support for the emotional and logisticalchallenges that follow the loss of a loved one by simplifying
end-of-life bureaucracy, and automating processes involvedin the administration of an estate, so families can focus onmourning and being there for each other when they losea loved one. In 2023 Empathy and GBS partnered to fully
digitize the claims process with the objective of simplifying
the experience for beneficiaries and employers, while
expediting the delivery of information through a secure
digital platform.
Partnership with a female-founded fintech start-up:
NYL Ventures has partnered with a female-founded fintech
startup to power a new financial wellness offering. This
offering helps individuals and their families improve theirwell-being through on-demand financial education and tools,
and pursue solutions on their own or with a diverse group offinancial professionals.

Partnership with Scope Zero:
Scope Zero helps renters and homeowners reduce theupfront cost of home technology upgrades and lower utility
bills through a carbon savings account (similar to HSA).
According to CEO of Scope Zero, Lizzy Kolar: “The average
U.S. home can reduce its utility bills by 40% by purchasingenergy- and water-efficient technologies. Yet the rising costof living can make home technology upgrades challenging.
Scope Zero addresses this problem by making these
upgrades affordable and accessible to everyone.”

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Seguros Monterrey
Understanding the long-term sustainability of companies
and projects is a fundamental part of SMNYL’s investment
process. SMNYL considers material ESG factors alongside
traditional financial factors as key elements in understanding
the risk profile of the investments it makes in public debt
securities. To further this commitment, as a member of the
Mexican Council of Sustainable Investment (CMFS), SMNYL’s
credit analysis team regularly participates in workshops
and conferences on sustainable investment trends, bestpractices, and recent developments:› Credit analysis reports for public bond investments
now formally consider ESG factors alongside
traditional financial metrics.
› SMNYL’s credit analysis team and the Chair of theCredit Committee obtained either the Certificate
in ESG Investing by the CFA Institute or the CESGA(Certified ESG Analyst) certification by the European
Federation of Financial Analysts Societies (EFFAS).
› The investment team actively participated inworkshops, conferences, and informational
meetings related to Mexico’s Sustainable
Taxonomy, launched by the Ministry of Financeand Public Credit, to build their capacity as an
institutional investor and stakeholder to understandits use and practical applications.
› SMNYL investment in securities registered orlabeled in the local exchanges (either green, social,sustainable or sustainability-linked) amounted to
US$170 million as of year-end 2023.

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Our environment
At New York Life, we believe that environmental
sustainability is a process of continuous improvement
rather than a check-the-box exercise. To that end, we
make efforts to reduce our operational emissions, waste
and water impacts, and strive to use resources across ourbusiness responsibly. These efforts all strengthen theresiliency of our operations, save the company money, andensure that we are there for the long term.

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Our targets*
In 2023, New York Life set a target to achieve a 30%
reduction in our operational Scope 1 and Scope 2 carbon
emissions by 2030.**

BY 2 0 3 0 , W E A I M TO R E D U C E O U RO PE R ATI O N A L SCO PE 1 A N D SCO PE
2 E M I SS I O N S C A R BO N FO OTPR I NT
BY 3 0% OV E R A 2 019 BA S E LI N E .
In addition, Real Estate Investors, an investment division
within NYL Investors LLC, has committed to the following 10year (2019 – 2029) targets: 42› Reduce energy consumption by 25%› Reduce GHG emissions by 25%› Reduce water consumption by 10%› Achieve a total diversion rate of 40%

The information presented in the charts in this section represents the data available
for the defined reporting period as of 05/10/2024. Scope 3 emissions categories
include waste generated from operations, business travel, employee commuting
and work-at-home, and downstream leased asset emissions from our real estate
investment portfolio.
**
Based on a 2019 baseline.
*

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Our carbon footprint*
and progress toward
our targets
Scope 1 and 2 Emissions**
In 2023, New York Life's operational Scope 1 and 2 wereslightly up compared to our 2019 baseline. This is largely due
to an increase in the amount of data collected, and changes inour real estate investments footprint.
New York Life purchases renewable energy credits (RECs)
for some of our real estate investment properties. tThesepurchases support renewable electricity production in theregion where they are generated.

Carbon Emissions (MT CO2e)39,360

Scope 328,431

94,228

Scope 2

95,548

10,545

Scope 16,072
020,00040,00060,0002023*

80,000100,000

120,000

2019

The information in this section is not third-party verified.
This information covers the following entities: New York Life Insurance Company, Seguros Monterrey, NYL Investors, NYLIM LLC, Candriam, MacKay Shields, Apogem, Ausbil, andTristan.

**

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Scope 3 Emissions*
Our Scope 3 greenhouse gas emissions** inventory currently
encompasses: Waste Generated in Operations, BusinessTravel (commercial air transport, intercity rail, rental cars,
hotel stays, and public transit), Employee Commuting andWork-at-Home, and Downstream Leased Assets.
In 2023, we surveyed a representative sample of our on-siteand hybrid employees and utilized the methodology set out
in the Greenhouse Gas Protocol to calculate our employee
commuting footprint.
We also partnered with Scope Zero43 to help reduce ouremissions associated with working at home by providing
a $300 stipend to employees to make eligible home andapartment upgrades to improve their energy efficiency from
May through October 2023. This six-month pilot resulted in a
reduction in our work-at-home emissions by 53.5 MT CO2e.
We attribute changes in emissions from 2022 to 2023 in our
Scope 3 emissions to increased data collection, in addition to
the inclusion of new categories and the expansion of others.

Progress Toward Future Scope 3 Reporting
New York Life is working toward improved Scope 3 disclosuresin the following categories:

Category 9: Downstream Transportation and Distribution
New York Life distributes physical documents to policy
owners and clients. Sometimes this is mandated by law. The
company is working to understand the materiality of thiscategory of emissions relative to our entire value chain ofemissions. We currently report on avoided emissions in theCommunications Modernization of this section of the report.
Category 15: Investments
New York Life has been taking steps to understand theemissions associated with our investing activities. As detailedin Our Approach to Responsible Investment and our TCFD
Report, New York Life’s General Account holds a varietyof asset types. Current calculation methodologies do notcover many of these asset types; however, we are actively
monitoring this space, and expect innovation in the future.
The company is actively working to assess its financed
emissions for our General Account. We have leveraged, where
methodologies are available, the Partnership for Carbon
Accounting Financials (PCAF), to gain a better understandingof portfolio level emissions profiles and assess climate risks.
We have identified external data providers and tools, inaddition to internal analysis, to help provide valuable insights
into climate-related financial risk, absolute emissions, andemission intensity levels across various sectors and issuers.

Category 1: Purchased Goods and Services
New York Life is beginning to implement the capabilities
to collect data related to the greenhouse gas emissionsof our suppliers, and our attributable share of those value
chain emissions.

*

Scope 3 Emissions by
Category (MT CO2e)

2019

2022

2023

Category 5: Waste Generated
in Operations

4,124

5,624

6,053

Category 6: Business Travel

13,461

6,500

10,194

Category 7: Employee
Commuting &Work-at-Home

0

748

8,111

Category 13: Downstream
Leased Assets

10,846

17,30815,002

Total Scope 3

28,43130,18039,360This information covers New York Life Insurance Company, NYLIM LLC, Tristan, and NYL Investors.
Calculated using the GHG Protocol Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard.

**

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Energy intensity metrics
Overall, while we've seen increases in our square footage,
we've made that square footage more efficient, bringing ourenergy use (kWh) per square foot to 8.83 from 11.13 in 2019.
Additionally, we’ve also started measuring ourenvironmental impact on a per-employee basis this year.*This information provides another layer of evaluation at thesite level and will allow us to better understand where tofocus our energy efficiency efforts (for more information,please see our GRI Index).

Energy Usage (Million kWh) & Intensity
330

7.09

7.2
325.123207
6.8

315.38310300

309.546.37

6.67

299.44

290

6.4
6.36

6.2
6.18

289.70

280

6
5.8

270

5.6
2019

2020
Million kWh

*

6.6

2021

2022

2023

kWh/Square Foot

This information covers New York Life Insurance Company, SMNYL, New York Life Investors, NYLIM, Candriam, MacKay Shields, Apogem, Tristan, and Ausbil. This does not include thesquare footage in our real estate equity portfolio. It covers owned and leased employee and agent sites.

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Reducing ouremissions impact androad map to 2030
We continue to improve our emissions reporting year
over year, and in turn, are committed to reducing carbon
emissions associated with our operational footprint. Ourroad map to achieving our 2030 operational emissions target
includes potential reductions from:› Exploring investments in on-site renewables and/or
power purchase agreements with utility providers.
› Upgrading the building management system in ourHome Office and rezoning our heating.
› Enhancing our strategies to leverage more efficientcomputing at the data center, as well as engaging
with our third-party providers to encourage
renewable energy usage in their data centers.
› Enhancing actual utility and emissions datacollected related to our leased footprint.
› Using digital communication in lieu of printing andtravel, where possible.
› Improving internal waste management
practices to improve recycling and divert morewaste from landfill.
Overall, it’s important to note that the actions we are taking
to reduce our operational footprint are not only positive forthe environment, but they also help our business reduce
expenses and help us comply with the laws and regulations in
the jurisdictions where we operate.

Climate change risk

We recognize that climate change may also impose
physical and transition risks to New York Life’s underlying
investments. We are in the process of assessing the physicaland transition risks associated with climate change andconducting short-, medium-, and long-term scenario
analyses on the company’s General Account portfolio.
For more information on New York Life’s efforts to measureand manage climate risk, please see our TCFD Report.

Internal environmental
impact reduction initiatives
Reducing our Energy Demand in Response to Grid Stress
New York Life has a partnership with Voltus, a leading virtual
power plant operator of distributed energy resources, at our
New York City Home Office. Voltus notifies New York Life
when there is stress on the grid, and we lower our energy use
via our building management system. In 2023, this resulted in
4.6 metric tons of avoided emissions.

Waste and water
New York Life continues to improve its collection of waste
generated and water used across our operational footprint.
We currently receive data from our owned office and data
center locations, and our real estate equity investments
portfolio. We are working to get better information from ourleased locations related to waste and water.
For more information, please see our GRI Index.

New York Life assesses and manages several key
risks, including climate risk, in accordance withregulatory guidance, and the company’s Enterprise Risk
Management Policy and framework.
Weather-related business interruptions are assessed andmanaged through our corporate resilience program. Other
potential climate-related risks such as impacts on longterm mortality trends are tracked through the company’s
emerging risk framework.
The company’s investment analysis process includes anassessment of the climate-related factors deemed to bematerial to performance. Accordingly, material climate-relatedrisks and opportunities have been assessed as a part of thedue diligence process for the majority of internally managed
assets in the General Account. For more information, see
New York Life’s Responsible Investing Statement.

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Technology initiatives
DATA C E NTE RS
New York Life operates two data centers to support ourbusiness. They are geographically dispersed within the
Eastern United States to strengthen the resiliency of oursystems, data, and business. As a part of our emissions
reduction efforts, we have seen steady reductions at ourdata center sites each year. Currently, our Power Unit
Effectiveness (PUE), a measure that determines the energy
efficiency of a data center, has been reduced to 2.44 We haveachieved these emissions reductions through the installationof newer equipment, which uses less power while producing
less heat. We continue to drive efficiencies into the serverand supporting data center infrastructure environments tofurther reduce energy consumption, leading to lower future
PUE measurements.

M O R E E FFI C I E NT A N D SUSTA I N A B LE
CO M PUTI N G D E V I C E S
New York Life has engaged Hewlett Packard Enterprise(HPE) to renew our desktop and laptop fleets. According to
HPE, 80% of a product’s environmental impact is determinedin the design stage. Our engagement allows us to purchasemachines that consume approximately 29% less energy
during use, are manufactured using renewable energy, and,on average, leverage more than 90% recyclable materials.45
As a result, HPE is able to achieve Electronic ProductEnvironmental Assessment Tool (EPEAT) Gold and ENERGYSTAR certification. To date, we have deployed over 14,000
HPE devices, and plan to deploy another 6,000 in 2024.

