New York Life Promotes Matthew Grove to Senior Managing Director
NEW YORK, March 26, 2013—New York Life has announced the promotion of Matthew Grove to senior managing director. Mr. Grove is in charge of the Retail Annuities business, including product development, product management, marketing, in-force business and annuity service operations. He reports to Senior Managing Director Drew Lawton.
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). Two 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 just passed $1 billion in premium in its first 18 months on the market. This is 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 Web site at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 21, 2012. See http://www.money.cnn.com/magazines/fortune/fortune500/2012/faq/ for methodology.
**Source: Third-party ratings reports as of 2/1/13.
***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.