http://www.marketwatch.com/news/story/New-York-Life-Taps-Chris/
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PRESS RELEASE
New York Life Taps Chris Blunt and Mark Pfaff to Run Key Operations
Company Combines Two Powerhouses: Life Insurance and Career Agency; Senior Vice President Mark Pfaff to Run New Entity
Last update: 3:58 p.m. EST Nov. 24, 2008
NEW YORK, Nov 24, 2008 (BUSINESS WIRE) — –Company Bolsters Retirement Business to Help Consumers Handle Retirement Challenge; Senior Vice President Chris Blunt to Run Retirement Income Security Operation Comprised of Annuities, Long Term Care Insurance and the Distribution of Mutual Funds
New York Life Insurance Company announced today that it will place its life insurance manufacturing and marketing operations under the direction of Senior Vice President Mark Pfaff, who has run the Agency Department since 2006. The move creates a powerful combination of the industry’s leading field force and one of its strongest life insurance franchises. Concurrent with that announcement, the company said it has bolstered its retirement business. Senior Vice President Chris Blunt will run a new organization, Retirement Income Security (RIS), dedicated to providing solutions to consumers in both the accumulation and income phases of retirement. RIS brings together for the first time under a single executive, New York Life’s income annuities, investment annuities, long-term care insurance, and the distribution of mutual funds.
Ted Mathas, New York Life’s president and chief executive officer, said, “With these organizational changes we are combining our number one product – life insurance – with our primary distribution system – career agents. I expect the combination to grow the company, which benefits our policyholders over the long term, and bring numerous consumer benefits in the form of better product development, better marketing, and in the end, a better-protected public.
“At the same time we recognize the enormous potential for New York Life to contribute to the retirement security of millions of people across the country. By focusing on our unique positions and capabilities in annuities, long term care insurance and mutual funds, we will grow more rapidly and provide better solutions to consumers seeking reliable sources of income in retirement. Mark Pfaff and Chris Blunt are veteran leaders and I have every confidence they will lead these businesses to substantially greater growth in the decade ahead.” Mr. Mathas noted that with these changes the four primary business operations of New York Life are:
– U.S. Life Insurance and Agency
– Retirement Income Security
– Investments, a wholly owned subsidiary with more than $235 billion in assets under management.
– International, a wholly owned subsidiary with insurance operations in eight markets in Asia and Latin America.
U.S. Life Insurance and Agency
The U.S. life insurance operations being consolidated under Mark Pfaff include the company’s individual, bank- and corporate-owned life insurance, as well as its Group Membership Association Division, the largest underwriter of professional association insurance programs in the United States, and life insurance sold through an exclusive, endorsed program with AARP. Consolidated revenue is expected to be more than $8 billion in 2008. Agency has more than 10,500 licensed agents in the United States.
Mr. Pfaff said, “Our mission for 163 years has been to bring the protection of life insurance to as many families as possible. The role of the agent in this process has never been more important, as studies have shown that Americans are significantly underinsured. Much of that phenomenon can be attributed to a lack of good advice. As one of America’s leading life insurance companies, we can have a positive impact in countering the nation’s underinsurance problem. We believe we have the best-trained, most professional career agents in the nation. This is also a time when more Americans are seeking advice about their family’s financial future. I know that combining our agency operations with the life insurance operations will lead to stronger growth of our company’s primary product line, greater benefits to the consumer, as well as more opportunities for those seeking careers in insurance and financial services.”
Mr. Pfaff noted that a recent public opinion survey by Greenwald & Associates, sponsored by New York Life, found that Americans have just half the life insurance they need to achieve their own self-described financial objectives.
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Mr. Pfaff received a B.A. from Manhattan College and an A.A. degree from Westchester Community College. He joined New York Life in 1985.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
New York Life Insurance Company
William Werfelman, 212-576-5385
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Dear John,
I believe that Mark is a member of the Class of 1980.
Mike
[JR: Thanks, Mike. Much appreciated. ]
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Pfaff, Mark [MC1980]
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