In addition to these improvements, we are one year into afour-year project that will rationalize the data centers andmove 10–15% of on-site applications to colocation facilities.
These facilities are generally more efficient and use renewableenergy to offset some of their environmental impacts. Our
provider has been selected and the initial build-out of thosesites is complete. We expect to begin migrating the firstworkloads in 2024.

C LO U D CO M PUTI N G
As a part of our larger computing strategy and therationalization of our data centers over the next four years,
New York Life plans on moving 55–60% of our systems andapplications to the cloud. This gives us the opportunity towork with cloud partners who are operating facilities withenvironmental sustainability in mind, including greater accessto renewable energy through those facilities and a more
focused overall power consumption model for New York Lifeapplications that uses less energy. In 2023, we migrated over
10% of our targeted applications into the cloud landing zone,
with another 35% planned in 2024.

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Internal environmental
impact initiatives
IT R ECYC LI N G
We understand the importance of responsible lifecycle
management of the IT products we use in our business.
At New York Life, we have relationships with third parties
who help us manage the ongoing end-of-life recycling of
our IT equipment. After we follow our protocols to remove
our data from the devices within our corporate offices andGeneral Offices, our third-party partners repurpose our oldequipment for resale or donation to schools or technology
training programs. In the case that equipment is not reusable,
it is recycled. In 2023, we recycled over 5,100 devices andresold nearly 4,000.

R E US I N G CO M PA N Y SWAG
New York Life hosted its second annual “Home Office
Swag Sale & Swap” in September 2023 as a part ofits annual Corporate Responsibility Week. The teamcollected leftover company-branded swag from aroundthe organization. Employees had the option to donate
money to a local nonprofit, or swap for new swag. Overall,
we were able to donate nearly $1,200 to a local New York
City-based environmental nonprofit. We plan to holdthese events at least annually in the future and expand to
more employee sites.

D I N I N G S E RV I C E S
New York Life’s Corporate Services group has worked
diligently to reduce the amount of waste generated fromour dining services. Since 2021, we have successfully
moved away from single-use plastics to compostableor recyclable items throughout our dining footprint. In
2023, we continued to focus on reducing the impact ofour catering by focusing on plastic elimination and food
donation. For our meeting and event catering, our in-housecaterers now provide reusable trays, breadboards, wirebaskets, and other reusable service ware.
To minimize our food waste, we have donated 1,807 meals
through Replate, a company that allows us to donate smaller
amounts of food to those in need by partnering with nearby
nonprofits that work with people who experience foodinsecurity. We also have had a long-standing partnershipwith City Harvest. These two organizations, combined withconcerted efforts to rationalize the amount of food servedin catering, have played a key role in our management offood waste.
Finally, we continue to use food digesters in our Home
Office and Clinton, New Jersey, locations. The fooddigester uses microorganisms and oxygen to digest foodthat safely discharges into the municipal sewer system. In
2023, we diverted over 47 tons of waste through use of ourfood digesters.

R E D U C I N G PA PE R USAG E
Print-on-Demand
In 2022 and continuing into 2023, our procurement team has
been working to reduce our paper use by shifting to a printon-demand model for our paper-based sales and promotional
materials. To achieve this objective, procurement
renegotiated our commercial print contract for approximately
85% of our commercial printing.
As a result, we’ve been able to add the following features toour program:› Using electronic file delivery, where possible.
› Minimizing the use of first-leg freight.
› Regional printing for the final leg of shipment.
These changes reduce print volumes, waste, and minimize
transportation distances. As a result of these operational
efficiencies, we avoided using 680.63 pounds of paper, andavoided 64,928 MT of downstream CO2e emissions.

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Communications Modernization
New York Life has been concentrating on reducing its useof paper within our insurance business since 2018. As aresult of these efforts, our life insurance policy owners andannuities clients’ adoption of and consent to digital receiptof documents has risen to 20.2% in 2023, from 2.7% in 2018.
Switching to digital documents improves the customer
experience, while increasing our operational efficiency,
reducing overhead costs, and decreasing our use of paper.
We also decreased our use of paper by 5.5 percent andincreased the number of documents sent electronically by 64
percent compared to 2022. Based on this progress, a portfolio
of initiatives, dubbed Communications Modernization
aimed at reducing our use of paper across the businesshas been approved by our Capital Investment Committee.
Over the coming four years, stakeholders from Technology,
Compliance, the Office of the General Counsel, Service, andothers will collaborate to enable and facilitate online accessto and digital delivery of policyholder and client documents.
Simultaneously, in jurisdictions where permitted and with any
required client consents, we will drive adoption of paperlessdocument delivery through multiple channels, including email,call center representatives, agents, and our client website.
Paper documents will continue to be delivered where requiredby law.

M A K I N G CO M PA N Y E V E NTS
M O R E SUSTA I N A B LE
Each year, New York Life holds about 80 events withapproximately 21,000 attendees. Our corporate events
team began to seek ways to improve the sustainability of
the company’s in-person events, and making them moreenvironmentally friendly topped the list.
Some of the steps that were taken to reduce ourenvironmental impact were:› Provided all event information via an app to eliminate
the need for paper handouts, seating cards, menus,
and departure notices.
› Provided a reusable water bottle to all attendees, andwater refill stations, eliminating approximately 95%
of our on-site plastic water bottle usage.
› Increased the temperature setting in dining
and breakout rooms to use less energy from air
conditioning. At one event we were able to save theamount of energy it would take to power a small
home for one year.
› Used cotton linens, and created living, donatable
centerpieces for table settings.
› Served farm-to-table meals and eliminated prefilled water and wine glasses to reduce waste. Most
leftovers were composted.
› Donated vinyl and foam core signs to localorganizations who reuse and upcycle these materials.
› Started a name badge and lanyard recycling program
to cut down on paper and plastic waste.
› Reduced carbon footprint by using electricvehicles where possible and optimizing airport
shuttle schedules.
In the future, these changes, and more, will continue to evolveand impact more of our corporate events.
Sustainability at SMNYL
SMNYL has incorporated sustainability as a business function
to track the actions being taken across SMNYL. This aligns
with SMNYL’s corporate values and objectives and aims
to reinforce a sound, ethical commitment to addressing
stakeholders’ concerns, regulatory demands, and fosteringvarious corporate responsibility initiatives that are already inplace. SMNYL Sustainability benefits from and is aligned withNew York Life’s best practices and experience.

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Our governance
New York Life leads with integrity, humanity, and financial
strength. As a mutual company, we operate for the benefitof our policy owners, who expect us to be there when theyneed us and trust us to do the right thing. Our core values
and long-term view foster a culture of responsibility andoversight, ensuring strong governance and accountability
structures to support our mission.

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Governancecommitments
New York Life is committed to maintaining strong
corporate governance, and governance of sustainability, inthe following ways:› Annual review of corporate governance bestpractices to ensure proper alignment.
› Annual and ongoing identification and review ofpotential director conflicts of interest, as
documented by the company’s Code of BusinessConduct and Ethics for Directors and enforced by
the Governance Committee of the Board, which iscomprised entirely of independent directors.
› Maintaining clear assignment of sustainability
oversight at the senior management and board
levels, and conducting regular reviews of appropriate
related metrics, initiatives, and progress.
› Regular updates to the board and senior
management on the company’s sustainability
strategy, priorities, key activities, and relevant
regulatory matters.
› Ongoing commitment to enhanced transparency
on various sustainability topics, including Diversity,
Equity, and Inclusion, Data Privacy, and Standardsof Business Conduct.
› Continued consideration of certain strategic,
nonfinancial sustainability indicators in
New York Life’s short-term incentive (STI)
compensation program, including a qualitative
assessment of our efforts to promote inclusion,
the quality of the client experience, communityand employee engagement, philanthropic giving,
and volunteerism.

BOA R D D I V E RS IT Y
The Board selects director candidates based on many factors,
including the ability to exercise sound judgment, and thehighest personal and professional ethics. The Board strives torepresent director diversity along a multitude of dimensions,such as subject matter expertise, professional and industry
experience, race, ethnicity, age, and gender. This recognizes
that a breadth of perspectives makes for better stewardshipof the company and is central to our ability to meet the needsof the diverse clients and communities we serve.
Diversity and inclusion at the Board level has been a focus
area for New York Life for many years and continues to be afocus to this day. We are proud to share that we have had over
47 years of Black representation on the Board, and elected
our first female director in 1947.
As of December 2023, the Board had 12 directors, withdiverse directors making up 50 percent of the Board,
including five women.

Board of Directors
The New York Life Board of Directors (Board) is charged withoversight of the management of the business and affairsof the company, consistent with its primary responsibility
to maintain and operate New York Life for the benefit of its
policy owners. This includes oversight of the company’s
strategic decisions, financial performance, risk management,
executive succession, and compensation.
The Board also has five standing committees that have beendelegated in-depth oversight of certain matters: Audit;
Governance; Insurance & Operations; Investment; and Talent,Diversity & Compensation.

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Sustainability governance

Ethics and compliance

Sustainability governance is overseen throughNew York Life’s Risk Steering Committee (RSC). The RSC is
responsible for risk oversight at the executive managementlevel and is the committee accountable for material
environmental, social, and governance topics requiring
senior management review, including climate risk. The roleof the RSC is to ensure that risk management processes
adopted within the company are effective and provide a
structured forum for discussion of the company’s mostsignificant risks. The RSC is chaired by the Chief Risk Officer
and includes the Chief Executive Officer and other senior
executives of the company.

New York Life has a deep and rich history of acting withintegrity and humanity. We are imbued with these corevalues, grounded in confidence and humility, as we serve as
stewards for the long term. These standards have served as
the cornerstone of New York Life’s culture for nearly 180 years.

The RSC is supported in its oversight responsibilities for theserisks by the Sustainability Steering Committee (Sustainability
SteerCo). The Sustainability SteerCo is a cross-functional
management committee that provides oversight of key
sustainability matters that are relevant to the company’s
mission and business, and metrics related to ESG topics. The
Sustainability SteerCo escalates material risks and othersignificant topics to the RSC and assists in the determinationand setting of New York Life’s sustainability strategy.
Among other things, the Sustainability SteerCo ensuresthat key sustainability risks and opportunities are identified,prioritized, and appropriately managed, and emerging
issues are monitored. It also reviews the development andimplementation of tools and methodologies for measuring,assessing, and reporting of sustainability metrics andtargets, including on climate change; and provides a forum tounderstand the evolving sustainability risk landscape. In 2023,
the Sustainability SteerCo was chaired by New York Life’s
Secretary and Deputy General Counsel, also a member of
our Executive Management Committee, and included othersenior executives of the company. The Sustainability SteerCo
is supported in its responsibilities by several sustainabilityfocused working groups.

The importance of ethics at New York Life is paramount.
It is embedded right from the beginning in the recruiting,hiring, and training process, seeking out individuals who live
their values and want to work for a company that does thesame. Each employee plays an important part in maintaining
the company’s ethical reputation by understanding andcomplying with the policies in our Standards of BusinessConduct, Working with Integrity. This includes asking for
guidance when necessary and reporting any potential issues
or violations. We recognize that reporting unethical or
unlawful concerns is not always easy. Employees who submit
a concern in good faith are protected by the company’s zerotolerance policy regarding retaliation.
New York Life embeds ethics into the day-to-day by:› Conducting required annual ethics training for all
employees and relevant consultants.
› Requiring annual attestation to our Standards ofBusiness Conduct, Working with Integrity.
› Managing a 24/7 ethics hotline46 that allows anyone
to submit a complaint, including anonymously.
› Participating in Ethisphere’s Business Ethics
Leadership Alliance (BELA) and in its many programs
and roundtables to share best practices and continue
to evolve our program.
› Annual and ongoing identification and review ofpotential employee conflicts of interest, as
documented by the company’s Standards ofBusiness Conduct, Working with Integrity.

At the Board level, the Audit Committee has responsibility
for reviewing the company’s ESG framework and processes,
including for the assessment and management of financial
risks from climate change.

