New York Life News, Managing Editor, Issue 2, 2013

2013
ISSUE 2
•
Leadership
strategies
for the
company •••
and for
ourselves
Over the past six weeks, rve had the opportunity to host several meetings with
small groups of employees to talk about our strategic direction. These sessions were very engaging,
and I received some great questions on a range of topics. Most, not surprisingly, dug deeper into our
various busmess strategies But the second most common theme to emerge during Q&A circled back to
something else we have been ta lking about for the past few years: What leadership means at New York
Life. So although this is the strategy 1ssue of the News, l decided to use part of this column to briefly
revisit this other important topic
When it comes to our high-level strategy, fundamentally, little has changed since l became
CEO five years ago. I was fortunate to inherit a compa ny that was doing very welL I did, however, see
opportunities to reposition our bus iness portfolio in three key areas.
First, our core life insurance operation was already outperforming most others in our industry
-and we believed we could do even better. So, we made the decision to "double down" in this areathat 1s, focus even more attention and resources on growing our Age ncy force and capitalizing on more
opportunities within the U.S life market. And our consistently strong performance indicates we are
getting the job done
We also took a hard look at our international insurance operations and concluded that
remaining in most of these businesses would not meaningfully add to the growth of our organization.
With the exception of Seguros Monterrey New York Life, which is already a leading insurer in
Mexico and uses the same business model as our U.S. operations, we divested our other international
compames and harvested that capital back into surplus for other uses
The third component was to grow our investment and retirement businesses in two ways.
On the retail side, we strengthened our third party distribution and have been rap1dly growing sales
of mutual funds, investment annuities, and guaranteed mcome annuities. On the institutional side,
we decided to more proactively mab< our asset management expertise available to outs1de companies.
The opportunity to have a triple A rated company like ours manage money in this economy proved
very appealing. 1n fact, earnings from third party asset management grew from $3 million in 2009 to
more than $120 million in 2012.
All three elements of our strategic repositioning are aimed at keeping us a leader in the
industry and making sure everything we do ultimately supports the financial strength and growth of
the company, as well as the benefits (includ ing dividends) we prov1de our customers. But strategies
alone aw hever enough Making sure every employee is contributing to the best execution of these
strategies is key- and that's where individual leadership plays an important role.
So what is our leadership strategy? We coined the term distributed leadership a few years ago, and
admittedly some misconceptions remain. It is not about delegation -no one is handing out (distributing)
leadership. By distributed, we mean that we aspire to have leadership behaviors -job ownership,
accountabil ity, constructive skepticism- spread out to all employees at all levels of the organization
It is also not about top down control or telling others what to do. As 1 said at a few of the
small group meetings, I'm a good example in this respect. lt may sound counterintuitive, but as CI:O, I
directly control little of what gets done at the company on any given day 1 am, however, most certainly
accountable for everything that gets donel
from my perspective, my job- and really, what leadership is primarily all about - is
influencing outcomes, not hands-on directing them. And it's more than just managing what's in your
control - it's about feeling responsible for things not directly in your controL
It's true that managers often have more opportunities to step up in this leadership capacity
And I would add that, as managers, not only do they have a responsibility to the company to do so, they
have a responsibility to be a role model to their teams. But there is something every employee can do:
Like your colleagues in the small group meetings, become confident in asking questions about what's
going on around the company.
It may sound simple
but in my experience, a person's abi li ty to influence change or spark
new ways of thinking often begins with a simple question.
~ EDITOR'S NOTE
To share your thoughts on this month's topic with Ted , send an e - mail to tedscolumn®newyorklife.com .
•
2013 ISSUE
2103
AT A GLANCE
Interest rates, regulation,
competition , and the economy
will play a large role in
the future of the
industry.
What's
ahead
Insurers face challenges that
could re-shape the industry.
Since the financial crisis of 2008, New York Life has
enjoyed four years of record sales and earnings.
Our stellar performance in the face of economic
uncertainty and financial market instability (and in
contrast to many of our competitors' performances)
speaks volumes to the dedication and hard work of
our Agents and employees. But our industry-leading
results are also a testament to the strategies and riskmanagement disciplines we had in place well before the
crisis emerged.
As we look to be equally well positioned in the years
ahead, however, we recognize that all life insurers face
significant challenges that promise to change the face of
our industry.
Companies that anticipate and develop strategies
to manage the challenges that lie ahead will not only
survive but thrive.
The economy and the consumer
Two of the biggest challenges the life insurance
industry faces are the sluggish U.S. economy and poor
penetration of life insurance and annuity products
among younger consumers.
With unemployment still above 7 percent, 22 million
out of work or underemployed, and many more focused
on paying down debt, consumers - particularly younger
ones- have made buying life insurance a low priority.
Average household expenditures on life insurance
have declined so percent over the last decade, with
the decrease particularly pronounced among young
consumers, according to Ernst & Young. Sales to younger
consumers languished as insurers focused on the baby
boomers and on developing complex retirement savings
and insurance products.
The percentage of families with individual life
insurance now stands at 44 percent, a 52~year low.
In response, some insurers are now developing and
sudden spikf'in interest rates similar to what happened
in the late 1970s. sd what can insurers do to combat the
could include changes to the tax treatment of
mortgage interest, charitable giving, state and local
impact of low rates?
taxes, retirement savings, or the cash values within
• One strategy is to reduce exposure to guaranteed
products.
· Another is to alter product design (reducing t he
minimum guaranteed credit rates, for example};
they may rethink the businesses they compete in
(no longer selling no-lapse guarantee products, for
example).
Many insurers have, in fact, deemphasized the sale of
higher-risk guaranteed products, and a not insignificant
numbe~have exited that business altogether.
Insurers may also become more aggressive in their
quest for higher returns on their investment portfolios so
they can meet their guarantees to policyholders, keep their
products both competitive and profitable, and generate
profit. Publicly traded companies, pressed by shareholders
to generate quarterly revenue and bottom-line growth,
are likely to take greater investment risks than mutual
companies, which are more focused on the long term.
Interest rates
A period of gradually declining interest rates is ideal for
the new Consumer Financial Protection Bureau, which is
a life insurance company, and that's the environment in
Interest rates are important because, to make a profit,
tasked with examining the fairness of financial products
and services. So far it has focused on banking and
consumer loans, but attention may soon shift to IRAs
and other retirement products.
Adding to the complexity of the regulatory
insurers must be able to earn a better rate of return on
environment, insurers must now contend with
their investments than they guarantee to policyholders
- and that becomes more challenging in a very low
regulation on the federal and international levels, in
addition to state insurance departments. The Federal
which we've operated for most of the past four decades.
But with interest rates hovering near their all-time
lows, there's no room for this downtrend to continue.
interest rate environment.
With the Federal Reserve planning to keep interest
rates low for the foreseeable future, insurers can no
longer think of low rates as a short-term predicament,
but must instead consider them a long-term challenge.
They also have to be mindful of the possibility of a
changes to the taxation of insurance companies and their
products due to severe budget pressures. Additionally,
state regulators are cons idering significant changes
to rules on solvency, corporate governance, and risk
management - driven in part by pressure from the
federal government and international standard-setting
organizations.
