New York Life Appoints Insurance and Investment Leaders to Company’s Executive Management Committee

NEW YORK, Feb. 1 -- New York Life Insurance, a mutual life insurance company, issued the following news release:

New York Life, the largest mutual life insurance company in the United States, today announced the appointment of three senior executives to the company's Executive Management Committee (EMC), which is led by New York Life's chairman and chief executive officer, Ted Mathas. As part of their appointments, these executives have expanded their roles across the company's key business areas.

* Craig DeSanto, head of the Insurance & Agency Group's Strategic Insurance Businesses, which includes the company's direct marketing and group life insurance businesses, long-term care solutions group and venture capital arm, has added responsibility for Institutional Annuities. He has also taken on an enterprise-wide role advancing innovation across New York Life.

* Matt Grove, who currently leads the Insurance & Agency Group's Product, Marketing and Underwriting group and is responsible for overseeing the company's core life insurance business, has added New York Life's Retail Annuities business to his portfolio. The company leads the industry in providing guaranteed lifetime income.

* Yie-Hsin Hung, chief executive officer of New York Life Investment Management, the company's $317 billion multi-boutique global asset management business, has added Madison Capital Funding, another New York Life investment boutique, to her responsibilities.

"The appointment of these three individuals to the Executive Management Committee strengthens our executive leadership team and recognizes the important role each person plays in contributing to the value we deliver to our policy owners every day," said Mr. Mathas. "We welcome their strategic insights and leadership to the Executive Management Committee."

John Y. Kim, the company's president, added, "Expanding the roles of these executives strategically aligns our core insurance and annuity businesses, and recognizes the increasingly important role of our investment management and non-insurance businesses in sustaining our unsurpassed financial strength. Together, these businesses deliver long-term value to our policy owners in up and down markets, manifested most recently by the announcement of our largest dividend payout ever."

New York Life recently announced expectations to pay participating policy owners a record dividend payout in 2017. This will mark the 163rd consecutive year that New York Life has paid a dividend to policy owners. Since 2012, New York Life has increased its dividend payout by 35 percent, despite five years of record low interest rates and uneven U.S. economic growth.

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