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TO T H E TA B L E O F C O N T E N T S› We protect our ethics fiercely because our legacy
is built on the trust of our policy owners. Our ethics
program is overseen by our Chief Ethics Officer, who
is responsible for the annual ethics training for all
employees, ethics training for new executives, ourconflicts review process, reporting ethics complaints
and concerns, and our Standards of BusinessConduct, Working with Integrity.
› Additionally, the Corporate Compliance department
reports to the Audit Committee of the Board annuallyregarding the implementation and effectivenessof the compliance and ethics program and updates
the committee periodically as appropriate. Ourstrong commitment to ethics is exemplified by
the behaviors and decisions of our executives andleadership teams.
› All executive officers go through an ethics
onboarding training, and everyone is held
accountable for reporting any concerns, including
misconduct, unethical or unlawful behavior, andviolations of company policy.
› Broader compliance issues are directly addressedwith the CEO.

SMNYL Recognized as one of
Mexico’s Most Ethical Companies
SMNYL was recognized as one of Mexico’s 25 Most
Ethical Companies by the AMITAI association and “El
Financiero” newspaper, advancing three notches since2022. AMITAI is the leading Latin American system ofglobal ethics assessment, and this recognition is theresult of the robust ethics and compliance processes
currently in place.

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Engaging in public
policy: Office ofGovernmental Affairs
Legislative and regulatory policy changes can affecthow New York Life operates and provide guidance andguarantees to our clients. New York Life does not contributecorporate funds to political candidates, political parties, or
PACs. We utilize the Office of Governmental Affairs (OGA) toengage in the public policy arena on issues of importance tothe company, our agents, and clients. OGA also manages thetwo Political Action Committees (PAC)—the New York Life
Insurance Company PAC and the New York Life Insurance
Company State and Federal PAC. Both PACs are funded
entirely through the voluntary contributions of agents andemployees. OGA complies with regulatory requirements
related to disclosure of lobbying and PAC activity andprovides a report annually on such activity to the company’s
Board of Directors.
Related to our political activities, New York Life commits
to continuing to prohibit the use of corporate funds forcontributions to:› Candidates for public office› Political party committees› Political Action Committees› “527” groups (i.e., super PACs)› Independent expenditures in support
or opposition of a candidate
Additionally, we commit to continue, on a biennial basis, tocommission an external firm to audit our two corporate PACs.
These audits cover all receipts and disbursements of the
PACs and compliance with the Federal Election Commission
and related campaign finance regulatory agencies. We havecommissioned external PAC audits for the past two decades,
and results indicate strong compliance and controls thatmeet or exceed industry best practices.

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Supply chain
New York Life’s Third Party Sustainability Programis helping to measure our third parties’ commitment
to sustainable business practices. The program
team includes leadership from procurement, suppliermanagement, legal, compliance, sustainability, enterprise
resilience, and third party risk management—and drives
sustainability-related due diligence and monitoring
throughout our third party lifecycle.
The efforts of the Third Party Sustainability Program allow
New York Life to gain insights into the risks that may exist
within our supply chain and the sustainability-related
attributes of our third parties. Details on our supply chain
and its impacts are reported to management.

Human rights
New York Life has a Human Rights and Modern Slavery
Statement that is aligned with the International Labour
Organization’s Declarations on Fundamental Principles
and Rights at Work. We are committed to embedding humanrights within our business processes, and plan to share more
information in future reports.
To read our statement, click here.

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Tax transparency
New York Life manages its tax affairs in a responsible andtransparent manner. To comply with relevant tax law, we
conduct our tax affairs based on the following principles:› Compliance with relevant tax legislation
and regulations.
› Fostering relationships with tax administrators
based on duties of transparency, good faith, andmutual trust.
› Fostering the implementation of effective tax
compliance procedures and practices.
› Timely compliance with filing, disclosure, andpayment obligations.
› Being guided by international tax standards,
including the OECD recommendations forresponsible conduct in a global context.
Day-to-day responsibility for implementing tax policies andmanaging tax affairs is delegated to the Chief Financial Officer
and relevant tax teams where appropriate. These teams
establish the necessary policies and procedures to manage
tax risks, while ensuring consistency with New York Life’s
wider governance, risk, and controls framework. Tax returns
and payments are subject to review and approval by our tax
unit and the Chief Financial Officer. In situations where the tax
law is complex or changing, we engage external tax advisors
as necessary to manage material and uncertain risk.
For additional information, see our 2023 Statutory
Financial Filings.

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Data privacy andcybersecurity
Our commitment to protecting clients and their personal
information has been paramount throughout our history,
and we are committed to upholding this promise now
more than ever. We have taken special care to build a cultureof privacy awareness by mandating annual trainings forall employees and offering updates on emerging risks andnew privacy requirements. The Insurance & Operations
Committee of the Board of Directors has oversight forcyber and information security. In addition, employees whoare subject to stricter legal or regulatory requirements areprovided with additional training as needed.

DATA PR I VACY
We are entrusted with the personal information of ourcustomers, employees, and agents, who expect us torespect and safeguard their privacy. Our employees are
all responsible for protecting the personal information in
our care.
Our global privacy program is led by our Chief Privacy
Officer and guided by foundational principles.
We provide notices to customers detailing the personal
information that we collect, for what purpose we collectit, and how we use it. We collect personal information by
lawful and transparent means and use sensitive personal
information only for the purposes stated in our notices.
Among New York Life’s most important obligations
to those who trust us with their personal information
is to ensure that it is protected from unauthorizedaccess, disclosure, or use. To that end, we implement
controls to safeguard the personal information that wecollect or retain.

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CY B E RS ECU R IT Y
New York Life is entrusted with the personal information ofa variety of stakeholders, including our customers, clients,
agents, and employees. We have great respect for the trust
placed in us and make every effort to safeguard the privacyof this information. As an insurance company, we are highly
regulated and adhere to relevant laws and regulations as partof our program.
New York Life enhances its Cybersecurity and Information
Security program on an ongoing basis. Assessments are
regularly performed that take into account advances intechnology, emerging threats, and our overall strategic
direction, as well as other factors to determine theappropriate level of security controls. Audits of information
security controls are included in New York Life’s internal audit
department annual plan.
Our Information Security department is chaired by a Chief
Information Security Officer who reports to New York Life’s
Chief Risk Officer. We have a risk governance structure inplace to ensure effective management and oversight of risks,
and a clear path for escalation.
New York Life has implemented a multilayered security
model that is aligned with internationally recognizedindustry standards for security, including the International
Organization for Standardization (ISO) 27001/27002, theNational Institute of Standards and Technology Cybersecurity
Framework (NIST– CSF), Control Objectives for Information
and Related Technologies (COBIT), and the Department ofLabor’s Cybersecurity Best Practices. New York Life complies
with the NY Department of Financial Services’ Cybersecurity
Regulation (23 NYCRR 500). These frameworks provide a
consistent way to manage capabilities, activities, and risks.

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New York Life has established written policies and standards
that govern our Information Security Program. The program’s
goals are to maintain the confidentiality, integrity, andavailability of our information assets. These policies andstandards are guided by security requirements specific to theoperating environment, relevant laws and regulations, andinformation security best practices.
Core to our security program is our defense-in-depth model,
composed of multiple layers of processes and technologies
that help prevent, detect, and respond to threats. At theouter layers of this model, preventative technologies such as
blocking malicious emails and securing network entry points
aid in deflecting cyber threats before they become incidents.
Event monitoring technologies continuously surveil to detect
and respond to potential intrusion attempts and generate
alerts that are managed in accordance with establishedresponse protocols.
New York Life maintains relationships with law
enforcement and other global leaders in the cybersecurity
community who provide us with notice of emerging
threats, attacks, and vulnerability trends to better ensure
the protection of our systems.

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All New York Life employees are required to complete
cybersecurity training annually, which covers policy
attestations, as well as relevant cyber-related topics.
Additionally, we regularly test our employees using various
techniques, such as simulated phishing campaigns. Since
2015, we’ve conducted an annual Information Security
Awareness campaign called "Shark Week." This campaign
is dedicated to teaching employees about phishing and themost recent tactics, with the goal of having fun while learning
how to recognize and report phishing emails. Ongoingsecurity training and awareness programs are directed by
the Chief Information Security Officer to inform personnel
on how to be alert and protect against potential security
breaches and unauthorized disclosures.
Even with these controls and safeguards in place, we
understand that the fluid nature of the cybersecurity
environment requires us to constantly evaluate and improvethese defenses. Consequently, we continually review and,
when we determine necessary, enhance our controls,
processes, and tools. While no method of security can fully
ensure protection against all threats, New York Life has
designed and implemented a robust cybersecurity program
focused on protecting our systems and the clients andcustomers whose data they house.

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Risk management
As a mutual company, New York Life’s mission is financial
strength and permanence—to always be here to meet our
obligations to policy owners, whether those obligations
come due tomorrow or 50 years from now. This means
managing our risk-taking activities so as not to endanger thefinancial strength and soundness of the company.
Risk-based decision-making is an important component
in the company’s strategy setting and execution,
primarily by informing and evaluating the risks arisingfrom the strategy as well as risks that may adversely
impact its implementation. New York Life’s enterpriserisk management program is designed to support thecompany’s strategy and mission and foster a culture of risk
awareness, transparency, and responsiveness.
New York Life’s Chief Risk Officer oversees the Risk
Management function and is responsible for ensuring that
our risk management practices are aligned with industryleading practices and functioning as expected. The Chief
Risk Officer ensures the development of talent, tools, andmethods for measuring and managing risks across thecompany and is responsible for all aspects of enterprise risk
management and reporting.
New York Life uses the “three lines of defense” approach torisk management:› The first line of defense is made up of functions that
directly initiate revenue, expense management,
or risk-decision activities, such as the company’sbusiness units and investment operations. It is
responsible for identifying, managing, and reportingrisk on a day-to-day basis.
› The second line of defense is made up of the
independent functions that coordinate risk
oversight, including the company’s Actuarial,
Compliance, Legal, and Risk Management areas.
It is responsible for the overall coordination of risk
management activities across the enterprise andfor aggregating and reporting on risks to senior
management and the Board of Directors.
› The third line of defense is the Corporate Audit
Department, which provides an independent
review and objective assurance on the quality andeffectiveness of the company’s internal control
system, the first and second lines of defense, and therisk governance framework.

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Looking forward
New York Life is committed to continued progress. This
year, we’ve made progress on our first emissions reduction
target and have enhanced the information we provide
related to our emissions. In the coming years, we plan to:› Continue to report progress on our 2030
operational carbon reduction target.
› Disclose more information on how we evaluate
and manage the physical and transition risks
associated with climate change.
› Enhance and report on progress in our supply
chain sustainability program to better understandour value chain impacts.
› Improve our emissions reporting to include more
Scope 3 categories.

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Appendix

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SASB Index
The Sustainability Accounting Standards Board’s (SASB) use of the term “sustainability” refers to corporate activities thatmaintain or enhance the ability of the company to create value over the long term. SASB published 77 industry-specificstandards to assist companies with disclosing material information. This index includes aspects of the Insurance and AssetManagement and Custodial Activities Sustainability Accounting Standards. The Insurance Standard covers New York Life
Insurance Company and does not include Seguros Monterey. The Asset Management and Custodial Activities Standard covers
New York Life Investments.
SASB Insurance Standard
Accounting Metric

New York Life’s Response

Transparent Information and Fair Advice for Consumers
FN-IN-270a.1: Total amount of monetary losses as aresult of legal proceedings associated with marketing andcommunication of insurance product-related information
to new and returning customers

New York Life does not disclose monetary losses fromlegal proceedings. For more information related to
product marketing practices, please see the "Our Policy
Owners and Clients" section of this report.

FN-IN-270a.2: Complaints-to-claims ratio

For additional information, please review NAIC Closed
Complaint ratio.

FN-IN-270a.3: Customer retention rate

While New York Life does not disclose this specific metric,
we measure customer satisfaction in a variety of ways,
including in Agency and within our service teams. This
includes but is not limited to things like net promoter
scores, post-call surveys with our service team, speechto-text analytics, and customer focus groups.

FN-IN-270a.4: Description of approach to informing
customers about products

Please see the "Our Policy Owners and Clients" section ofthis report

Incorporation of ESG Factors in Investment Process
FN-IN-410a.1: Total invested assets, by industry andasset class

Please see the "Our Approach to Responsible Investment"
section of this report.
2023 Statutory Financial Filings

FN-IN-410a.2: Description of approach to incorporationof environmental, social, and governance (ESG) factors ininvestment management processes and strategies

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Please see the "Our Approach to Responsible Investment"
section of this report.