Competitive landscape
New players entering t he insurance industry could also
reshape the landscape. Private equity firms have been
particularly active buying annuity businesses of insurers,
Regulatory and tax environment
The life insurance industry is facing several years
of significant regulatory and tax challenges, as the
implementation of the Dodd- Frank Act continues and
Congress and the states grapple with overwhelming
budget deficits.
Life insurers must also prepare for possible action by
marketing simpler term and whole life products that
appeal to younger consumers. They are also emphasizing
digital marketing and mobile distribution strategies.
life insurance policies and annuities. The industry has
successfully defended the tax treatment of life insurance
and annuity products in the past. But given the deficit's
size and the general sense in Washington that some sort
of tax reform is needed, the industry's trade association
representatives are taking nothing for granted.
On the state level, the industry is facing potential
Insurance Office, created in 2010, is conducting a
study on how to modernize and improve the system of
insurance regulation in the U.S., putting state regulators
on notice that the federal government may seek changes
cutting into the states' authority.
Also, a deficit reduction or tax reform agreement
•
which poses real concerns because of their business
models - reaping short-term profits- is fundamentally
misaligned with the long-term nature of annuities.
Adding to the changing environment, long-established
competitors are ex iting Jines of business or markets,
and the larger companies are continuing to gain scale
through acquisitions and, less frequently, mergers.
The books of business, products, and distribution
networks of insurers ex iting a business or market have
been snapped up in part by new entrants, enabling them
to quickly gain operational scale and capacity, as well as
market reach.
Life insurer restructuring will likely move into high
gear in the United States and globally in the next couple
of years, according to an industry report published by
the Deloitte Center for Financial Services. With low
interest rates and unreliable equity markets undermining
investment income and making it difficult to fulfill
product guarantees to policyholders, and with high
reserve requirements on the horizon, many insurers
are reevaluating which businesses to remain in, and are
beginning to sell non core or underperforming pieces. •
04
I New York Life News
AT A GLANCE
Diversification, focusing
on the customer, and
strengthening our
infrastructure and
technology will play a big
role In our strategy as we
move forward.
Diversification in action
Our strategy focuses on generating growth, actively managing risk, and improving infrastructure.
Since assuming leadership
of our company, CEO Ted Mathas
has constantly emphasized
what he calls our "foundational
strategies":
Life insurance is our core business.
Agency is our core distribution
channel.
Both of these support our mutuality
andjinancial strength to the benefit
of our policyowners.
It's a direct message that continues to shape the way
we do business every day.
Still, even the most successful companies look for
ways to improve upon what they do. We're no different.
We caught up with Alex Cook, who leads the
Corporate Strategy team, to discuss where the
company is headed.
News: Alex, to set the stage, can you give us the overall
strategic direction first?
Cook: With the low interest rate environment, it's even
more critical that we continue to focus on generating
profitable growth. In the Insurance Group, our core
strategy is still focused on Agency distribution driving
It's been a
turbulent
environment
since 2008.
sales of life insurance to the middle market, but we're
also looking to target markets like the affluent, cultural
and women's markets to accelerate our growth, along
with New York Life Direct and Mexico. In the Investments Group, our growth strategy is focused on delivering an array of investment and retirement capabilities
so we can capture the baby boomers who are shifting
from the acCumulation phase to retirement income.
We're broadening our product capabilities in annuities
and retail and institutional investment products both
organically and through acquisitions and we're expanding our Institutional Investments business internation·
ally. One of our key goals for the Investments Group is
to provide a diversified ;md growing source of earnings
for the company.
News: CEO Ted Mathas has talked about "Extending
Beyond the Foundation." Could you elaborate?
Cook: Whole life has contributed aboiJ't..$5.6 billion to
the company's surplus and dividends over the past three
years combined. But despite continued sales growth, we
expect this contribution to stay pretty flat over the next
three years, largely due to the low interest rate environment. This means that we are relying on the other businesses to generate growth, a fair amount of which will
be fee-based income.
Sept 15: Investment bank Lehman
Brothers files for bankruptcy
protection, the largest bankruptcy
!$639 billion) in U.S. history.
March:
JPMorgan
Chase agrees
to buy Bear
Stearns in a fire
sale to prevent
the 85 year old
investment
bank from going
bankrupt.
These businesses are already proving they're up to
the challenge, contributing $1.7 billion to our surplus
and dividends over the past three years. We expect
that to roughly double over the next three years.
News: Since we will be in a low interest rate environment for the foreseeable future, what is our strategy
in investing?
Cook: We're a long-term, conservative investor. This
aligns with the nature of our products, which are, in
effect, very long-term promises, so this approach is
prudent, allows the company to grow at a consistent
pace, and allows us to keep our commitments to our
policyowners.
This is also aligned with being a mutual company.
Because we are self-funded, we may not grow at the
rate some of our publicly traded competitors do, but
we're also not taking on the risks they are, so in the
long term, this is a smart strategy.
However, with interest rates as low as they are, our
conservative approach is creating a conundrum. If rates
continue to stagnate, the returns we generate for our
policyowners will as well. And if rates spike suddenly, it
might also present a problem since our portfolio rate will
lag behind rates available for other investment products
and we might be perceived as being Jess competitive.
Oct 3: Emergency Economic:
Stabilization Act creates
$700 billion Troubled Assets
Relief Program (TARP) to
purchase failing bank assets.
On November 6 New York Life
declines to participate; citing
our strong capital base and top
ratings from all four major rating
agencies (all ratings reaffirmed in
June 2009 and 2010).
Sept 16:The
Federal Reserve
begins assisting
insurer AIG to
avoid bankruptcy
Oct6-10:
The stock market
experiences
its worst week
in 75 years.
Feb 17:
$787 billion
economic
stimulus
bill signed
into law.
June 1: General
Motors files for
bankruptcy.
June: Hartford
Financial
and Lincoln
Financial
acceptTARP
funds from the
government.
and over time
increases the
assistance to
$182-5 billion.
Lehman Brothers photo; codeplnkhq
•
2013 ISSUE
2 I OS
Our performance since
the financial crisis
Sfll
st7
Life
Insurance
Sales
In response, we have already started to diversify on
both sides of the balance sheet: what we invest in, as
well as what products we offer. For example, variable life
and variable annuities are getting more emphasis. We
are also taking on a little more equity exposure in our
general account investments - including real estate
equity and private equity.
News: On the corporate side, what needs to be done to
ensure we remain competitive for the long haul?
Cook: We need to invest in our future by upgrading
our infrastructure and technology. Long-term projects
of this nature are just kicking off in the Finance and
Human Resources departments. These projects will help
us become more efficient and agile.
News: In what other ways will our strategy impact
the business?
Cook: To further our strategic goals, we are also
focused on enhancing the brand and improving
customer experience, supporting the development,
mobility, retention and diversity of our employees,
and creating operational efficiencies. In addition to
the infrastructure projects in HR and Finance I
previously mentioned, we are also re-writing all of
our .correspondence and implementing a new system
that will help us better deliver our messages to clients,
Dec: Annual new life
insurance sales
by New York Life
Agents top
$1 billion for
the first time.
