NEW YORK--(BUSINESS WIRE)--New York Life has named Matthew Grove chief administrative officer in New York Life’s Insurance and Agency Group, where he is responsible for oversight of strategy development for the Group, new business operations, and quality assurance, compliance and finance functions for the Service operation. He reports to Co-President of Insurance and Agency Group Chris Blunt. Taking over Mr. Grove’s former role is David Cruz, who was elected senior managing director in charge of the Retail Annuities business, including product development, product management, marketing, in-force business and annuity service operations. He reports to New York Life’s Vice Chairman John Kim.
“Since becoming Head of Retail Annuities in 2012, Matt has led his team in generating robust growth, while also successfully repositioning the annuity product portfolio to respond to consumer and competitive shifts, while reducing risk. As CAO, Matt’s skills and experience will further strengthen our life insurance business growth,” said John Kim. “In assuming responsibility for Retail Annuities, David brings broad balance sheet experience, keen analytical skills, and strong leadership qualities to the position. We look forward to continued strong growth in our annuity business under David’s leadership.”
Prior to this role, Mr. Cruz was managing director of the company’s Investments Group Strategy, supporting strategic initiatives across the Investments Group. Mr. Cruz joined New York Life in 1994 and has held roles of increasing responsibility including product development, product management, relationship management for the company’s Guaranteed Products business, and an instrumental role in developing New York Life’s presence in the stable value wrap marketplace for New York Life Retirement Plan Services in Westwood, Ma. Mr. Cruz earned his MBA from William Paterson University and a Bachelor of Science with a major in mathematics and minor in economics from Villanova University. He is a Chartered Financial Analyst (CFA).
Mr. Grove joined New York Life in 2009 to lead the company’s effort to establish guaranteed lifetime income as an asset class, and he was also responsible for the distribution of mutual funds and annuity products through Registered Investment Advisors (RIAs). Three years ago, Mr. Grove was instrumental in the development and marketing of the company’s new Guaranteed Future Income Annuity (GFIA), a deferred income annuity that passed $1 billion in premium in its first 18 months on the market. This was the strongest sales introduction of a new annuity product in the company’s history, with GFIA now the industry standard against which other products are measured. New York Life is the market share leader in income annuities.
Prior to joining New York Life, Mr. Grove was the chief marketing officer of Jefferson National, an insurance company focused on serving the needs of the RIA market. At Jefferson National, he was responsible for developing and marketing the leading annuity product distributed through the RIA channel. Earlier in his career, Mr. Grove ran his own technology consulting firm focused on building enterprise software for financial services firms. Mr. Grove has an MBA from Columbia University and a Bachelor of Science degree in computer science from the University of Pennsylvania, where he graduated summa cum laude.
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 currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** 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 Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/16/14. For methodology, please see http://fortune.com/fortune500/.
|**Individual independent rating agency commentary as of 6/4/14.|
|***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.|