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Accounting Metric

New York Life’s Response

Policies Designed to Incentivize Responsible Behavior
FN-IN-410b.1: Net premiums written related to energy
efficiency and low-carbon technology

As a life insurer, this metric is not relevant.

FN-IN-410b.2: Discussion of products and/or productfeatures that incentivize health, safety, and/or
environmentally responsible actions and/or behaviors

Please see the "Our Approach to Responsible Investment"
section of this report.

Financed Emissions
FN-IN-410c.1: Absolute gross financed emissions,disaggregated by (1) Scope 1, (2) Scope 2, (3) Scope 3

New York Life is working on measuring our financed
emissions where data is available and standard calculation
methodologies exist. For more information related toprogress, please see the “Our Environment” and “TCFD
Report” sections of this report.

FN-IN-410c.2: Gross exposure for each industry byasset class

New York Life is working on measuring our financed
emissions where data is available and standard calculation
methodologies exist. For more information related toprogress, please see the “Our Environment” and “TCFD
Report” sections of this report.

FN-IN-410c.3: Percentage of gross exposure included in
the financed emissions calculation

New York Life is working on measuring our financed
emissions where data is available and standard calculation
methodologies exist. For more information related toprogress, please see the “Our Environment” and “TCFD
Report” sections of this report.

FN-IN-410c.4: Description of methodology used to
calculate financed emissions

New York Life plans to utilize the Portfolio Carbon
Accounting for Financials (PCAF) methodology in its
efforts to calculate financed emissions.

Physical Risk Exposure
FN-IN-450a.1: Probable Maximum Loss (PML) of insured
products from weather-related natural catastrophes

As a life insurer, this metric is not relevant.

FN-IN-450a.2: Total amount of monetary losses
attributable to insurance payouts from (1) modeled
natural catastrophes and (2) non-modeled natural
catastrophes, by type of event and geographic segment(net and gross of reinsurance)

As a life insurer, this metric is not relevant.

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Accounting Metric

New York Life’s Response

FN-IN-450a.3: Description of approach to incorporationof environmental risks into (1) the underwriting process
for individual contracts and (2) the management of firmlevel risks and capital adequacy

Please see the "Our Governance" section of this report
and the "TCFD Index".

Systemic Risk Management
FN-IN-550a.1: Exposure to derivative instruments by
category: (1) total potential exposure to non-centrally
cleared derivatives, (2) total fair value of acceptable
collateral posted with the Central Clearinghouse, and (3)total potential exposure to centrally cleared derivatives

For information related to New York Life’s exposure toderivative instruments, please see our 2023 Statutory
Financial Filings.

FN-IN-550a.2: Total fair value of securities lending
collateral assets

For information related to the fair value of securities
lending collateral assets, please our 2023 Statutory
Financial Filings.

FN-IN-550a.3: Description of approach to managing
capital and liquidity-related risks associated with systemic
non-insurance activities

For a description of our approach to managing capitaland liquidity risk associated with systemic non-insurance
activities, 2023 Statutory Financial Filings.

Metrics
FN-IN-000.A Number of policies in force, by segment: (1)property and casualty, (2) life, (3) assumed reinsurance.

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2023 Statutory Financial Filings

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SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Transparent Information and Fair Advice for Consumers
FN-AC-270a.1: (1) Number and (2) percentage ofcovered employees with a record of investment-related
investigations, consumer-initiated complaints, private
civil litigations, or other regulatory proceedings

New York Life Investments does not typically disclose
this information. Please refer to our registeredinvestment advisers Form ADV filings for information onreportable matters.

FN-AC-270a.2: Total amount of monetary losses as aresult of legal proceedings associated with marketing andcommunication of financial product-related information
to new and returning customers

New York Life Investments does not typically disclosemonetary losses as a result of legal proceedings except
for those required on Form ADV. Please refer to our
registered investment advisers Form ADV filings for
information on reportable matters.

FN-AC-270a.3: Description of approach to informing
customers about products and services

Please see the "Responsible Product and Marketing
Practices" section of this report.

Employee Diversity and Inclusion
FN-AC-330a.1: Percentage of gender and racial/ethnic
group representation for (1) executive management,(2) nonexecutive, (3) professionals, and (4) all other
employees

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Please see the "Our People" section of this report.

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Accounting Metric

New York Life Investments’ Response

Incorporation of Environmental, Social, and Governance Factors in Investment Management and Advisory
FN-AC-410a.1: Amount of assets under management,by asset class, that employ (1) integration ofenvironmental, social, and governance (ESG) issues, (2)investing, and (3) screening

For New York Life Investments, our total assets undermanagement equals $716 billion as of December 31,
2023. This is broken down by 65.1% in fixed income,
12.6% in equity, 11.1% in alternative investments, 9.3% in
multi-asset, and 1.9% in cash and cash equivalents. Belowis the percentage breakdown by our ESG classifications(see FN-AC-410a.2 for definitions and additional notes,
including on ESG AUM).
Category
None
ESG Incorporation
ESG Focused
ESG Impact

% AUM
13.3%
81.2%
4.7%
0.8%

For more information, please see the "Our Approach to
Responsible Investment" section of this report.
FN-AC-410a.2: Description of approach to incorporationof environmental, social, and governance (ESG) factors
in investment and/or wealth management processes
and strategies

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New York Life Investments ESG Classification:› None – No ESG approach used.
› ESG Incorporation – Includes assets managed
under an ESG Integration approach and/or Exclusions implemented by boutiques;
ESG Integration is defined as an investment
approach that considers or integrates ESG
factors alongside other factors to assess therisk/reward profile of securities; Exclusions
implemented by boutiques include exclusionary
screens to limit the investment universe,
alongside the consideration of other factors toassess the risk/reward profile of securities.
› ESG Focused – ESG Focused includes assetsthat are managed under an investment approachthat systematically considers ESG factors asa significant part of its investment thesis inorder to select investments. This approach
may be used in conjunction with implementing
Exclusions and/or may align with environmental
or social themes.

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Accounting Metric

New York Life Investments’ Response

FN-AC-410a.2: Description of approach to incorporationof environmental, social, and governance (ESG) factors
in investment and/or wealth management processes
and strategies (continued)› ESG Impact – ESG Impact includes assets thatare managed under an investment approachthat seeks to achieve specific ESG impact(s)alongside financial returns. This approach may
be used in conjunction with implementing
Exclusions and/or may align with environmental
or social themes.
Additional notes:› Classifications under these categories may include
assets and strategies that are classified differently
under other taxonomies or jurisdictions, such as
SFDR. Classifications in these categories should
not be expected to align with classifications underother taxonomies or jurisdictions.
› Categories as defined here are based on internal
specifications under New York Life Investments’internal taxonomy, which are subject to change.
Internal specifications may rely on investment
policies and procedures and/or disclosuresrelated to specific strategies.
› Boutiques may also engage in stewardship tovarying degrees. Stewardship can include proxyvoting and engagement with issuers and industry
participants, which may yield different results ateach boutique.
› Exclusions may originate from the investment
teams at the boutiques or directly from clientsor investors of the boutiques and may not in all
instances be values- or sustainability-based.
› AUM presented under ESG Incorporation, ESGFocused, or ESG Impact may include certain
assets that are excluded from ESG analysis andscoring to varying extents at each boutique.
These assets can include, but are not limited
to, cash, cash equivalents, derivatives, shortterm money market funds, U.S. Treasuries, andother sovereign debt, ETFs, mutual funds, orinvestments in our proprietary funds.
› AUM presented is based on each advisor’s ESG
classifications. Any affiliated and/or unaffiliatedsubadvisors of the underlying strategies andfunds presented may classify ESG assets
differently. AUM as of 12/31/2023. Some AUM
presented includes nonpublic equity valuations
that may be as of 9/30/2023.

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Accounting Metric

New York Life Investments’ Response

FN-AC-410a.2: Description of approach to incorporationof environmental, social, and governance (ESG) factors ininvestment and/or wealth management processes andstrategies (continued)

Boutiques’ responsible investment policies:› Ausbil: ESG Policy› Candriam: ESG Integration Policy; Sustainable
Investment Policy› MacKay Shields: Responsible Investing Policies› New York Life Investment Management LLC:
Responsible Investment Policy› NYL Investors: Policy Statement on
Responsible Investing› IndexIQ: Responsible Investment Policy› Tristan: ESG Policy, Responsible Investment
PolicyFN-AC-410a.3: Description of proxy voting and investee
engagement policies and proceduresSome boutiques have standalone proxy voting
and engagement policies and procedures in place,or embedded in broader ESG policies, which areprovided below:› Ausbil: ESG Policy› Candriam: Proxy Voting Policy; Engagement
Policy› MacKay Shields: Proxy Voting Policy andProcedures› New York Life Investment Management LLC:
Proxy Voting Policy and Procedures; Engagement
Policy› IndexIQ: Proxy Voting Policy and Procedures;
Engagement Policy› Tristan: ESG Policy, Responsible Investment
PolicyApogem and NYL Investors have proxy voting policies inplace, but proxy voting opportunities are limited due tothe nature of each boutique’s asset class.
For more information, please see the "Our Approach to
Responsible Investment" section of this report.

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Accounting Metric

New York Life Investments’ Response

Financed Emissions
FN-AC-410b.1: Absolute gross financed emissions,disaggregated by (1) Scope 1, (2) Scope 2, (3) Scope 3

New York Life Investments is working on measuring ourfinanced emissions where data is available and standard
calculation methodologies exist. For more information
related to progress, please see the “Our Environment”
and “TCFD Report” sections of this report.

FN-AC-410b.2: Gross exposure for each industry byasset class

New York Life Investments is working on measuring ourfinanced emissions where data is available and standard
calculation methodologies exist. For more information
related to progress, please see the “Our Environment”
and “TCFD Report” sections of this report.

FN-AC-410b.3: Percentage of gross exposure included in
the financed emissions calculation

New York Life Investments is working on measuring ourfinanced emissions where data is available and standard
calculation methodologies exist. For more information
related to progress, please see the “Our Environment”
and “TCFD Report” sections of this report.

FN-AC-410b.4: Description of methodology used to
calculate financed emissions

New York Life Investments is determining the mostappropriate approach, given the different asset classes
our boutiques manage and the different regions in which
they operate.

Business Ethics
FN-AC-510a.1: Total amount of monetary losses as aresult of legal proceedings associated with fraud, insider
trading, anti-trust, anti-competitive behavior, market
manipulation, malpractice, or other related financial
industry laws or regulations

New York Life Investments does not typically disclosemonetary losses as a result of legal proceedings except
for those required on Form ADV. Please refer to our
registered investment advisers Form ADV filings for
information on reportable matters.

FN-AC-510a.2: Description of whistleblower policies
and procedures

New York Life Investments’ boutiques have adopted
whistleblower policies and procedures. These policies
generally provide that employees are encouraged toreport situations concerning unethical or violative
conduct and can do this in a variety of anonymous andconfidential ways. Furthermore, the policies providethat the boutique will not tolerate any form of retaliation
against an employee. These procedures are intended tocreate an environment where employees can act without
fear of reprisal or retaliation.
Certain boutiques adhere to New York Life’s Standards ofBusiness Conduct, Working With Integrity

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Accounting Metric

New York Life Investments’ Response

Metrics
FN-AC-000.A: (1) Total registered and (2) total
unregistered assets under management (AUM)

New York Life Investments does not disclose registeredand unregistered assets under management.

FN-AC-000.B: Total assets under custody and supervision

For New York Life Investments’ assets undermanagement (AUM), refer to accounting metric FN-AC410a.1 above.

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Task Force on ClimateRelated Financial
Disclosures (TCFD) Report
New York Life Insurance Company has assembled a TCFD
report that highlights our dedication toward alignment
with the TCFD recommendations. We have referenced
key sections of our Corporate Responsibility Report toprovide additional information where appropriate. This
TCFD report is intended to provide our stakeholders withan understanding of how New York Life addresses climate
risk throughout our organization and across our asset
management boutiques.
As the TCFD outlines, scenarios do not represent a fulldescription of the future, but rather highlight central
elements of a possible future and draw attention to the
key factors that will drive future developments. They
are hypothetical constructs, not forecasts, predictions,or sensitivity analyses. As such, the forward-looking
statements herein are subject to uncertainty and should not
be relied upon.