Overall, our U.S.
life insurance sales
were up a record
14% for the year.
Oct: U.S.
unemployment
rate peaks at
10.2%
April: Sovereign debt
crisis in Europe
emerges. So far,
European Union
members have bailed
out Cyprus, Greece,
Ireland, and Portugal.
February:
New York Life
doubles down
on the U.S. life
insurance market
beginning to
divest its stakes
in Asia.
developing electronic applications, and enhancing our
customer relationship management capabilities.
News: Tell us about your strategy team. Isn't strategy
driven by the business units?
Cook: The businesses do drive a great deal of the strategy,
but there are some decisions that are driven from the
top, and a need for coordination of strategy across the
businesses. My team supports the Executive Management Committee (EMC) in developing, articulating, and
executing the company's long-term strategic goals, and
we provide research and analysis to all the business lines.
News: How does our competition affect our strategy?
Cook: We keep an eye on competitive analysis and
positioning for the-company. We have focused on this
area over the past year bY connecting our competitor
analysis teams across the company, compiling a
competitor analysis for the EMC so that we have a
more holistic view of trends and comp~or positioning
and producing a weekly e-mail (including input from
several groups across the company) for executive officers
that summarizes key competitor news.
My ultimate goal is for us to be a more proactive
function at the company. If so, we can help the entire
company to think more strategically and connect what
they do to the broader strategy. •
Aug 2: Budget
Control Act of 2011
signed into law.
Absent bipartisan
legis lation to cut
deficit, across-theboard s pe nding
c uts would go into
effect in 2013.
July21: The
Dodd-Frank
Wall Street
Reform and
Consumer
Protection Act
s igned into law.
Aug 5: U.S. c redit rating
downgraded to AA+ from
AAA by Standard & Poor's.
Nov: Our Guaranteed
Future Income Annuity
sales set a record for
new products.
2007 2008
2009 2010 2011 2012
2007 2008
2009 2010 2011
2012
2007 l008
2009 2010 2011
2012
Operating
Earnings
$million
Third-Party
Assets
Under
Management
$billion
Surplus
$billion
Dec. 12: The Fed
says it will keep
interest rates
near zero until
une mployment,
which dropped
below 8°/o in
October, drops
to6.s%.
July 27: The yield on the 10-year
Treas ury hits a record low of
1.39%. The average yield between
1900 and 2012 was 4·99%.
Dec: We end 2011 as
the largest seller of
life insurance in the
U.S.. with a 10.7%
market share .
•
$million
•compound annual growth n.te
Jan 2: American
Taxpayer Relief Act of
2012 s igned Into law.
May 28: Dow Jones
Industrial Average
closes at an all-time
high ofl5,409.
March 1:
Automatic
budget cuts of
$85 billion for
the current
fiscal year go
into effect.
06
I New York Life News
AT A GLANCE
With a decentralization of risk
management, interest rate
concerns take center stage
for both the Insurance and
Investment Groups.
Risk management front and center
We all have ownership and accountability for risk.
If someone were to ask you to describe in a couple of
words what we do at New York Life, most people would
reply that we sell life insurance and investment products,
but in actuality we do much more. We manage risk.
Properly managing risk means that no matter what
happens, be it a pandemic, depression, sudden spike in
5%
interest rates, or severe financial market downturn, we'll
3%
be there for our policyholders.
"Understanding and managing the risks we
undertake is a core competency of New York Life and an
essential function of just about every job here;' explains
Steve Lash, head of the Insurance Group's finance and
risk management functions.
In 2010 we enhanced the structure for risk management
in the company by embedding risk management functions
in the business units.
"This recognizes that Chris [Blunt, head of the
Insurance Group] and john [Kim, head of the Investments
Group] have ownership and accountability for the risks
of the business just as they do for managing their profit
and loss," says Gideon Pell, chief risk officer for the
Investments Group.
"Risk management's bottom-up approach,
coordinated and overseen by the corporate center, was
given added momentum with the reorganization last
year, when chief risk officers were appointed to the two
core business units to support the business, and explicit
accountability for risk management associated with
things such as product design and pricing were pushed
further down the organizational chart.
"This move is in line with Ted's [Mathas] vision of
distributed leadership and placing strategic decision
making as close as possible to where the business
activity takes place," explains Pell.
Risk management involves not only identifying
and assessing the most significant risks, but also
determining the most appropriate way to mitigate their
potential impact on the business where necessary.
A good example is the Investments Group's interest
Interest Rates (10-Year Treasuries)
4%
2%
lo/o
0%
2008
2009
rate-sensitive fixed deferred annuity (FDA) business.
The $35 billion FDA portfolio is still our largest
annuity portfolio despite the faster growth in sales
of variable and guaranteed income ~1uities in
recent years.
The current low interest rate environment has
made the guaranteed minimum rates on the policies
we sold a while back relatively attractive, and far fewer
policyholders are surrendering their contracts. At the
same time, customer surrenders could dramatically
increase as contracts come out of their surrender charge
period, particularly if interest rates were to spike and
customers look to invest in higher-yielding products,
according to Pell.
The complexity of FDA's interest risk profile
means that we have to take a multipronged approach
to managing the exposure across investment,
hedging, crediting rate, and product strategies, in a
comprehensive way that brings to bear the expertise of
several areas within the annuities busi ness.
Interest rates are also top of mind in the Insurance
Group, where, among other things, steps have been taken
to protect our bread-and-butter whole life business
against a spike.
"We h ave purchased interest rate hedges, which
•
2010
2011
2012
should help us to maintain a competitive dividend if
ever a spike were to occur, keeping these important
customers satisfied and in the fold," according to Nick
Pasyanos, the Insurance Group's chief risk officer. "To
manage the risks associated with the low interest rate
environment, we've repriced our products to take into
account lower rates of return from our investments and
we have become less reliant on investment spread to
reach profit goals.
We've further shifted sales toward recurring
premium products, and also reduced the guaranteed
rates embedded in our products:'
The financial crisis of 2008 was brought on in large
part by financial firms taking on too much risk.
Our hypervigilant approach to risk management
allowed us to get through the crisis of 2008 not only
largely unscathed, but relatively stronger.
Some of our competition do not appear to have
heeded the lesson of the last financial crisis. They have
taken risks to build market share by pricing products
aggressively and offering riders or guarantees with
substantial risks to the insurer- steps we have avoided.
"Everything we do in managing risk is for the benefit
of our policyholders," Steve Lash emphasizes. "We are
focused on building surplus for the long run." •
2013 ISSUE
21 07
ATAGLANCE
We continue to turn out
new products and riders
that appeal to the affluent
market as well as gfve
Agents more support in
targeting it.
Growing the affluent market
With 42 percent of affluent households not owning individual life insurance, opportunity abounds.
We remain committed to serving the
middle market because it's our mission
and core competency, but we've also
made tremendous strides increasing
sales to the affluent market since it was
first identified as a prime opportunity
in
2008.
