New York Life Insurance Company has reorganized into two business units: the Insurance Group and the Investments Group, the firm announced.
Executive Vice President Chris Blunt will run the Insurance Group and Executive Vice President John Y. Kim will head the Investments Group. Blunt has been head of the company’s Retirement Income Security business since it began back in 2008. Kim, who is the company’s chief investment officer and head of New York Life Investments, will now take over responsibility for RIS products.
Executive Vice President Mark Pfaff, who runs the company’s force of 12,000 career agents, will remain in that role, the company said in a statement.
“This strategic alignment maintains our industry-leading life insurance business as our flagship core business [and] enhances the prospects of New York Life becoming a true leader in retirement solutions beyond income annuities, where we lead today,” said Ted Mathas, chairman and CEO of New York Life.
Danielle Reed writes for Financial Planning.