NEW YORK, N.Y., March 12, 2007–New York Life Insurance Company today announced that Paul Pasteris has been appointed senior vice president for Market Development and Strategic Planning for its Life and Annuity operations. He will retain overall responsibility for directing New York Life’s Retirement Income business, which is focused on leveraging New York Life’s financial strength, innovation and leadership position as the country’s largest mutual life insurer, to provide products and services that will help address America’s retirement challenge. Mr. Pasteris will continue to report to Ted Mathas, vice chairman of the board and chief operating officer of New York Life Insurance Company.
Mr. Pasteris joined New York Life in 2005 after seventeen years with Massachusetts Mutual Life Insurance Co., where he was President of MassMutual’s Financial Products Division. Prior to that he led the company’s mergers and acquisitions department, and before that he was head of corporate strategy. Mr. Pasteris graduated from Duke University in 1980 with a degree in management sciences.
“Under Paul’s leadership our sales of guaranteed lifetime income products grew 45 percent in 2006, and we’ve asked Paul to take the same skill set he uses in Retirement Income and broaden it to look at new market opportunities,” said Mr. Mathas. “Our goal is to provide solutions that will help consumers, during every stage of life, achieve the peace of mind that our products can provide.”
Reporting to Mr. Pasteris will be two accomplished New York Life executives. Senior Vice President Mike Gallo is appointed head of Retirement Income, and Senior Vice President Eric Rubin is appointed head of Strategic Planning. Mr. Gallo joined New York Life in 1976 and has experience across a number of senior management positions, including senior vice president in charge of the Northeastern Zone, senior vice president in charge of Individual Life, and chief of staff for U.S. Insurance Operations. Mr. Rubin joined New York Life in 1980 and has held a number of executive positions in marketing, administration, strategic planning and research, including senior vice president in charge of Research & Analysis.
“New York Life has the resources and commitment to innovation to provide meaningful solutions to the retirement and other financial security challenges Americans face,” said Mr. Pasteris. “It is an exciting time to be working on creative plans and projects that can change people’s lives in a positive way.”
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. 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 and retirement plan 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.www.newyorklife.com for more information
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