New York Life Insurance Co., the biggest U.S. life insurer owned by policyholders, named John Fleurant as chief financial officer.

Fleurant, currently deputy CFO, will replace Michael Sproule, 65, after he retires on June 30, the New York-based company said today in a statement.

New York Life, led by Chief Executive Officer Ted Mathas, 45, has an investment portfolio of more than $170 billion, mostly in bonds, to back obligations to policyholders. Fleurant, 50, joined New York Life in 2010 from Prudential Financial Inc., where he was controller and CFO for the domestic business.

“John has the right combination of experience, skill and insight for the complex role of CFO,” Mathas said in the statement.

Fleurant became deputy CFO last year, after working as SVP for finance and controller. He was hired by Newark, New Jersey-based Prudential, the second-largest U.S. life insurer, in 1995. He earlier worked at Deloitte & Touche LLP after studying accounting at Pennsylvania’s Widener University, according to the statement.

Sproule joined New York Life in 1999 to oversee mergers and acquisitions, and became CFO in 2002. He’s also a member of the Federal Advisory Committee on Insurance.

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