Sales in 2011 and 2012 were well
above goals established in 2010, and now
represent 21 percent of total life policies
and 31 percent of total life premiums
- impressive numbers given the mass
affluent represent only 10 percent of total
U.S. households.
"There's still plenty of room for
additional growth which is why the
affluent market continues to be a strategic
priority;' says Annamaria Banaszek, who
leads our wealth management efforts in
the Insurance Group. New York Life has
a strong unequaled capability to provide
guidance, products and services to this
client base in the form of solutions.
A study by Forrester Research
estimates that 40 million Americans
have assets of $100,000 to $1 million,
not including the value of their home.
The mass affluent hold 33 percent of all
retail assets, compared with just four
percent belonging to those with less
than $10o,ooo.
Yet 42 percent of affluent households
do not own individual life insurance,
indicating a great opportunity for
us. These consumers are also a prime
audience for our investment products,
including annuities and mutual funds.
Several years ago, Agency developed a
two-pronged approach to driving affluent
market sales: (1) providing Agents
with the training, tools, and resources
needed to compete effectively; and (2) an
innovative new approach to selling life
insurance within the context of a client's
entire financial portfolio.
•
''
There's still
plenty of room for
additional growth
which is why the
affluent market
continues to be a
strategic priority."
Focusing on growth areas
Within the Insurance Group, we are continuing to focus on large
markets that present attractive growth opportunities. In addition to
the affluent market, this includes our Seguros Monterrey New York
Life operations in Mexico and the cultural markets. For more on our
Mexico strategy, please visit the intra net. To read about the cultural
markets, see page 9.
This approach, along with our
reputation for focusing on clients'
long-term best interests, have made
our life insurance and annuity products
increasingly popular among the affluent.
But we aren't resting on our laurels.
New products and riders are being
designed to appeal to the affluent market,
and the Advanced Planning Group
has been restructured to provide more
focused support and a more robust set
of marketing and sales tools to Agents
selling to the affluent. Our wealth
management team at Eagle Strategies, our
registered investment advisory subsidiary,
is also focused on supporting our Agents
selling in the affluent market with an
increased focus on risk-oriented financial
planning as well as enhanced services.
On the product side, we recently
introduced new riders and investment
options to our variable annuity series,
providing our affluent clients and
prospects tools that will allow them to
weather the current low interest rate
environment and uncertain economy to
plan for the long term .
•
"Our strength has always been, and
will continue to be, our long-term focus,
whether it's how we manage our surplus
or the types of products we offer clients;·
says Chuck Nachman, who leads product
management for Eagle Strategies. "It
is one of the main selling points for
affluent individuals looking for steady,
predictable asset growth."
The affluent market's potential and
appeal haven't gone unnoticed by the
competition, with life insurers, banks,
and the Fidelitys of the world pursuing
market share as well.
The nation's biggest banks JPMorgan Chase, Bank of America,
Citigroup, and Wells Fargo- have been
particularly aggressive over the past
two years, hiring thousands of private
bankers and opening hundreds of standalone facilities within their branches to
serve affluent clients.
"We've got our work cut out for us,
but I am confident we have all the pieces
in place now to capture an increasing
share of the affluent market," concludes
Banaszek. •
2013 ISSUE
AT A GLANCE
In the institutional
investment management
business, globalization
is key.
Seeking growth
beyond our borders
Instit ut ional clients shop globally for investments and asset managers.
Here 's how we're expanding our reach to meet their needs.
Like the rest of us, institutional buyers - large
companies, pension funds, even foreign governments
-want higher returns on their investments
and diversification in their portfolios, including
international exposure. And we want to offer it for
them. "Our U.S.-based clients are looking for increased
exposure to global, international, and emerging market
funds;' says Yie-Hsin Hung, who heads the Institutional
Investments business and provides oversight of five
investment management boutique firms, which manage
money for institutional buyers.
At the same time, international institutional
investors are seeking investments, exposure to
Continental Europe and the United Kingdom, which
offer a substantial growth opportunity for Investments.
While Europe is the world's second largest asset
management market following the U.S, many other
markets, such as Asia, Latin America, and the Middle
East, are growing fast.
"A key aspect of our strategy is to gain access to
more investors in growing markets outside the U.S.,"
says Hung. We're looking to expand in various ways,
including acquiring overseas firms that may already
have strong client relationships and asset management
expertise, and, in some cases, building a presence in an
international market ourselves. As of last year, 32 percent
of our third-party institutional revenue is managed for
non-U.S. clients across 18 countries.
MacKay Shields, our fixed income asset management
boutique, took the first step to open an office in the U.K.
this year.
"We based the decision on where we knew we could
grow, where we already had existing client relationships,
and where we could potentially find investment talent if
needed, which, with our breadth and core competentices,
is valuable for the company as a whole;' says John
Akkerman, MacKay's global head of distribution. The
office will be small and strategically focused, and will be
staffed by local professionals who know the market.
"This is an ideal time for us to expand internationally;'
says Akkerman. "Globally, we're seeing more institutional
investors shift toward income-oriented investment
strategies, which, as a fixed income manager, we're in a
unique position to offer. And about 12 percent of our $So
billion in assets under management is for clients based in
Europe and the U.K:' These clients are procured through
third parties like Nordea Bank, which is headquartered in
Sweden and operates in 19 countries.
With New York Life providing support, each
investment boutique is formulating their own global
expansion strategy. "In each market, we'll look for the
most effective approach. In Europe and the U.K., clients
generally work through consultants to find investment
managers, as they do in the U.s.;· says Hung. "As a result,
we will likely lead with our investment boutiques to meet
clients' desire to work with smaller firms that specialize
in specific product areas, such as fixed income and
alternative investing strategies."
Determining where and when to expand will be on a
case-by-case basis, as there are differences across regions
and markets that call for varied approaches. For instance,
since we already have a solid base of clients in japan, we
may not need an in-country presence to make further
inroads into that market. Flying in and out, building
strategic relationships, and marketing specific products
could be sufficient.
So why are we developing a global strategy after
we exited the international insurance market in
2012? Unlike the insurance business, the institutional
investment business does not face the same level of
capital and regulatory constraints, and the market by
nature is international.
"We have a very exportable business because the asset
management business is already global," says Hung. "The
products are generally built for investors everywhere,
regardless of where they are based:' •
•
2 I 09
lO I NewYorkLifeNews
ATAGLANCE
Increasing the number
of distributors will bring
our mutual funds to more
consumers.
Quality and consistency
With the indust ry taking notice
of our mut ual funds, the goal is
to increase the number of third
parties offering them.
At the heart of our Investments business is what
may be among the best-kept secrets in the industry:
the MainStay family of mutual funds.
In just four years, MainStay has more than
quadrupled its assets under management, to $77 billion
from $18 billion. Not only that, Barron's has named us a
top-three fund family four years in a row, and this year
the influential financial magazine recognized us as the
No. 1 fund family for the 10-year period for the first time.
That's a pretty impressive performance for a midsize
mutual fund provider.
