Prosperity Life Insurance Group Appoints Anurag Chandra as Chief Executive Officer

ROANOKE, Va., May 28, 2014 /PRNewswire/ -- Prosperity Life Insurance Group's board of directors has appointed Anurag Chandra as Prosperity's Chief Executive Officer.

"Anurag is one of the rising stars in the life, annuity and health insurance industry, and we are proud that he is joining Prosperity at this exciting time in our development," commented Jay Novik, Chairman of the Board of Prosperity.

As CEO of Prosperity, Chandra will be responsible for shaping Prosperity's strategy, leading its organic and inorganic growth initiatives, and building on the strong foundation that has been established through Prosperity's acquisition of Shenandoah Life Insurance Company in 2012, and pending acquisition of SBLI USA Mutual Life Insurance Company.

"I am honored and excited to have the opportunity to lead the continued growth and expansion of Prosperity," said Anurag Chandra. "I look forward to working with the board of directors and the management team to establish Prosperity as a leading player in the life, annuity and supplemental insurance industry."

"Anurag has a proven track record of success in achieving significant growth and generating strong financial performance while ensuring prudent risk management and excellence in insurance regulatory compliance," added Matt Popoli, Director of Prosperity.

Chandra joins Prosperity from Allstate, where he was Executive Vice President & Chief Operating Officer at Allstate Financial – its life insurance, retirement and voluntary benefits business. Previously, he served as Executive Vice President & Chief Operating Officer at HealthMarkets, an individual health insurance company where he helped lead its successful turnaround and business transformation.

Chandra holds a Bachelor of Technology in Computer Science from Indian Institute of Technology, New Delhi and a Master of Science in Operations Research from MIT Sloan School of Management.

About Prosperity Life Insurance Group, LLC

Prosperity Life Insurance Group is a growing insurance organization which provides financial security to individuals and their families through innovative life insurance, supplemental insurance and annuity products.  Its principal operating subsidiary is Shenandoah Life Insurance Company, a Virginia-domiciled insurance company.  Prosperity has also signed a definitive agreement to acquire SBLI USA Mutual Life Insurance Company through a sponsored demutualization, which is expected to close in 2014.  Prosperity expects to have nearly 400,000 policyholders, $20 billion of life insurance in-force and $3 billion of assets within its insurance subsidiaries following the closing of the SBLI USA transaction.

SOURCE Prosperity Life Insurance Group