New York Life (NYL) has announced two key executives. Matthew Grove will assume the role of chief administrative officer for its Insurance and Agency Group, and David Cruz will serve as senior managing director of the Retail Annuities business.
In his new role, Grove will manage strategy development for the Group in addition to new business operations and compliance, quality assurance, and finance functions for the Service operation. He joined NYL in 2009 to help the insurer establish guaranteed lifetime income as an asset class. Since then, he has led the distribution of mutual funds and annuity products through Registered Investment Advisors (RIAs) and helped develop and market NYL’s new Guaranteed Future Income Annuity.
Cruz most recently served as managing director of NYL’s Investments Group Strategy. He joined the insurer in 1994 and has held increasing roles of responsibility in product management, product development, and relationship management for the Guaranteed Products business. Cruz will take over Grove’s former role in managing product development, marketing, product management, in-force business and annuity service operations for the Retail Annuities division.
“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, vice chairman for New York Life. “In assuming responsibility for Retail Annuities, David brings broad balance sheet experience, keen analytical skills, and strong leadership qualities to the position.”
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