According to Stephen Fisher, who heads product
development and marketing in our mutual fund
business, we were in the right place at the right time
with the best people for the job. "MainStay's success
is largely a result of our greatly expanded third-party
distribution and the excellent performance from
our investment boutiques," Fisher says. "But also
contributing to our success is the underlying theme
of quality and consistency in our investment strategy.
We don't want to swing for the fences, and that
approach to risk management has paid off and is
appealing to consumers."
Adds Drew Lawton, head of our Retirement Solutions
business, "There's a shortage of trust in the financial
services industry in general. The headlines in the news
have eroded people's trust in the industry, and they
think it's more profit focused than client focused.
A company like ours has a great opportunity to step
in and be the winds of change in an industry that
needs to rebuild trust."
Getting to know MainStay
Assets
under
management:
$77
billion
Who sells our mutual funds?
Our registered
representatives and
third-party firms such as
banks, wire houses, brokerdealers, and independent
investment advisers
Number
of mutual
funds :
50
A Barron's
top-three fund
family four years in
a row and the No. 1
fund family for the
10-year period ended
December 2012.
It's a matter of being risk aware versus risk averse,
says Lawton. And as retiring baby boomers begin
transitioning their accumulated savings to retirement
income, this risk management approach is important.
"Risk awareness is consistent with who we are as a
company," he says. "Being part of New York Life has been
an advantage to MainStay since the financial crisis."
At the height of the market turmoil in 2008, rather
than being told to cut back staffing or expansion plans
like others in the industry, Fisher says upper management
encouraged the Investments business to expand and grow
its distribution network- the firms, in addition to our
own registered representatives, that sell our funds. This
put us in an enviable position once the market emerged
from its slump and competitors were struggling to catch
up. Continuing to grow our distribution footprint among
third -party firms will be a key initiative going forward.
To do this, our team of wholesalers and relationship
managers will continue to target other financial
companies and explain why they should include our
funds in their offerings to their clients.
Our wholesalers are divided into teams that
specialize in each of the distribution channels banks, wire houses, broker-dealers and independent
financial advisers who typically cater to a high-net
worth clientele. Not only do our wholesalers support
these third parties on the product side, but we provide
them with thought leadership on important issues in
the marketplace through white papers and webcasts.
"Financial advisers view New York Life/MainStay
as a provider of a broad array of financial products,
including both mutual funds and annuities, so many
of these firms enjoy a multiple product relationship
with us on behalf of their clients," says Lawton.
This puts us on the same level as the big fund
firms, like PIMCO and BlackRock.
"We aspire to be a top-tier firm," says Fisher. "Right
now, we're among the very top second-tier fund
firms. MainStay has over $77 billion in assets under
management ($6o billion in the MainStay retail funds
and $17 billion in the MainStay VP funds, which are
•
used to fund our variable life and annuity products).
But we want to be on the same tier as the trillion
dollar firms."
The industry is taking notice. Both Lawton and
Fisher say we're receiving more inquiries from firms
seeking to work with us and sell our funds.
We're growing in other ways, such as through new
product offerings. One example is variable life products
and annuities, which are sold exclusively by our
registered representatives. MainStay mutual funds are
one of the investment choices for those policyowners.
"We are seeing even more demand from Agents for
variable products, and sales have been near record
levels so far this year," says Fisher.
These products are ideal for asset accumulation
due to their potentially higher yields in a low interest
rate environment. "We're not flashy, but we're solid
and we're always there. And this message resonates
well with retirees thinking about the next 30 years,"
Lawton says. •
2013 ISSUE
2 I 11
AT A GLANCE
A one-stop shop will help
employees plan their career
development.
Talent strategy
takes a
personal turn
My Development Blueprint is a big
step forward in our evolution.
What makes LEGOs such a great improvement over
simple building blocks? It's the way they attach to
one another and let you construct figures, buildings,
pirate ships, and anything else you can imagine into an
interlocking, self-supporting structure.
Our career development strategy is evolving in
a similar way. We started with the many individual
building blocks you're familiar with: the Learning
Gateway inventory of classroom courses and selfstudy, the comprehensive curricula of Career Pathways,
coaching opportunities, and career discussions with
your manager during your midyear checkpoint.
Then last year we introduced a new career
framework. Today, each job title within our four
career ladders - administrative, customer service,
professional, and manager - has a set of skills
associated with it. This is your baseline, the things you
must be able to do to qualify for your job. How well you
do them will affect your compensation and where you
go next. How you progress over time is the key.
If you're like most employees, you want to grow,
learn, stretch, and leverage your skills to help the
company meet its goals and to develop your career,
from the time you join the company until you retire.
But it hasn't been easy for you to do - to look at the
big picture and make some logical decisions you could
readily follow up.
Enabling you to do that is the logical next step
in executing our talent strategy. You can think of
My Development Blueprint as the LEGOs of talent
t
Our talent
development
strategy
The talent development team worked with the
consulting firm Towers Watson to define the skills
that employees need to succeed, as well as those
activities designed to enhance them. We also
took a look at our ability to faci litate the activities
and worked with all our vendors to ensure that
our educational courses and materials were up to
date and met our employees' needs.
development. Introduced to you in the NEWS last
month, and ready to roll out in june, this new tool will
help you not only develop skills for your current job, but
will help you understand and plan for the skills you'll
need in your next role. In one place with interlocking
parts you'll be able to:
· See how the skills required for your job look when
they're being done well or being done poorly
- Assess your own skill level relative to those
standards
• Determine where you need to grow and choose
your development priorities
- Create a personal development blueprint to get you
on your way
According to Michael Molinaro, chief learning
officer, the best thing an organization can do to
•
help employees manage their own careers is to
provide them with the right resources at the right
time through the right channels. That's exactly
what we are doing with the introduction of My
Development Blueprint. It's the exciting next step
in our mutual evolution.
Both managers and employees can learn more
about their parts in holding great development
conversations by attending the two-hour workshop
"More Real Talk: Development Conversations That
Work;' which is being offered in all locations now and
throughout the summer. Check the Learning Gateway
for a schedule of programs.
For more about this tool, see Issue I, 2013, of the NEWS. •
]
12
I
New York Life News
Milestones
Anniversaries
40YEARS
Roger Land rem,
Life Products, HO
Charnette Lewis,
Brenda Armstrong,
ENTSS,HO
Investments- Technology
Deborah Neuherz,
(lnv-Tech), Home Office
Service, Pittsburgh
(HO)
johnstown GO
Brenda Bndge,
frank Roosma
ServiCe, South Flonda
ENTSS, HO
General Office (GO)
Mana Pagan Colon,
Service, Greater
New York GO
Loretta Simmons,
ServiCe, Atlanta
Underwriting Center
Myrtle S1mmons,
Enterpnse Technology
(ET), Home Office
Sandra Wilson-Barney,
25YEARS
Scott Aldinger
Agency, Hawaii GO
MmaKhatri,
Insurance Technology
(Ins-Tech), CNj
General Account
Andrew Bosch!,
Investments, f 10
Ke•th Lama, Ins-Tech, CNj Samuel Bridgeman,
Agency, West Central
Mildred Nece, New York
Zone Office
Life investments, 110
Barbara Clayton.