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Governance
Disclose the organization’s governance around climate-related risks and opportunities.

A ) D E SC R I B E TH E BOA R D’S OV E RS I G HT O F C LI M ATE- R E L ATE D
R I S K S A N D O PPO RTU N ITI E S .
New York Life Insurance Company’s Board of Directors hasdelegated oversight responsibility to the Audit Committee
for reviewing the company’s ESG framework and processes.
These processes include the assessment and managementof the financial risks from climate change. Since thisdelegation, the Audit Committee has had regular ESG andclimate risk-related presentations and updates.
The Audit Committee is generally responsible for oversightof the company’s enterprise risk framework. Accordingly,
the Audit Committee is updated on sustainability matters,
including on the company’s climate risks and opportunities,
at least annually as part of the Enterprise Risk Management(ERM) update. During the annual ERM update, the company’s
Chief Risk Officer presents the enterprise risk dashboard,which covers the top risks affecting the company andthe steps taken to monitor and control such exposures.
The presentation also includes a review of the company’s
Enterprise Risk Management Policy (ERM Policy), which
describes the company's risk framework. The company’s
ERM Policy now includes a Climate Risk Policy Addendum
which describes how the company shall identify, assess, andmanage material climate risk on the business in line with thecompany’s risk appetite and tolerances.

updated on specific climate topics requiring theCommittee’s awareness or attention by periodic
presentations from members of the Sustainability Steering
Committee (Sustainability SteerCo) (described in Governance
Section B), including any proposed climate targets for thecompany. As needed, other Committees of the Board and/or
the Board of Directors will receive updates on sustainability
and climate matters. For example, in 2023 the Investment
Committee was updated on ESG considerations related tothe company’s General Account and the Talent, Diversity &Compensation Committee was provided a Diversity, Equity
and Inclusion update.
For more information related to the board’s oversight ofclimate-related risks and opportunities, please refer to thefollowing sections of our Corporate Responsibility Report:› Our GovernanceIn addition, as warranted, the Audit Committee will be

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C L I C K O N T H E I C O N TO R E T U R N
TO T H E TA B L E O F C O N T E N T SB) D E SC R I B E M A N AG E M E NT’S RO LE I N A SS E SS I N G A N D M A N AG I N GC LI M ATE- R E L ATE D R I S K S A N D O PPO RTU N ITI E S .
New York Life Insurance Company’s management plays anactive role in assessing and managing our climate-relatedrisks and opportunities. The Risk Steering Committee (RSC)
provides direction on ESG risks, including climate risk, atthe executive management level, with the support of the
Sustainability SteerCo. The RSC is chaired by the Chief Risk
Officer (CRO), and includes the Chief Executive Officer (CEO),
Chief Financial Officer (CFO), Chief Investment Officer (CIO),
General Counsel, and others. In 2023, the RSC reviewed
and approved the company’s operational Scope 1 and 2
greenhouse gas emissions targets (for more information,
see the "Our Environment" section of our Corporate
Responsibility Report), and discussed the evolving risks
around environmental and social issues.

related matters, the primary responsibility and managementof climate risk, and other sustainability risks, lie with therelevant business lines and corporate functions.

To ensure broad consideration and oversight of climate
initiatives, risks, and opportunities, the Sustainability
SteerCo is structured as a cross-functional management
committee that reports to the RSC on ESG risk topics. As
part of its ESG risk oversight role, the Sustainability SteerCo
provides updates to the RSC on a quarterly basis. In 2023,
the committee was chaired by the company’s Corporate
Secretary and included representatives from different
functions, including the Office of the General Counsel, Risk
Management, Human Resources, Corporate Responsibility,
Corporate Communications, and the Office of Governmental
Affairs, as well as representatives from New York Life
Investment Management (NYLIM) and NYL Investors. A
representative from the company’s Internal Audit function
has a standing invitation to all Sustainability SteerCo
meetings and members from other key business areas arealso invited to relevant sessions.

For more information regarding management’s rolein assessing and managing climate-related risks andopportunities, please refer to the following sections of our
Corporate Responsibility Report:

New York Life Investments’ boutiques have establishedtheir own responsible investing leadership and governancepractices, generally in the form of dedicated personnel andworking groups that may cover sustainability topics relevantto their respective businesses. These working groups
may include the participation of senior leaders, portfolio
managers, and compliance and risk functions at the boutiquelevel. In addition, affiliated boutiques participate in a CrossBoutique ESG Working Group to share best practices acrossthe investments business.

› Our Governance› Our Approach to Responsible Investment› TCFD Index: Risk Management, Item B

The Sustainability SteerCo provides oversight ofsustainability matters relevant to the company’s mission
and business, and related ESG activities and metrics. The
Sustainability SteerCo assists in the determination andsetting of sustainability strategy across the organization. The
group also monitors and evaluates the external landscape andoversees the coordination of key activities at the enterpriselevel. To achieve this mission, the Sustainability SteerCo
works to ensure that material environmental, social, andgovernance risks and opportunities are identified, prioritized,
and appropriately managed and monitored. This includes
understanding the changing risk landscape and identifying
potential ways to address the company’s climate risks.
The Sustainability SteerCo meets at least once quarterly,with additional meetings called by the Chair, as necessary.
The Sustainability SteerCo is supported by several crossfunctional groups such as the Third Party Sustainability
Program and Operational Emissions Working Team. While theSustainability SteerCo provides oversight of sustainability-

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Strategy
Disclose the actual and potential impacts of climate related risk and opportunities on the organization’s business, strategy, andfinancial planning where such information is material.

A ) D E SC R I B E TH E C LI M ATE- R E L ATE D R I S K S A N D O PPO RTU N ITI E S
TH E O RGA N I Z ATI O N H A S I D E NTI FI E D OV E R TH E S H O RT, M E D I U M , A N D
LO N G TE R M .

Climate-Related Risks
In addition to the risks discussed in the “Climate Change Risk”
section of our Corporate Responsibility Report, New YorkLife has identified and is assessing the following current andClimate Risk
Category

Transition Risk

potential climate-related risks over the short, medium, andlong term.

Affected Time
Horizons
Short-,
Medium-, andLong-term

Risk DriverMarketRisk Description
Climate change regulation may impact or affect the value ofinvestments we hold. Demand for the products of carbonintensive industries may also be impacted or affected asavailability of cleaner alternatives becomes more widespread.

CreditPotential changes in default risk or reduced profitability of highcarbon sectors, due to the impacts of climate change and futureclimate regulation, may impact our General Account. In addition,
we may see climate change and associated future regulation
affect our transactional counterparties.

Short- andMedium -term

Regulatory/
Compliance

Current and emerging climate change regulations, including
those associated with enhanced disclosure requirements andactivities related to investments in carbon-intensive industries,
could lead to increased legal or regulatory compliance risk.

Short-,
Medium-, andLong-term

ConsumerPreferences

Climate concerns may lead to changes in consumer preferences
and their willingness to do business with companies that do notshare their values.

Short- andMedium-term

Reputation

Challenges associated with varied and competing stakeholder
expectations around the management of climate change andclimate change risk may impact New York Life’s reputation.

Short- andMedium-term

AcuteIncreased frequency of extreme weather events, including
coastal flooding, hurricanes, drought, and wildfires, could disrupt
New York Life’s normal business operations and presents risk to
our real estate equity portfolio. This could be due to catastrophic
property damage, loss of life, or disruption of infrastructure,including communication, transportation, and financial services.
This risk also extends to our dependencies on critical suppliers
and third parties.

Short-,
Medium-, andLong-term

Chronic

Climate change may cause changes in the rate of mortality,
Medium- andmorbidity, claims, withdrawals, lapses, and surrenders of existing
Long-term
policies and contracts, as well as sales of new policies and contracts.
Additionally, climate change may cause rising sea levels andtemperature rise, which may impact some of our business operations.

Physical Risk

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Some of our business areas and affiliatedboutiques have identified climate-related risks fortheir investment portfolios.
› Real Estate Investors, an investment division within
NYL Investors LLC, assesses the exposure of its
investments to physical and transition-related risks
over short, medium, and long terms. The team also
examines transition risks for potential real estate
equity investments, including current and potential
regulatory risks.
› Ausbil’s 2022 ESG Report details its proprietary
Net Climate Change Risk model (NCCR), a modelthat generates scenario analysis across three
timeframes to help identify climate-related risks andopportunities within its portfolios.
› Candriam’s climate policy outlines its organizationwide approach to achieving net zero, integratingclimate considerations into investment decisions
through tools and company engagement.
› Both Ausbil and Candriam also engage with othercompanies on decarbonization pathways and policy
through organizations such as the Investor Group on
Climate Change (IGCC).

C LI M ATE- R E L ATE D O PPO RTU N ITI E S
Climate change will provide opportunities to invest
New York Life General Account assets in products andservices that may help mitigate future effects of climatechange. The General Account capitalizes on theseopportunities by investing in climate solutions like renewableenergy projects and green bonds that generate attractive
rates of return. Approximately $9 billion has been invested asof December 31, 2023, and we will look for opportunities toexpand our investments in this space going forward. We arealso exploring investment in companies that are developing
technologies that help mitigate climate change and aid in thetransition to a low-carbon economy. In 2023, NYL Ventures,the company’s corporate venture capital business, closed
a late-stage investment in Crusoe. Crusoe has pioneered
climate-aligned digital infrastructure that taps into wasted,
stranded, or clean energy—natural gas being flared or excess
production from clean and renewable sources—to powerhigh-performance computing and AI. Investments like Crusoe
can help to mitigate AI’s impacts as a huge source of newenergy demand.
New York Life Investments’ boutiques are also wellpositioned to take advantage of increased investor interest
related to climate change through the expertise they offer
in their respective asset classes and regional markets. For
example, European asset manager and affiliated boutique
Candriam has a long history of sustainable investing andextensive experience in climate-themed investing.
For more information related to the risks and opportunities
posed by climate change, please refer to the following sectionof our Corporate Responsibility Report:› Our Environment› Our Approach to Responsible Investment

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C L I C K O N T H E I C O N TO R E T U R N
TO T H E TA B L E O F C O N T E N T SB) D E SC R I B E TH E I M PAC T O F C LI M ATE- R E L ATE D R I S K S A N D
O PPO RTU N ITI E S O N TH E O RGA N I Z ATI O N ’S B US I N E SS E S , STR ATEGY, A N D
FI N A N C I A L PL A N N I N G .
New York Life acknowledges that climate change may
increase the frequency and severity of certain natural
disasters; however, we do not believe that the effects ofclimate change on human health will materially impact
mortality rates in our insured population in the UnitedStates in the near term. Longer term, we are monitoring thepotential for any impact on mortality and morbidity throughour emerging risk management framework and tracking the
evolving attribution science related to climate change andhuman health.
We recognize that potential business disruptions could occur
due to climate-related weather events. These are managed
through our business continuity and resiliency program,described in Risk Management, section B below.
NYL Investors aims to deepen its understanding of thepotential impacts of climate change to clients’ portfolios,
and monitor and manage risks and opportunities associatedwith the energy transition. A dedicated responsible investingteam is coordinating the firm’s efforts to leverage internal andexternal tools, models, and scenarios to measure and assessclimate risk, which can enable more informed decisionmaking. The inputs that are beginning to be assessed include
NGFS scenarios, GHG emissions footprinting, implied
temperature rise, and climate value at risk. The initial scopeof analysis is focused on public corporate bond assets wheredata is more readily available. Sectors more impacted by theenergy transition like utilities, energy, and materials, havebeen prioritized in the initial phase of analysis. While this work
is in its early stages, expectations are that the data, models,and analytics will evolve over time to become more useful inthe investment decision process.
For more information related to the impact of climate-relatedrisks and opportunities on our businesses, strategy, andfinancial planning, please refer to the following sections of our
Corporate Responsibility Report:› Our Environment› Our Approach to Responsible Investment

C) D E SC R I B E TH E R E S I LI E N C E O F TH E O RGA N I Z ATI O N ’S STR ATEGY,TA K I N G I NTO CO N S I D E R ATI O N D I FFE R E NT C LI M ATE- R E L ATE D SC E N A R I OS ,I N C LU D I N G A 2 ° C O R LOW E R SC E N A R I O.
As New York Life continues to assess, identify, and manage
our climate-related risks and opportunities, we understandthat scenario analysis may inform strategic planning anddetermine the impact of climate risks on our overall risk
profile and business strategy.
We continually evaluate various methods for assessing
the potential impacts of climate-related risks for certain
asset classes within our General Account under different
climate scenarios, including both qualitative and quantitative
methods. The assessment of financial impacts from climatechange are subject to data limitations and an evolving
modeling environment. New York Life will continue toevaluate the impact of climate change on its portfolio as
climate-related data and modeling evolve and mature.
For more information related to programs and areas of
the company which analyze resiliency, please refer to thefollowing sections of our Corporate Responsibility Report:› Our Environment› Our Approach to Responsible Investment

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Risk Management
Disclose how the organization identifies, assesses, and manages climate-related risks.

