NU Online News Service, Sept. 25, 8:15 p.m. – The new president of New York Life Insurance Company, New York, says a diverse product mix, a diverse client base and the decision to stick with policyholder ownership are helping the company weather the current economic slump.
Life insurance sales for the first eight months of the year were up 31% from sales for the first eight months of 2001, according to Fred Sievert.
Sievert, who was the company’s vice chairman, says he expects to get more involved in corporate affairs but keep many of the day-to-day management responsibilities. He declined to comment on whether his promotion makes him an heir presumptive to Sy Sternberg, New York Life’s 59-year-old chairman and chief executive officer.
But Sievert has no problem answering questions about whether he’s glad under current conditions that New York Life is still a mutual life insurer, rather than a newly minted, shareholder-owned public company.
“Absolutely,” Sievert says. “We feel right now that it is a competitive advantage. We can manage with an eye to the long-term.”