DeSanto will serve as 19th Chief Executive in company’s 177-year history
New York Life, America’s largest1 mutual life insurer, announced that Craig DeSanto has assumed the company’s chief executive officer (CEO) position. Mr. DeSanto was named CEO-elect in November 2021 after serving as a member of New York Life’s Board of Directors since February 2021 and as New York Life’s president, a title he will retain, since July 2020.
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As CEO, Mr. DeSanto will lead one of the largest life insurance companies in the world. New York Life and its affiliates provide insurance, investment, and retirement solutions that help people at all stages of life, delivered through the company’s industry-leading agency field force. New York Life also provides insurance and investment solutions to the institutional market and operates one of the world’s largest global asset managers through New York Life Investments2. New York Life has $760 billion in assets under management3 and a workforce of more than 23,000 agents and employees.
Mr. DeSanto succeeds Ted Mathas, who served as CEO for nearly fourteen years. Mr. Mathas will remain chairman of the board in a non-executive capacity.
“I am honored to have the confidence of New York Life’s Board of Directors and to succeed Ted as the next steward of the company,” said Mr. DeSanto. “Having built my entire career at New York Life, I have a deep appreciation for our 177-year track record of enduring success in providing financial security and peace of mind to our policy owners and clients. Our historic period of growth under Ted’s leadership capitalized on our mutuality, superior financial strength, unrivaled career agency system, and our outstanding, diverse team of dedicated agents and employees. As a result, we are exceptionally well-positioned to continue to provide the trusted advice and guidance our clients expect from us and to always be there when we are needed the most.”
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Mr. DeSanto joined New York Life in 1997 as an actuarial summer intern and was promoted into roles of increasing responsibility across the company’s finance and business operations, which included leading the institutional and individual life insurance businesses. In 2015, Mr. DeSanto was appointed leader of the company’s strategic businesses, where he strengthened and further diversified a portfolio of businesses that complement and support the company’s core retail insurance business. Today, these strategic businesses generate roughly half of New York Life’s earnings and are a significant contributor to dividends paid.
In 2018, Mr. DeSanto assumed oversight for New York Life’s top-ranked retail annuity business line. In 2019, he added oversight of New York Life Investment Management (NYLIM), New York Life’s multi-boutique third-party asset management business serving institutions and individuals around the world with more than $432 billion in assets under management4. In 2020, Mr. DeSanto led the effort to close the acquisition of Cigna’s Group Life and Disability business, now known as New York Life Group Benefit Solutions. The acquisition was the largest in New York Life’s history.
“Craig is a proven leader and is highly qualified to further New York Life’s tradition of delivering on the company’s commitments to policy owners and clients, agents and employees, and the communities where we work and live,” said Mr. Mathas. “In a career that spans more than two decades with New York Life, he has held leadership roles and produced outstanding results in virtually every line of business. He has a clear vision for building on our company’s success, anchored by a steadfast commitment to our mission, purpose, and values.”
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