A ) D E SC R I B E TH E O RGA N I Z ATI O N ’S PRO C E SS FO R I D E NTI F Y I N G A N D
A SS E SS I N G C LI M ATE- R E L ATE D R I S K S .
New York Life Insurance Company utilizes an enterpriserisk assessment process to identify and assess key
insurance, financial, operational, and business risks facing
the company to prioritize risk management initiatives
and to support the Board’s responsibility to oversee theprocesses for risk assessment and risk management
across the company. Evaluating our exposure to climatechange is part of this process.
As a life insurer, identifying and managing long-term risks
are fundamental to our business model due to the natureof the liabilities we issue, notably life insurance, annuities,
and long-term care insurance. These long-term liabilities
must be appropriately backed by assets with similar
durations, such as corporate bonds, government bonds, andmortgages. Our risk management policies and processes
have resulted in well-diversified investment portfolios
designed with the intent to withstand market downturns
and other market disruptions, such as those potentiallyarising from climate change.
New York Life Insurance Company regularly tracks andreviews actual mortality versus expected mortality basedon a variety of factors, including age, duration, product, face
amount, and risk class, and follows trends in underwriting
practices. Assumptions are updated to reflect persistent
trends in mortality experience.

Additionally, each of the asset management boutiques
affiliated with New York Life may approach climate-relatedrisks and opportunities in different ways that are most
relevant and appropriate for the asset classes they manage
and the clients they serve. Some examples are:› Real Estate Investors, an investment division within
NYL Investors, identifies and assesses physicalclimate-related impacts on their real estate equity
portfolio and potential investments. These arefactored into property-condition-assessment
cost tables for 10 years to assess mitigation costs
and serve as a factor in determining whether
the investment is sound. The real estate equity
team utilizes a third-party climate tool to help
the identification and assessment of physical andtransition risks throughout its portfolio and due
diligence processes.
› Asset managers Candriam and Ausbil haveestablished climate policies based on proprietary
and third-party ESG research that help identify
climate-related risks and opportunities within theirinvestment businesses. Ausbil also has access tothird-party carbon data to perform carbon footprint
analysis of its Australian equity funds and third-party
research for global equity holdings.
› Tristan also proactively incorporates climate-related
considerations throughout the investment lifecycle
by integrating climate assessments into its preacquisition and due diligence processes, to futureproof assets upon disposal.
For more information related to how we identify and assessclimate-related risks, please refer to the following sections of
our Corporate Responsibility Report:› Our Environment› Our Governance› Our Approach to Responsible Investment

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C L I C K O N T H E I C O N TO R E T U R N
TO T H E TA B L E O F C O N T E N T SB) D E SC R I B E TH E O RGA N I Z ATI O N ’S PRO C E SS E S FO R M A N AG I N G C LI M ATER E L ATE D R I S K S .
As outlined in our Corporate Responsibility Report, wehave various ways we manage climate-related risks
in accordance with New York Life’s Enterprise Risk
Management Policy and Framework.

Managing Climate-Related Risks In Our
Insurance Business And Operations
As it relates to our life insurance business, we do not believethat the effects of climate change on human health willmaterially impact mortality or morbidity rates in the UnitedStates in the near term. Longer-term mortality trends
are tracked through New York Life Insurance Company’s
experience analysis process.
New York Life Insurance Company has adopted acomprehensive preparedness framework for resilienceplanning, providing the company with the capability to deal
with various potential threats to ensure that we meet ourpolicy owners’ needs and protect our employees and agents.
The approach is designed to address any disruption, including
the possibility of extreme weather events and related energy/
utility disruptions. Our Enterprise Resilience program, in
conjunction with the Risk Management department andinternal business partners, provides strategies to mitigate theimpact such events may have on critical business operations.
For example, the company’s data centers are purposely
located over 600 miles apart to minimize the risk of both
locations being disrupted during a regional outage or
concurrent climate events. Each data center is hardened andlocated in an area considered low risk for natural disasters
and climate-related adverse weather. In addition, they aredesigned to reduce the vulnerability to flooding, minimize
the effect of power outages, and safeguard technology
assets from climate-related impacts, including temperature,
precipitation, wind, and other factors. This is accomplishedby key design elements including raising equipment from theground to higher floors, providing backup power generators
and uninterruptable power supplies with sufficient fuel supply
for extended grid power outages, appropriate redundantcapacity components for power and cooling, and redundancyof critical technology services in alternate locations.
New York Life Insurance Company is one year into a fouryear project that will rationalize the data centers and move
10–15% of on-site applications to colocation facilities.
These facilities are generally more efficient and use
renewable energy to offset some of their environmental
impacts and maintain their geographic dispersion tominimize the risk of disruption.

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Other New York Life Insurance Company sites that provide
critical services are likewise geographically dispersed,
limiting potential impacts of extreme weather. For example,
critical customer service functions, including Claims andUnderwriting, are dispersed among teams located in various
parts of the country. Our primary sales channel is our agency
force, which works across the United States. This broaddispersion mitigates geographical concentration risk andpreserves our ability to generate new business and maintaincurrent business.
Additionally, each year, our corporate resilience teamconducts tabletop scenarios with management and withvarious business lines. In April 2023, a tabletop exercise
related to an extreme weather event was conducted
involving our Executive Management team. The purposeof these types of exercises are to better understand ourstate of readiness and develop enhancements to improvecapabilities in times of crisis. This includes clarifying roles
and responsibilities, improving coordination, escalation,and decision-making, and finding gaps in capabilities andresources. This allows New York Life to develop disasterrecovery actions, incident response actions, and business
continuity actions, as well as to educate and provide learning
experiences for management.
New York Life also maintains robust property insurance
coverage that would respond in the event of losses anddisruptions due to extreme weather events, including flood
damage, wind damage, and fire damage. As part of the annual
insurance policy renewal, we conduct flood modeling on ourreal estate assets.
As it relates to impacts within our upstream value chain,
our Third-Party Risk Management group (1) conducts
Inherent Risk Assessments to identify critical third parties;(2) assesses the resiliency of our critical third parties andtheir ability to manage and mitigate natural hazards that may
impact a third party’s ability to provide products and services
to New York Life as contracted and in accordance with our
Supplier Security Standard and our Supplier Code of Conduct;and (3) engages with internal business stakeholders andthird parties as required to ensure adequate preparations tocontinue operations under disruptive conditions (including
climate-related scenarios). Each critical third party is required
to document appropriate business continuity and disasterrecovery activities, and their ability to manage disruptive
events, including the impacts of severe weather such as
seasonal monsoons or typhoons. Business stakeholders andprocurement actively monitor and assess the performance ofour critical third parties.

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TO T H E TA B L E O F C O N T E N T SManaging Climate-Related Risks within
Our Affiliated Boutiques
New York Life Investments’ affiliated boutiques approachclimate-related risks and opportunities in various ways,
depending on the asset classes they manage and the clients
they serve, as well as in the regions in which they operate.
Certain boutiques, such as Candriam and Ausbil, haveoutlined climate policies that help inform their respective
approach for managing climate risks. Across New York Life
Investments, each boutique may incorporate climate-related

factors into their investment strategies based on materiality,
client mandates, type of asset class, and the regions where
they operate. For more information related to our processes
for managing climate-related risks across our insurance
business and business operations, and our investments,
please refer to the following sections of our Corporate
Responsibility Report:› Our Environment› Our Governance› Our Approach to Responsible Investment

C) D E SC R I B E H OW PRO C E SS E S FO R I D E NTI F Y I N G , A SS E SS I N G , A N D
M A N AG I N G C LI M ATE- R E L ATE D R I S K S A R E I NTEG R ATE D I NTO TH E
O RGA N I Z ATI O N ’S OV E R A LL R I S K M A N AG E M E NT.
New York Life Insurance Company has established processes
for identifying and assessing climate-related risks inaccordance with our Enterprise Risk Management (ERM)
framework. This process includes:
1. Risk Identification
New York Life Insurance Company’s risk management
team uses an enterprise risk assessment process to
identify and assess key risks. Key risks are assessedby analyzing the likelihood of occurrence and potential
impact should the event occur.
2. Risk Measurement and Aggregation
Subject matter experts in business and corporate
areas determine relevant and appropriate tools andmethodologies for measuring and monitoring risk. The
company’s internal required capital model provides theplatform for aggregating risk capital across business
units and risk categories.
3. Risk Management and Controls
The company maintains risk control activities, as
appropriate, to mitigate risks to within limits andtolerances established by the company’s executive-level
Risk Steering Committee.
4. Risk Reporting and Communication
Management provides regular updates to the Boardand its Standing Committees on topics that have asubstantial focus on risk.

For more information regarding New York Life’s risk
identification strategies, please refer to the following sectionsof our Corporate Responsibility Report:› Our Environment› Our Governance

The Enterprise Risk Dashboard, which tracks the company’s
insurance, financial, operational, and business risks using aconsistent framework, is reviewed by the executive-level Risk
Steering Committee at least semiannually.

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Metrics and Targets
Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where suchinformation is material.

A ) D I SC LOS E TH E M ETR I C S US E D BY TH E O RGA N I Z ATI O N TO A SS E SS
C LI M ATE- R E L ATE D R I S K S A N D O PPO RTU N ITI E S I N LI N E W ITH ITS STR ATEGYA N D R I S K M A N AG E M E NT PRO C E SS .
New York Life discloses its carbon dioxide equivalent(CO2e) Scope 1 and 2, and certain Scope 3 greenhouse gas
emissions, water, energy, and waste in its annual Corporate
Responsibility Report. We currently disclose four categories
of Scope 3 emissions: waste generated in operations,business travel, employee commuting and work-at-home,and downstream leased assets. In 2023, we added employee
commuting to our footprint. These metrics aid the company’s
understanding of its operational environmental impacts.
Additionally, we also track GHG intensity metrics to provide
a better understanding of our efficiency as our building stockchanges over time.
We have piloted the measurement of exposure to climaterelated credit risks in our General Account portfolio for someasset classes (e.g., Scope 1, 2, and other risk metrics for the
corporate portfolio—as referenced in Risk Management,
Section A).