Glona Overstreet,
ServiCe, Rale1gh GO
Service, HO
Patricia Custance,
E•leen Shea,
lnv Tech. HO
Karen Speer,
ServiCe, Arkansas GO
joan Steadman,
ServiCe, HO
Marie W1cker,
Serv~ce,
Blrmmgham GO
30YEA~S
janice B!llmgs,
Ins-Tech, Westchester.
NY(WNY)
Chnstopher Bull,
Retirement Solutions,
Parsippany, Nj (PNjl
Serv•ce, Long Island GO
Dav1d DAuria.
Retirement Solutions,
PNj
Patricia Diaz,
Human Resources, WNY
Mordecai Eis,
Ins-Tech, WNY
Christine T. Munshower,
Cleveland Service Center.
Kevm Staten,
Greater Washington
R 1991, D. jan 14
R 2006, D Feb 2
GO. D Feb. 28
Alma DaVIs,
Group Cla1ms,
R 1983. D Sept. 3. 2012
Concetta R Mussorfit1.
Group Insurance,
R 1988, D Mar. 10
Dorothy Thome,
Comptroller's.
R 1972, D Sept. 20. 20t2
B!ll E. Dienst bach,
Wich1taGO,
R 1987. D Feb. 23
Dons Pardee. Northern
Colorado GO,
R. 1983. D. Oct 30. 2012
Cathenne T1erney,
New York CSO,
R 1982, D july 17, 2012
Thomas Eckenberger,
S.jane Plemmons,
KnoxvlileGO,
R 2001. D Sept. 29 2012
Pauline TortoriCI.
MIChael Ohv1ero,
31 years
Bob Pohlh, AARP
Tampa, 18 years
W!lliamj Rothe,
George P Saad,
Controller's, 42 years
james Sardone,
Underwritmg HO,
5 years
Thomas P Shea,
Ins-Tech, 42 years
Robert]. Blake,
Pittsburgh-johnstown GO,
38 years
Lenna Diane Simmons,
Stephen Bloom,
Underwntmg HO,
38 years
Lms Bmtnott Poff.
Roanoke GO, 32 years
Idaho GO, tS years
Shawn C Skindell,
Cleveland Service Center,
26 years
Debb1e Sowers.
Harnsburg GO, 41 years
Soph•e M Borchowiec,
Anthony J Tesonero,
Albany GO, 47 years
Mmneapolis ServiCe
Center, 40 years
Marion Thomas
Middleton, Dallas
Peggy Bourg,
South Texas GO, 6 years
Service Center, 34 years
Susanne Boyer,
Roanoke GO, 34 years
Susan Thurman,
East Bay GO. 42 years
Betty Tom juan.
Ins Tech, 41 years
T1mothy D. Crumbaker.
Inland Cmp~te GO,
32 years
joseph A DeMarco,
Group Membersh1p,
12
Chnstme Vernon,
ENTSS, 17 years
Kevm Kay,
Corporate Serv1ces, H 0
Carol Lee, ServiCe,
Greater San Francisco GO
Elhot Mehs.
Ins-Tech, WNY
Carole Eng,
Sandra-Kay Rhodes,
Barbara West, ACS,
South Texas GO, 26 years
Arthur K. Hawthorne,
Mmneapohs CSO.
R 1987, D Mar. 28
Mildred E. R1ecken.
In Memoriam
Rose Bartasi,
General Service,
R 1984, D Aug 4, 2012
Rodger M BKkel,
R 1989, D Sept. 9, 2012
Trudy C Brown,
Information, 10 years
Field Claims,
R t996, D Aug 13. 2012
Della Bryson,
Atlanta Chent
ServiCe Office (CSO),
R 1986, D. Sept. 19. 2012
24 years
Ed1e M Lewis, Cleveland
Thomas Mattina,
Ins-Tech, 40 years
joseph Shannon.
Investments- Planning & Richard McGee,
Admm1stratlon. HO
IPS, 42 years
New Busmess,
R 1987. D Oct
Yvonne james,
Corporate Services,
Rodney W Wood,
R 1979, D. juln. 2012
Greater Kansas
Una R Rydeen,
Fargo GO,
R 1983. D. Sept 21. 2012
Alma Shropsh~te,
lnd•v•dual AnnuitY,
R 1989, D Nov. 26, 2012
•
City GO,
R 1987, D Sept 8, 2012
Donald L Wulz,
Southeastern
Region Marketing,
R 1985, D Feb 4
Charles C. Sm1th.
Donna Zielinski.
Greater DetrOit GO,
Customer Service,
R 2008, D: jan. 26
R 1989, D Oct. 4, 2012
B News
Managing Editor
Mark Goebel
Contributors
Dorothy Loft us,
Design
New Business.
R 1987. D Sept. 12, 2012
Robert]. Maloney,
Independence GO,
R 1987, D, Sept. 30, 2012
Frances M_ Maffetone,
Segal Savad Design
New York Life Insurance Company
51 Mad1son Avenue, Room H7M
New York, NY 10010
IPS, R 1<)86, D,jan 29
Esther Mandelstem,
Comptroller's.
R 1982, D Mar 6
Manlyn L. Marcus,
San Fernando Valley GO,
R 1991, D Feb. 15
james f Martin,
Youngstown GO,
R. 1990, D Oct. 12, 2012
R 1989, D. Feb. 19
R 2011, D jan 12
Central Transcription
R 1986. D Feb 28
New Bus mess,
jean M Causey,
Las Vegas GO,
R 1989, D. jan 30, 2010
Busine~c;.
Dee A Wh1te.
West Coast
Service Center,
Maria Bruno- Britz
Allison Cantey
Lorenzo Dominguez
Melissa Thompson
jean E Marschner,
Palo Alto GO,
R. 1986. D Sept. 25. 2012
Frances V Clavolella.
Ruth Trautmann,
Issues,
R 1973, 0 Oct 21. 2012
s. 2012
Raymond Horsch j r.,
Park Avenue GO,
R 1989, D jan. 8
Mary Cannava,
CSO, R 1982, D. April!
New
Dlsab!hty Insurance.
R 1989, D Mar 10
Edward A Hellen beck,
Molly Ketani, Treasury,
R 1990, D, Sepuo, 2012
jane Bamer. IPS.
R 1998. D Nov 1, 2012
Service Center.11 years
Blondell Scott Young,
Controller's, PNj
Rosalyn Gonzalez,
Agency.
R 2001. D, Oct. 23, 2012
Donnaj W1seberg,
Ins-Tech, 27 years
Greater New York
Ana Rivera, OffiCe of the
Corporate Secretary, 110
Yuk•ye Fang,
East Bay GO,
R 2007, D Oct. 14, 2012
jerern.•ah A Kelley,
RIChmond GO,
R 1998. D Fi'b. 17
Rich Knechel. Corporate
jenn ie Hardy, Serv1ce,
Rna M Flynn.
Los Angeles CSO,
R 1979. D Feb. 20
Lois I Leavy,
Mary Hynes. Group
Membership, 41 years
Corporate Services.
D,Feb.1
Shu ley R Wilhams,
CNTSS, 31 years
Human Resources.
