The retirement income business and the broker-dealer unit have been combined by New York Life Insurance Co. They just reorganized their company into two separate businesses. Their insurance group will remain a separate entity from the other business of retirement income. New York Life Investments, the broker-dealer unit, will join with New York Life’s retirement income business and be headed by Executive VP John Y. Kim. Currently, the retirement income business includes both immediate and deferred fixed annuities as well as variable annuities.
Kim has been in charge of New York Life Investments since 2008. He will now be in charge of New York Life’s retail annuities and mutual funds, as well as their retirement plan services and institutional asset management. Executive VP Chris Blunt will be running the separate insurance business; he previously was in charge of the retirement income business that has been combined with New York Life Investments. His job responsibilities in addition to running the insurance business will include the company’s long term care insurance and the business operations of marketing, finance, technology, and service. The Mexico operations are also now part of this new group.
New York Life’s market share has increased to double digits since they started their reorganization in 2008. They have also seen significant growth in their investment business and retirement products like annuities. This realignment will help them keep their focus on agency led distribution. Their 12,000 agents will still be overseen by Executive VP Mark Pfaff. The company believes this realignment will help them keep their top spot in the life insurance industry and annuity industry, as well as increase their other retirement business. A.M. Best rates New York Life Superior with an A++ score.
Written by Rachel Summit
Follow Finance Mama on Twitter https://twitter.com/#!/financemama