John Y. Kim, has been elected president of the mutual life insurance company New York Life effective immediately. Kim will report to Chairman and CEO Ted Mathas, who held the position of president since 2007. Kim will continue to report to Mathas, who remains chairman of the board and chief executive officer.
Kim, who last served as vice chairman and chief investment officer, expanded New York Life’s asset management business to Europe and Australia and established a strategic relationship in Asia, adding $100 billion in assets under management, Mathas said. The group’s profitability also advanced sharply under Kim’s leadership, contributing to the company’s financial strength and to the dividends paid to policy owners.
Mathas said Kim excelled in guiding the insurer’s account portfolio in the face of a weak economy and stubbornly low interest rates. “In recognition of his outstanding performance in building our national and international asset management business, the stewardship he has provided as chief investment officer, and his many contributions as a member of our Executive Management Committee, I’ve asked John to now also run our largest business group, the Insurance & Agency Group,” Mathas said.
Kim retains the role of chief investment officer of New York Life, as well as responsibility for the Investments Group and enterprise-wide technology, the company said. With this promotion, the company’s largest business unit, the Insurance & Agency Group, has been added to his current responsibilities.
Kim joined New York Life in 2008. Before that, he was president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services, New York Life said. He also spent 17 years with Aetna Life & Casualty, where he rose to the position of CEO and chief investment officer of Aeltus Investment Management, as well as CIO of Aetna Life Insurance and Annuity Company.