Stuart Krohnengold,
Linz1 A_ Rector,
Investments Fmance,
Editor in Chief
Patnoaj Hrouda,
Northern Oh1o GO,
45 years
L1fe Direct, Tampa
D Apnl12
julie Watson
Chuck Howard, AARP·
Tampa, 7 years
Dame\ Rice, New York
Karen 0 F1eld, New York
L1fe Investments,
George j Potter,
Hartford GO,
R t987, D Feb 28
R 2005, D Aug 7, 2012
Ira E1senberg,
Dale Gorchoff. Agency.
South Flonda GO
D jan 25
joseph M jones.
Treasury, R 1995. D' Feb. 13
Insurance -Ma rketing
Enid Kmghts, Enterprise
Shared Services (ENTSS),
35 years
Lorraine A Ferguson,
Retirement Solut1ons,
Ins Tech, 40 years
Gerald Dumoff.
Individual Pohcy Services
(IPS), 22 years
Service, New Mexico GO
Electronics,
R 19Bo, D jan 8
janice-Mae wafr,
years
Anne Henderson Hag1o,
Rosllyn G!llett, West
Agency. Covina Valley GO Central Zone. 20 years
Controller's, HO
Ins-Tech. WNY
Frednc k R Cuwmello,
Customer Serv1ce.
HO,
Radhica Blilar,
Brooklyn GO, 22 years
25 years
Wilham Ostroy.
Agency, HO
Laura jones,
jose Norat,
Underwntmg
37 years
38 years
ServiCe, South Flonda GO
Debra Curran,
Bertha Hernandez,
Conrroller's. PNj
Greater San Francisco
GO. R 2011, 0 jan 9
Corporate Information.
& Communications,
Dav1d Molloy,
Controller's, HO
Northern V~rgm•a GO
R 1989, D Sept 24, 2012
Dwayne Zuell,
Ece Gipson.
Nandra Coles,
Ins·Tech, WNY
Service, Minneapolis
Service Center
Cynthia J Soares.
Human Resources,
Corporate Services, HO
john Tolmaczewiec,
Service, HO
Wilham Hughes,
ET, Clmton, Nj (CNj)
john Pichon,
ETCNj
Mildred Torres.
ENTSS, HO
Deborah Bennett-Smith,
Greater Chicago GO,
34 years
Service, Minneapolis
ServiCe Center
Mana Mudryk.
R 1993, D Ma r 1
Controller's Department.
Barbara Tabaczynskl,
ServiCe, Buffalo· Ene GO
Retirements
Mary Whitaker,
Alberto Cioffi,
Corporate financial,
Investments, 35 years
Service,jencho
Sales Office
juha Scaghottl,
Ins-Tech, WNY
Service, HO
Noreen We1sberg,
Enterpnse Shared Serv~ces Mary Wolfarth,
(ENTSS), Home Office
Service, Austm GO
35YEARS
Khemawattle Singh,
Mildred Nece,
New York Life
Lillian Meyers,
Group Insurance,
R 1988. D jan 29
Contact Us:
Tel: (757) 628-1819
FaJc (212) 576-5673
e-mail NYLnews@newyorklife.com
Art1rles appPann~~: m this puhhcation ar!' for mtf'rnal conpany
u~ only Unless aut hom~ tn wntmg. U'>f" of thLS m<llf'nal tn
any mannf'r wtth th~> puhh( 1~ prohtb1ted. C 2013 Nf'\0.' York l-1f~
Insurance Company Prmtf'd m the US.A
Pubhcauon date jun.._. 20tl
'1J
!:.~S
,_.....
--MIX
FS ~ C0 1 S101
~]
12
I
New York Life News
Milestones
Anniversaries
40YEARS
Roger Land rem,
Life Products, HO
Charnette Lewis,
Brenda Armstrong,
ENTSS, HO
Investments -Technology
Deborah Neuherz,
(lnv-Tech), Home Office
Service, Pittsburgh
(HO)
johnstown GO
Brenda Bndge.
frank Roosma.
Service, South Flonda
ENTSS, HO
General Office (GO)
Maria Pagan Colon.
ServiCe, Greater
New York GO
Loretta Simmons,
Serv1ce, Atlanta
Underwntmg Center
Myrtle Simmons.
Enterprise Technology
(ET), Home Office
Mary Whitaker,
Sandra Wilson-Barney,
Serv1ce. HO
25YEARS
MmaKhatri,
Insurance Technology
(Ins-Tech), CNJ
Andrew Bosch1,
General Account
Investments, I 10
Keith Lama, Ins-Tech, CNJ Samuel Bridgeman.
Agency, West Central
Mildred Nece, New York
Zone Office
Glona Overstreet,
Barbara Clayton.
ServiCe, Rale1gh GO
Service, HO
Patricia Custance,
john PIChon,
ET.CNJ
Serv1ce, Long Island GO
Eileen Shea.
lnvTech.HO
Retirement Solutions,
Serv1ce. Arkansas GO
joan Steadman,
ServiCe, HO
Marie Wicker,
ServiCe, B1rmmgham GO
30YEA~S
]amce Billings,
Ins-Tech. Westchester.
NY(WNY)
Chnstopher Bull.
RetHement Solutions,
David DJ\uria,
PNJ
Patricia Diaz,
Human Resou rces, WNY
Mordecai Eis,
Ins-Tech. WNY
Mana Mudryk.
Cynth1a J Soares.
Human Resources,
Greater San Francisco
R 1993, D Ma r I
R 1989. D' Sept. 24, 2012
GO, R 2011, >:! jan 9
jose Norat,
Underwntmg
37 years
Frednc k R Cuwmello,
Chnstine T Munshower,
Customer Servtce.
Cleveland Service Center.
Kevm Staten,
Greater Washington
R 1991, D. jan 14
R 2006. D Feb. 2
GO. D Feb. 28
Alma DaVIs,
Group Cla1ms,
R 1983. D Sept.3, 2012
Concetta R Mussorfit1.
Group Insurance,
R 1988, D Mar. 10
Dorothy Thome,
Comptroller's.
R 1972, D Sept. 20. 2012
Bill E. Dienst bach,
Wichita GO,
R 1987. D Feb. 23
Dons Pardee. Northern
Colorado GO,
R. 1983. D Ocr 30. 2012
Cathenne Tierney,
New York CSO,
R 1982, D July 17, 2012
Corporate Information.
Thomas Eckenberger,
38 years
Elect ronics,
S. jane Plemmons.
Knoxville GO,
R 2001. D' Sept. 29 2012
Pauline Tortorici,
MiChael Ohv1ero,
31 years
Bob Polilli, AARP
Tampa, 18 years
W11ham J Rothe.
George P Saad,
Controller's, 42 years
james Sardone,
Underwritmg HO,
S years
Thomas P Shea,
Ins-Tech. 42 years
Lenna Diane Simmons,
Idaho GO, IS years
Shawn C Skindell,
Cleveland Serv1ce Center,
26 years
Debb1e Sowers.
