John Kim, chief investment officer of New York Life Insurance Company, has been elected president, a role held by chairman and CEO Ted Mathas since 2007.
Kim retains the roles of CIO and vice chairman, as well as overall responsibility for the investments group and enterprise-wide technology. With his promotion to president, he also takes charge of New York Life's largest business unit, the Insurance & Agency Group.
Since joining New York Life in 2008 to run the investments subsidiary, Kim has more than doubled the assets under management to $540bn, and third party assets under management have tripled, according to Mathas.
"More recently, John has expanded our asset management business to Europe and Australia, and established a strategic relationship in Asia, gathering another $100bn in AuM."
Christopher Blunt will return to investments to run the group as its president, reporting to Kim. Blunt most recently headed the Insurance & Agency Group with co-president Mark Pfaff, who plans to retire at year-end.
Mathas pointed out that the board in November approved for the third consecutive year a significant increase in the dividends paid to participating policyowners -- "an increase that would not have been possible without the significant contributions that the investments group made to the company's surplus in recent years. In fact, dividends have increased 31% to individual life policyowners since 2012."
He added that, with such an experienced and knowledgeable team in place, "We're confident that Investments will continue to be a strong and reliable source of earnings going forward, which benefits all of the members of our mutual company."
Companies:New York Life Insurance