Candriam:› Carbon emissions of investments (Scope 1, 2)› Carbon emissions of operational activities (Scopes
1,2, and 3 (business travel)› % of ESG Bonds in total fixed income assets› % sustainable investments in total AUM› % AUM carrying a formal ESG/SRI certification orlabel
See Candriam’s CSR Report for more information.
For more information on our metrics related to climaterelated risks and opportunities, please see the following
sections of our Corporate Responsibility Report:› Our Environment› Our Approach to Responsible Investment

Additionally, some of New York Life’s
subsidiaries and affiliated boutiques track
metrics related to their climate impact.
Some examples include:
Real Estate Investors, an investment division within NYL
Investors LLC:
› Green building certifications and related scores› (Renewable) energy consumption and related scores› Water consumption and intensity› Waste generation and diversion› Number of EV charging stations› Average walk and bike scores by property type2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

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C L I C K O N T H E I C O N TO R E T U R N
TO T H E TA B L E O F C O N T E N T SB) D I SC LOS E TH E SCO PE 1 , SCO PE 2 , A N D, I F A PPRO PR I ATE , SCO PE 3
G R E E N H O US E GA S (G H G) E M I SS I O N S , A N D TH E R E L ATE D R I S K S .
New York Life’s greenhouse gas emissions were calculatedusing the GHG Protocol’s Corporate Standard, and include
the subsidiaries and affiliated boutiques over which we have acontrolling interest (see the Scope and Boundaries section of
our Corporate Responsibility Report for more information on
covered entities).
Our 2023 footprint is as follows:

Scope 1
Scope 2
Scope 3

2019
6,072
95,54828,4312023
10,545
94,22839,360Our Scope 3 greenhouse gas emissions inventory currently
encompasses: Waste Generated in Operations, BusinessTravel (commercial air transport, intercity rail, rental cars,
hotel stays, employee and agent mileage, and public transit),
Employee Commuting and Work-at-Home, and Downstream
Leased Assets.
New York Life is working toward improved Scope 3
disclosures. We are working on the following categories:› Category 1: Purchased Goods and Services
New York Life is actively working to collect data
related to the greenhouse gas emissions of our
suppliers, and our attributable share of those value
chain emissions.
› Category 9: Downstream Transportation andDistribution
New York Life distributes physical documents topolicy owners and clients. Often this is mandatedby law. The company is working to understand themateriality of this category of emissions relative
to our entire value chain of emissions.
› Category 15: Investments
New York Life has been taking steps to understandthe emissions associated with our investing
activities. As detailed in "Our Approach to
Responsible Investment, " New York Life’s General2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

Account holds a variety of asset types, many ofwhich are not covered by current portfolio carbon
calculation methods; however, we expect innovationin this space in the future. The company is actively
working to assess the financed emissions for
our General Account. We have leveraged, where
methodologies are available, the Partnership for
Carbon Accounting Financials (PCAF) to gain a better
understanding of portfolio level emissions profiles
and assess climate risks. We have identified external
data providers and tools, in addition to internal
analysis, to help provide valuable insights into
climate-related financial risk, absolute emissions,and emissions intensity levels across various sectors
and issuers.
In addition to New York Life’s entity-wide GHG emissions
inventory, certain subsidiaries and asset management
boutiques calculate and report their own inventories:› Real Estate Investors, an investment division
within NYL Investors, discloses Scope 1 and 2 GHG
emissions and intensities annually in line with the
GHG Protocol for its funds in its’ GRESB submission.
› Candriam discloses, at the company level, its
operational Scope 1, 2, and 3 upstream (businesstravel) carbon emissions as well as its vendor-related
footprint, and Candriam’s offset program, among
other metrics. At the investment level, Candriam
publishes its portfolio carbon footprint, as well as
dedicated climate change-related indicators for
dedicated institutional mandates. Depending on thestrategy, the following metrics are disclosed at the
product level:› Weighted Average Carbon Intensity (WACI)› Carbon Emissions› Carbon Intensity
For more information on our GHG emissions disclosures,
please see the following sections of our Corporate
Responsibility Report:› Our Environment108

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TO T H E TA B L E O F C O N T E N T SC) D E SC R I B E TH E TA RG ETS US E D BY TH E O RGA N I Z ATI O N TO M A N AG E
C LI M ATE- R E L ATE D R I S K S A N D O PPO RTU N ITI E S A N D PE R FO R M A N C E
AGA I N ST TA RG ETS .
New York Life strives to reduce its GHG emissions across its
operational footprint. In 2023, we made a commitment to
reduce our operational Scope 1 and 2 emissions by 30% by2030, over a 2019 baseline.
Within our affiliated boutiques:› Real Estate Investors has targets related to ourowned real estate investment portfolio, which makeup part of our reported Scope 1 and Scope 2 GHG
emissions.
› Candriam signed the Net Zero Asset Managers
Initiative (NZAMI) in November 2021, demonstrating
their commitment to decarbonization. As detailedin Candriam’s 2022 CSR Report, the firm set 2030
objectives around engagement, emissions reduction
targets, aligning investments with net zero, andfinancing the ecological transition. For more
information, click here.
› Candriam has dedicated initiatives that aim toincrease the use of hybrid and electric vehicles. They
have set a greenhouse gas emissions reduction goal
for their operational activity’s emissions (scope 1,
2, and business travel) of 30% in 2025 over a 2019baseline.
› Tristan has prepared plans and instigated initiatives
that are designed to reduce the carbon footprint of
their investments at an asset level and transition
them toward net zero during their ownership. For
more information, click here.
For more information related to targets related to climate,please refer to the following sections of our Corporate
Responsibility Report and website:› Sustainability Statement› Our Environment› Our Approach to Responsible Investment

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GRI Universal Standards Index
Disclosure
Number

Disclosure Title

New York Life’s Response

GRI 1: Foundation 2021
GRI 1

Foundation

New York Life Insurance Company has reported in accordance with the GRI Standards forthe period from January 1, 2023, through December 31, 2023.

GRI 2: General Disclosures 2021
The Organization and its Reporting Practices
2-1

Organizational details

Corporate Responsibility Report, pg. 8
Report to Policy Owners
www.newyorklife.com

2-2

Entities included in theorganization's
sustainability reporting

Scope and Boundaries, pg. 6

2-3

Reporting period,
frequency, and contact
point

a. Reporting period: January 1, 2023 – December 31, 2023
b. Frequency: Reports are published annuallyc. Contact Point: Key Contacts, pg. 7

2-4

Restatements
of information

Scope and Boundaries, pg. 6
Quantitative data for prior years has been restated to align with reporting scope on page 6(except where noted) and to account for acquisitions during the reporting period.

2-5

External assuranceThis report has not been externally assured. .

2-6

Activities, value chain,and other business
relationships

Scope and Boundaries, pg. 6
Our Business, pg. 8
Our Environment, pg. 70
https://www.newyorklife.com/who-we-are/our-story
2023 DEI Report

2-7

Employees

a. Our People, pg. 15; 2023 DEI Reportb. Total Permanent NYLIC Employees 12,679; Agents 12,523
c. Reported as headcount as of 12/31/2023

2-8

Workers who are
not employees

a. NYLIC temporary workers – 7,042

Governance structure
and composition

Board of Directors
Our Governance, pg. 79

b. Reported as headcount as of 12/31/2023

Governance
2-9

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

2-10

Nomination andselection of the highest
governance body

Annual Election of Directors Guide

2-11

Chair of the highest
governance body

The Chair of New York Life’s Board of Directors is President & CEO, Craig DeSanto.

2-12

Role of the highest
governance bodyin overseeing themanagement of impacts

Corporate Governance Guidelines

2-13

Delegation of
responsibility for
managing impacts

Corporate Governance Guidelines
Our Governance, pg. 79

2-14

Role of the highest
governance body insustainability reporting

New York Life's CEO and Chair of our Board of Directors reviews our Corporate
Responsibility Report prior to its publication. The remaining Board members receive thereport after publication. Additionally, the report is reviewed by members of the Executive
Management Committee, including the Corporate Secretary and General Counsel.

2-15

Conflicts of interest

Corporate Governance Guidelines
Working with Integrity

2-16

Communication ofcritical concerns

New York Life’s Ethics Hotline—either online or by calling (888) 331-0619

2-17Collective knowledgeof the highest
governance body

Board of Directors
Our Governance, pg. 79

2-18

Evaluation of theperformance ofthe highest
governance body

Corporate Governance Guidelines

2-19

Remuneration policies

https://www.newyorklife.com/corporate-responsibility

Governancehttps://www.newyorklife.com/careers/corporate/benefits
2-20

Process to determine
remuneration

Talent, Diversity & Compensation Committee Mission Statement

2-21

Annual totalcompensation ratio

New York Life does not disclose this information.

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

Strategies, Policies, and Practices
2-22Statement onsustainable
development strategy

Environmental Statement
Our Corporate Responsibility Strategy, pg. 13

2-23

Policy commitments

Working With Integrity
Our Approach to Responsible Investment, pg. 39

2-24

Embedding policy
commitments

Supply Chain, pg. 83
Our Governance, pg. 79

2-25

Processes to remediate
negative impacts

New York Life’s Ethics Hotline—either online or by calling (888) 331-0619
Working with Integrity
Supply Chain, pg. 83
Our Governance, pg. 79

2-26

Mechanisms forseeking advice andraising concerns

New York Life’s Ethics Hotline—either online or by calling (888) 331-0619

2-27

Compliance with laws
and regulations

Working with Integrity

2-28

Membershipassociations

New York Life actively participates in many industry groups and peer networks focused on
insurance and sustainability-related topics. Key memberships include:› Business Roundtable› The Conference Board› Investment Company Institute (ICI)› Securities Industry and Financial Markets Association (SIFMA)› American Council of Life Insurers (ACLI)› Human Rights Campaign Business Coalition for Equality Act› CEO Action for Diversity & Inclusion (Inaugural Steering Committee)› CEO Action for Racial Equity Fellowship› Hiring Our Heroes› Chief Executives for Corporate Purpose (CECP)› UN Principles for Responsible Investment (participating asset managers: NYL
Investors, NYLIM LLC, Candriam, MacKay Shields, Apogem, Ausbil, Tristan, andIndexIQ)› Sustainability Leadership Forum2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

Strategies, Policies, and Practices
2-29

Approach to stakeholder
engagement

Stakeholder Group and Engagement Types:› Employees and Agents: Virtual meetings, employee surveys, town hallmeetings, in-person meetings, performance management and development
programs, matching gifts programs and volunteering, Employee Resource
Groups, company intranet, ethics hotline› Policy Owners: Digital interface, by telephone, by mail, virtual meetings, inperson meetings, social media, customer satisfaction surveys, customer focus
groups, annual Report to Policy Owners› Institutional and Retail Investment Clients: Education, by telephone, virtual
meetings, in-person meetings, marketing documents› Community Organizations and NGOs: Virtual meetings, by telephone; social
media, events with local leaders, neighbors, NGOs, and advocacy groups, board
memberships, financial support; and employee volunteering› Service Providers and Suppliers: Ethics hotline, virtual meetings, in-person
meetings, phone calls, conferences, workshops, vendor portal› Rating Agencies: Education, virtual meetings, in-person meetings, by
telephone, responses to ESG surveys from rating firms› Government Agencies: Virtual meetings, in-person meetings, conferences, inperson meetings, by telephone, and industry associations› Trade Associations: In-person meetings, conferences, and by telephone

2-30

Collective bargaining
agreements

New York Life Insurance Company does not have any employees covered by collective
bargaining agreements.

GRI 3: Material Topics
3-1

Process to determinematerial topics

Stakeholder Engagement and Materiality, pg. 11

3-2

List of material topics

Stakeholder Engagement and Materiality, pg. 11

Economic Performance
3-3

201-1

201-2

Management of material
topicsReport to Policy Owners

Direct economic
value generated anddistributed

Report to Policy Owners

Financial implications
and other risks andopportunities due toclimate change

Our Environment, pg. 70
TCFD Report, pg. 98

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2023 Statutory Financial Filings

2023 Statutory Financial Filings

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

Procurement Practices
3-3Management ofmaterial topics

Our Environment, pg. 70
Our Communities, pg. 26

204-1

Proportion of spendingon local suppliers

Our Communities, pg. 26

3-3Management ofmaterial topics

Our Governance, pg. 79
Working with Integrity

205-2

Communication andtraining about anticorruption policies andprocedures

Our Governance, pg. 79
Working with Integrity

Anti-Corruption

Anti-Competitive Behavior
3-3Management ofmaterial topics

Working with Integrity

206-1

Legal actions foranti-competitive
behavior, anti-trust, andmonopoly practices

None at the corporate level.

3-3Management ofmaterial topics

Our Governance, pg. 79
Working with Integrity

207-1

Approach to tax

Our Governance, pg. 79

207-2

Tax governance, control,
and risk management

Our Governance, pg. 79

207-4

Country-by-country
reporting2023 Statutory Financial Filings

3-3Management ofmaterial topics

Our Environment, pg. 70

302-1

Energy consumption
within the organization

Our Environment, pg. 70

302-3

Energy intensity

Our Environment, pg. 70
Kwh/headcount: 3,618.04

Tax

Energy2 0 2 3 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

Reduction of energy
consumption

Our Environment, pg. 70

3-3Management ofmaterial topics

Our Environment, pg. 70

303-5

Water consumption

Our Environment, pg. 70
Water Consumption 2023: .92 MGals (million gallons)
This includes our owned office sites, our real estate equity portfolio, and Candriam.

