New York Life Taps Chris Blunt and Mark Pfaff to Run Key Operations

Mr. Pfaff said, “Our mission for 163 years has been to bring the protection of life insurance to as many families as possible. The role of the agent in this process has never been more important, as studies have shown that Americans are significantly underinsured. Much of that phenomenon can be attributed to a lack of good advice. As one of America’s leading life insurance companies, we can have a positive impact in countering the nation’s underinsurance problem. We believe we have the best-trained, most professional career agents in the nation. This is also a time when more Americans are seeking advice about their family’s financial future. I know that combining our agency operations with the life insurance operations will lead to stronger growth of our company’s primary product line, greater benefits to the consumer, as well as more opportunities for those seeking careers in insurance and financial services.”

Mr. Pfaff noted that a recent public opinion survey by Greenwald & Associates, sponsored by New York Life, found that Americans have just half the life insurance they need to achieve their own self-described financial objectives.

Retirement Income Security

Retirement Income Security (RIS) is expected to have consolidated revenue of more than $2 billion for 2008, including revenue from income annuities, investment annuities, long term care insurance and retail mutual funds. In running RIS, Chris Blunt will focus on leveraging New York Life’s financial strength, innovation and leadership position as the country’s largest mutual life insurer, to provide products and services that will help address America’s retirement security challenge.

“The retirement security challenge is massive, with 77 million Baby Boomers heading into retirement joining the millions of Americans who are already there,” said Mr. Blunt. “The current financial crisis has shown how very costly a wrong move can be to individuals in, or near to, retirement. I’m thrilled about the opportunity to work in a very focused way on retirement security, where so much is at stake for so many people, and where our work can make such a difference in people’s lives. We will be leveraging New York Life’s strengths to find new, innovative ways to help Americans accumulate savings, protect those savings and plan for retirement income they can rely on, no matter what crisis may confront them.”

Mr. Blunt and Mr. Pfaff are both members of New York Life’s Executive Management Committee, which is comprised of its senior executive leadership and assists the CEO in setting policy for the company.

Mr. Blunt graduated from the University of Michigan and holds an MBA from the Wharton School of the University of Pennsylvania. He joined New York Life in 2004. Mr. Pfaff received a B.A. from Manhattan College and an A.A. degree from Westchester Community College. He joined New York Life in 1985.