Harnsburg GO, 41 years
Soph1e M Borchowiec,
Minneapolis ServiCe
Center, 40 years
Marion Thomas
Peggy Bourg,
South Texas GO, 6 years
Middleton, Dallas
Service Center, 34 years
Susan Thurman,
Roanoke GO, 34 years
Susanne Boyer.
East Bay GO. 42 years
Betty Tom juan.
Ins Tech. 41 years
Trmothy D. Crumbaker.
Inland Emprre GO,
32 years
joseph A. DeMarco,
Group Membership,
12
Chnst me Vernon,
ENTSS, 17 years
Carol Lee, ServiCe,
Greater San Francisco GO
Patnciaj. Hrouda,
Barbara West, ACS,
South Texas GO. 26 years
Ana Rivera, Office of l he
Corporate Secretary. 110
Blondell Scott· Young,
Controller's, PNJ
Mildred E. R1ecken,
Yuk1ye Fang,
East Bay GO,
R 2007, D Oct. 14, 2012
Rosalyn Gonzalez,
Agency.
R 2001. D, Oct. 23,2012
Arthur K. Hawthorne,
Mmneapohs CSO.
R 1987, D Mar. 28
Raymond Horsch Jr.,
Por.k Avenue GO,
R 1989, D jan. 8
Yvon ne James,
Corporate Services,
Rose Bartasi,
General Service,
R 1984, D Aug. 4, 2012
Rodger M BICkel,
R 1989. D Sept. 9, 2012
Trudy C Brown,
Field Claims,
R 1996, D Aug 13. 2012
Della Bryson,
Atlanta Chent
ServiCe Office (CSO),
R 1986, D. Sept. 19. 2012
Mary Cannava,
CSO, R 1982, D. April!
24 years
Ed1e M Lewis, Cleveland
jean M Causey,
l.as Vegas GO,
R 1989, D. jan 30, 2010
Service Center, 11 years
Thomas Mattina,
Ins-Tech, 40 yea rs
joseph Shannon.
Investments- Planning & Richard McGee,
Admm!Stratlon, HO
IPS, 42 years
Frances V Clavolella.
New
Busine~c;.
R 1989, D. feb. 19
•
R 1973, D Oct 21. 2012
Dee A White,
West Coast
Service Center,
R. 2011, D jan 12
Central Transcription
Rod ney W Wood,
R 1979, D. Juin. 2012
Grea ter Kansas
C1tyGO,
R 1987, D Sept 8, 2012
Una R Rydeen,
Fargo GO,
R 1983. D. Sept 21. 2012
Alma Shropshire,
Individual Annuity,
R 1989, D Nov. 26, 2012
Donald L Wulz,
Southeastern
Region Marketmg.
R 1985, D Feb 4
Charles C Smith,
Donna Zieli nski.
Greater Detrmt GO,
Customer Service,
R 2008, D: jan. 26
R 1989, D Oct. 4, 2012
& News
Ma rk Goebel
Lois L Leavy,
In Memoriam
Ruth Trautmann,
Issues,
Managing Editor
Molly Ketan i, Treasury,
R 1990. D, Sepuo, 2012
jane Barner. IPS,
R 1998. D Nov I, 2012
Disability Insurance.
R 1989, D Mar 10
Edward A. Hellen beck,
New Busmess,
R 1987. D Oct s. 2012
Donna) W!Seberg,
Ins-Tech. 27 years
Greater New York
Corporate Services.
R1ta M Flynn.
Los Angeles CSO,
R 1979. D Feb. 20
jere"\1ah A Kelley,
RIChmond GO,
R 1998. D Feb. 17
Information, 10 years
Stuart Krohnengold.
D,Feb.1
R Wilhams,
CNTSS, 31years
Sh~rley
Rich Knechel. Corporate
L1fe Drrect, Tampa
D Apnl 12
Editor in Chief
Mary Hynes. Group
Membership, 41 years
Damel Rice, New York
L1fe Investments,
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Investments F1nance,
j u lie Watson
Human Resources,
Service, New Mexico GO
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Hartford GO,
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R 2005, D Aug 7, 2012
Northern Oh1o GO.
4S years
Enid Kmghts, Enterprise
Shared Services (ENTSS),
35 years
D jan 2S
joseph M jones.
Treasury, R 1995. D' Feb. 13
Insurance -Ma rketing
Corporate Serv1ces, HO
Lorraine A Ferguson,
Retirement Solut1ons,
Ins Tech, 40 years
Gerald Dumoff.
Individual Pohcy Services
(IPS), 22 years
Chuck Howard, AARPTampa, 7 years
R 19Bo, D jan 8
janice-Mae Wafr.
years
Anne Henderson Hag1o,
Rosilyn Gillett, West
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Kevrn Kay,
HO,
Anthony J Tesonero,
Albany GO, 47 years
25 years
William Ostroy.
Agency, HO
Laura jones,
L01s BOitnott Poff.
Roanoke GO, 32 years
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Bertha Hernandez,
Connoller's. PNJ
Stephen Bloom,
Underwntmg HO,
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Dav1d Molloy,
Controller's. HO
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Ins·Tech, WNY
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South Flonda GO
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Brooklyn GO, 22 years
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Parsippany. NJ (PNJl
Carole Eng,
Service, Minneapolis
Service Center
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Corporate Serv1ces, HO
Ins-Tech, WNY
Elliot Mehs.
Ins-Tech, WNY
Controller's, HO
Mildred Torres.
ENTSS, HO
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Service. HO
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ServlCe Center
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Corporate Financial,
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Controller's Department.
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ServiCe, Buffalo- Ene GO
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Greater Chicago GO,
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Agency, Hawau GO
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Sales Office
Retirements
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ET, Clmton. NJ (CNJ)
Life Investments, 110
Service,jencho
juha ScaghotU.
Ins-Tech, WNY
Noreen Weisberg,
Enterpnse Shared ServiCeS Mary Wolfarth,
(ENTSS). Home Office
Service, Austm GO
35YEARS
Khemawatue Singh,
Mildred Nece,
New York Life
New Bus mess,
R 1986. D Feb 28
Dorothy Loft us,
'·
New Business,
Contributors
Maria Bruno- Britz
Allison Cantey
Lorenzo Dominguez
Melissa Thompson
Design
R 1987. D: Sept. 12, 2012
Segal Savad Design
Robert). Maloney,
Independence GO,
R 1987, D, Sept. 30, 2012
51 Madrson Avenue, Room 117M
Frances M_ Maffetone,
New York, NY tOOto
New York Life Insurance Company
IPS, R 1986, D jan 29
Esther Mandelstem.
Comptroller's.
R 1982. D Ma r 6
Marilyn L. Marcus,
Contact Us:
Tel: (757) 628-1819
FaJc (212) 576-5673
e-maiL NYLnews@newyorkltfe.com
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R 1991, D Feb. IS
jean E. Marschner,
Palo Alto GO,
R 1986. D Sept. 25. 2012
james F Martin,
Art ides appPann~~; m thil puhhc.ation are for mtE"mal comp;my
u'if' only Unless authomf'd m wntmg. USf" of thLS maTf'Wtlm
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