NEW YORK, N.Y., October 14, 2008 – New York Life International, LLC, the international arm of New York Life Insurance Company, announced today that Gary Bennett, who was serving as chief executive officer and managing director for Max New York Life, New York Life’s joint venture in India, has been named executive vice president and Greater China chief executive officer of New York Life International, LLC, effective November 1. As was previously announced, Rajesh Sud has been named chief executive officer and managing director of Max New York Life, effective November 1, pending regulatory approval.
“With over two decades of insurance industry experience and a deep understanding of the Asia Region, Gary is the ideal executive for this new role overseeing our large and attractive Greater China region,” said John Harrison, vice chairman, New York Life International, and chief executive officer – Asia region. “As our affiliates and joint venture operations in Greater China continue to gain momentum and expand their footprint in the region, strong leadership and strategic management will continue to be critical.”
Harrison continued, “Gary added enormous value to our joint venture in India. As head of Max New York Life since 2005, the business has seen exemplary growth. In fact, from 2005-2007, MNYL total insurance sales grew at an annual rate of 81% and the number of agents grew annually by 58%.”
In this new role, Mr. Bennett will be responsible for setting the overall strategic vision for New York Life’s wholly-owned affiliates in Hong Kong and Taiwan and its joint venture with China’s Haier Group, Haier New York Life. Working closely with the senior leadership in each market, Mr. Bennett will help the operations capitalize on opportunities in the region, while achieving sustainable, profitable growth. Mr. Bennett has already begun to serve, with John Harrison, as an advisor to the Haier New York Life Board and its shareholders. Mr. Bennett is relocating to Hong Kong and will report to Mr. Harrison.
Mr. Bennett joined Max New York Life from New York Life Insurance Worldwide Ltd. in Hong Kong, where he served as president and chief executive officer. A true Asia life insurance veteran, with more than 25 years in the industry, Mr. Bennett has held leadership roles of increasing responsibility with a number of companies in Australia and across Asia Pacific, including Prudential Corporation Asia and CMG Asia.
About New York Life
New York Life International, LLC, the international arm of New York Life Insurance Company, offers insurance products through its subsidiaries and affiliates in Hong Kong, China, Taiwan, South Korea, India, Argentina, Mexico, and Thailand.
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 from all four of the major credit rating agencies. 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 Investment Management LLC provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
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