To oversee strategic businesses within the company
October 01, 2019 — NEW YORK–(BUSINESS WIRE)–New York Life announced today that Alain Karaoglan has joined the company as Senior Vice President with oversight of a portfolio of strategic insurance businesses that includes Group Membership Association Division, Institutional Annuities, Institutional Life, New York Life Direct, and Seguros Monterrey New York Life. This diverse set of businesses significantly supports New York Life’s earnings and industry-leading financial strength. Mr. Karaoglan will report to Craig DeSanto, the company’s Co-Chief Operating Officer.
Mr. Karaoglan joins New York Life after serving as Chief Operating Officer for Voya Financial from 2012 to 2018, where he was a member of Voya’s Executive Committee and oversaw all of Voya’s businesses, including Annuities, Employee Benefits, Individual Life, Investment Management, and Retirement. Before joining Voya, he was the head of Divestitures at American International Group, where he helped restructure the company after the 2008 financial crisis.
Previously, Mr. Karaoglan held senior roles in the investment banking and insurance industries, including at Banc of America, Deutsche Bank, Donaldson Lufkin & Jenrette, and Bear Stearns. He has a Master of Business Administration from the Tuck School of Business at Dartmouth College and a Bachelor of Arts in Economics and a Bachelor of Science in Business Administration, magna cum laude, from Pepperdine University.
“Alain’s leadership and track record of success ideally position him to oversee this portfolio of industry-leading strategic businesses,” said Mr. DeSanto. “His broad strategic, operational, and P&L experience will enhance our ability to invest in and expand these businesses, which provide high-quality insurance solutions and generate attractive returns that benefit New York Life and our customers.”
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/19. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 9/12/19: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).