New York Life Insurance Co. has picked Todd Taylor to be the head of its retail annuities unit.
The unit generated $13 billion in individual annuity sales in 2021, or about 5% of all 2021 U.S. individual annuity sales.
Taylor, who will become a senior vice president, has been a vice president at New York Life and head of retail annuities strategy, marketing, service, administration and analytics.
Taylor succeeds Dylan Huang, who is now a senior vice president in charge of overseeing a wide range of New York Life's retirement and wealth operations.
What It Means
One of the biggest U.S. annuity issuers is responding to all of the economic uncertainty and market volatility by choosing a top executive who has been deeply involved in data and operations, not someone has come up through sales or through asset management roles.
New York Life
New York Life was founded in 1845.
The company is a mutual life insurer, meaning that it is owned by its policyholders, not by public investors or private equity firms.
It files quarterly and annual results with state insurance regulators, and it posts the results on its own website, but it does not have to worry about mildly disappointing results causing a sharp drop in its stock price.
