The goal was to provide corporate stability by creating a board of directors with a financial interest in the management.
The new corporate structure protected the interests of policyholders by creating a mutual system whose profits belong to the insured.
[8] In early 1854, Manhattan Life issued its first group policy to a company that was transporting 700 labourers from China to the United States.
[12] A 2009 New York State department of Financial Services report found a number of policyholder disclosure violations.
[14] In June 2020, ManhattanLife has confirmed that it plans to grow its national existence with the purchase of Standard Life and Casualty Insurance Company.
[15] For over forty years, Manhattan Life was content to rent office space, which was considered cheaper than buying real estate.