On a roll: New York Life enjoys record earnings in 2014

"But while we are proud of that achievement, it's the total $9.1 billion in benefits [up 5 percent since 2013] and dividends we paid last year that demonstrate the full value of promises kept to millions of people and businesses," he added.

In its earnings release, New York Life also recorded that:

• Assets under management increased to a new high of $541 billion in 2014.

• Individual life insurance in force rose to a new record of $871 billion, $31 billion more than 2013.

• The company hired 3,680 full-time agents last year. Since 2007, the company has grown its active agent force by 24 percent. In 2014, 52 percent of New York Life's new hires in the field were individuals who represent the cultural markets.

• New York Life added 2,376 agents to the membership rolls of the Million Dollar Round Table, more than any other organization represented in the association. MDRT comprises 42,000 of the world's top-producing life insurance and financial service professionals.