3-3Management ofmaterial topics

Our Environment, pg. 70

305-1

Direct (Scope 1)
GHG emissions

Our Environment, pg. 70

305-2

Energy indirect (Scope 2)
GHG emissions

Our Environment, pg. 70

305-3

Other indirect (Scope 3)
GHG emissions

Our Environment, pg. 70

305-4

GHG emissions intensity

Our Environment, pg. 70

305-5

Reduction of
GHG emissions

Our Environment, pg. 70

3-3Management ofmaterial topics

Our Environment, pg. 70

306-1

Waste generationand significant
waste-related impacts

Our Environment, pg. 70

306-2

Management ofsignificant
waste-related impacts

Our Environment, pg. 70

306-3

Waste generated

Our Environment, pg. 70
Waste Generated: 2023: 12,443.88 tons
This includes our owned office sites and our real estate equity portfolio sites, wherewaste data is available.

Energy302-4

Water and Effluents

EmissionsWaste

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

306-4

Waste diverted
from disposal

Our Environment, pg. 70
Waste diverted from disposal: 2,352.53 tons
This includes our owned office sites and our real estate equity portfolio sites, wherewaste data is available.

306-5

Waste directed
to disposal

Our Environment, pg. 70
Waste diverted to disposal: 10,091.35 tons
This includes our owned office sites and our real estate equity portfolio sites, wherewaste data is available.

3-3Management ofmaterial topics

Our People, pg. 14

401-1

New employee hires andemployee turnover

Total New Hires: 1,548
Total Attrition: 1,353

401-2

Benefits provided tofull-time employees thatare not provided
to temporary or
part-time employees

Our People, pg. 14

401-3

Parental leave

New York Life Insurance Company offers all new parents six months of leave. Eight weeksof that leave is paid. If the employee also gave birth to the child, they are entitled to an
additional six weeks of paid leave under the short-term disability policy. This is part of thesix months of leave.

Waste

Employment

Training and Education
3-3Management ofmaterial topics

Our People, pg. 14

404-1

Average hours of training
per year per employee

Our People, pg. 14

404-2

Programs for
upgrading employee
skills and transition
assistance programs

Our People, pg. 14

404-3

Percentage of
employees receiving
regular performanceand careerdevelopment reviews

96% of NYLIC, NYLIM, and NYL Investors employees received regular performance
reviews and career development reviews during the reporting period.

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GRI Universal Standards Index, continued.
Disclosure
Number

Disclosure Title

New York Life’s Response

Diversity and Equal Opportunity
3-3Management ofmaterial topics

Our People, pg. 14
2023 DEI Report

405-1

Diversity of governancebodies and employees

1. Gender diversity and ethnic diversity – Our People, pg. 15
2. New York Life Insurance Company, NYLIM, and NYL Investors Age Diversity(see table below)
<30

30–50

>50

NYLIC Board of Directors

-

8%

92%

Executive Management

-

11%

89%

Executive Officers and Managing Directors

-

45%

55%

Appointive Officers and Directors

1%

55%

44%

Agency

14%

41%

45%

3. 2023 DEI Report405-2

Ratio of basic salary andremuneration of women
to menFemale % of Male

Black % of White

98.2%

99.3%

Hispanic % ofWhite
103.4%

Asian % of White
109.2%

Information presented covers New York Life Insurance Company, NYLIM, and NYL
Investors only.
Local Communities
3-3Management ofmaterial topics

Our Communities, pg. 26

413-1

Operations withlocal community
engagement, impact
assessments, anddevelopment programs

Our Communities, pg. 26

3-3Management ofmaterial topics

Our Governance, pg. 79

415-1

Political Contributions

New York Life does not make political contributions.
Our Governance, pg. 79

Management ofmaterial topics

Our Governance, pg. 79

Public Policy

Customer Privacy
3-3

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Disclosure
Number

Disclosure Title

New York Life’s Response

Substantiatedcomplaints concerning
breaches of customer
privacy and losses ofcustomer data

The number of complaints received is confidential information.

Customer Privacy
418-1

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Endnotes
1 Based on revenue as reported by “Fortune 500 Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune, June 5, 2023. For methodology, please see
http://fortune.com/fortune500/.
2 http://fortune.com/fortune500/
3 Insurance products are issued by New York Life Insurance Company or one of its subsidiaries. State availability varies. See product-specific marketing for more
information.
4 https://fortune.com/company/new-york-life-insurance/fortune500/
5 https://seramount.com/best-companies/2023-best-companies-for-multicultural-women-winners/
6 https://seramount.com/best-companies/100-best-companies-winners-2023/
7 https://www.chieflearningofficer.com/2023/10/16/chief-learning-officer-reveals-2023-learningelite-winners/
8 https://explore.degreed.com/newsroom/degreed-announces-first-annual-visionary-award-winners/
9 https://www.onconferences.com/2023ldteamwinners
10 https://www.nmsdcconference.org/2023/awards-and-recognitions/national-corporation-of-the-year?hsCtaTracking=d161c402-9116-48f1-988aa171394c8447%7Ca6015f4d-a888-496a-a280-c6353df0da36
11 https://www.hrc.org/resources/corporate-equality-index
12 https://disabilityin.org/what-we-do/disability-equality-index/2023companies/
13 https://www.forbes.com/companies/new-york-life/?list=best-employers-diversity&sh=7eec98da355e
14 https://s3.amazonaws.com/pdj.issues/PR/2023/PDJ-2023-Innovations-PR.pdf
15 https://gala.thefamilycenter.org/2023-photo-gallery/
16 2023 http://mediaroom.scholastic.com/press-release/scholastic-art-writing-awards-marks-100-years-celebrating-young-artists-and-writersScholastic
Art & Writing Awards Leadership Award
17 https://higherachievement.org/events/going-places/going-places-2023/
18 https://www.youtube.com/watch?v=O5HYaA-rKhU
19 https://hrc-prod-requests.s3-us-west-2.amazonaws.com/HRC-Equidad-Mexico-2024-FNL.pdf
20 https://greatplacetowork.com.mx/eventos2023/los-mejores-lugares-para-trabajar-sectoriales-2023/servicios-financieros-y-seguros/
21 https://expansion.mx/empresas/2023/06/26/las-500-empresas-contra-la-corrupcion-2023
22 https://empresasmaseticas.com/home/ediciones-del-ranking-ee/ranking-ee-2022/
23 In this report, our use of the terms “material,” “materiality,” and other similar terms refers to the relevance of environmental, social, and governancetopics to a diverse set of stakeholders. We are not using these terms as they are used in the context of financial statements and financial reporting or as
used in SEC rules.
24 This excludes our international asset management boutiques and Seguros Monterrey.
25 This applies for all parents where the birth, surrogacy, adoption, or foster care placement occurred on or after January 1,2024.
26 This list is not exhaustive of all the topics covered by our first-year agent curriculum.
27 https://www.chieflearningofficer.com/2023/10/17/congratulations-to-the-2023-learning-in-practice-award-winners/
28 https://www.onconferences.com/2023ldteamwinners
29 "Latin America": https://www.mdrt.org/about-MDRT/for-companies/top-100-companies-global/
30 Behavioral-based interviewing is built on the foundation that past behavior is the best predictor of future behavior
31 https://s3.amazonaws.com/pdj.issues/PR/2023/PDJ-2023-Innovations-PR.pdf
32 https://judishouse.org/download/2023-cbem-national-report/?wpdmdl=4921&_wpdmkey=65e1eedfcea09
33 https://www.childrenscollaborative.us/utah
34 Some of our recent awards include: MBNUSA and WEUSA Best of the Decade, WBEC Metro NY & Greater DMV Outstanding Corporation of the Year (2023),
NMSDC – The Forefront 25: Top Corporations for Minority Businesses, and NBIC Top 50 Best-of-the-Best Corporation for Inclusion.
35 New York Life defines a diverse business as a for-profit enterprise that is at least 51% majority-owned, operated, and managed by an individual or consortiumof individuals within any of the following groups: Minority-owned (Black, Hispanic, Native Americans, Asian), women-owned,LGBTQ+-owned, veteran-owned(including service-disabled veterans,) and disabled-owned.
36 Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available,
following each year’s operations, for distribution in the form of dividends. Dividends are not guaranteed. Each year the Board of Directors votes on the amountand allocation of the divisible surplus.
37 https://www.newsweek.com/rankings/americas-best-customer-service-2023/services-insurance
38 https://theacsi.org/industries/finance-and-insurance/life-insurance/#new-york-life
39 These programs are NOT insurance and do not provide reimbursement for financial losses. Some restrictions may apply. These services are provided
exclusively by ComPsych® Corporation effective 1/1/2023. Customers are required to pay the entire discounted charge for any discounted products orservices available through these programs. Some services are available at the option of the employer for an additional cost. Programs are provided throughthird-party vendors who are solely responsible for their products and services. Full terms, conditions, and exclusions are contained in the applicable client
program description and are subject to change. Availability of programs may vary by plan type and location, and they are not available where prohibited by law.
These programs are not available under policies issued by New York Life Group Insurance Company of NY. The partnership is between New York Life Insurance
Company and ComPsych® Corporation. ComPsych® is not affiliated with New York Life Insurance Company or any of its affiliates.
40 The NYL GBS Survivor Assurance program for beneficiaries is available to beneficiaries receiving coverage checks over $5,000 from NYL GBS group life andpersonal accident programs. NYL GBS Survivor Assurance accounts are not deposit account programs and are not insured by the Federal Deposit Insurance
Corporation or any other federal agency. Account balances are the liability of the insurance company, and the insurance company reserves the right to reduce
account balances for any payment made in error. Counseling, legal, or financial assistance and discount programs are not available under policies insured by
New York Life Group Insurance Company of NY.
41 Not all strategies, products, and services offered by New York Life Investments and its affiliated boutiques are available in jurisdictions or regions where suchprovision would be contrary to local laws or regulations. For more information, visit https://www.newyorklifeinvestments.com/who-we-are/our-global-boutiques.
Opinions expressed herein are current opinions as of the date appearing in this material only. Investing involves risk, including possible loss of principal. Asset

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allocation and diversification may not protect against market risk, loss of principal, or volatility of returns. There is no guarantee that these investment strategies
will work under all market conditions or are suitable for all investors, and each investor should evaluate their ability to invest long term, especially during periods ofdownturn in the market. No representation is being made that any account, product, or strategy will, or is likely to achieve, profits. This material has been prepared
for informational purposes only, and is not intended to provide, and should not be relied upon for, accounting, legal, or tax advice. Clients should consult their tax
or legal advisor regarding such matters. This material is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation,offer, or solicitation to buy or sell any securities or to adopt any investment strategy. Securities are distributed through NYLIFE Distributors LLC, a subsidiary of
New York Life Insurance Company, a FINRA/SIPC member.
42 REI’s 10-year environmental reduction targets are relative to a 2019 baseline on a like-for-like, absolute basis. The carbon emissions reduction goal relates to
our Scope 1 and Scope 2 emissions. Interim progress toward New York Life Real Estate Investors’ goal to reduce like-for-like GHG emissions by 25% from 2019
to 2029 is measured on an annual basis. With assistance from a third-party consultant, this process includes extracting property-level consumption data fromthe EPA’s Energy Star website. An independent third party is engaged on an annual basis to provide assurance verification on the GHG emission data being
collected and reported.
43 https://scope-zero.com/
44 A PUE of 1 is considered perfect efficiency, and based on the current state of technology and science, is not attainable.
45 https://www.hpe.com/psnow/doc/a50008243enw.pdf?jumpid=in_pdfviewer-psnow
46 Local resources are available in local languages for New York Life’s foreign subsidiaries. Please refer to their company websites for additional information andresources. Additionally, information about our ethics hotline is shared with suppliers in our Supplier Code of Conduct.

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