New York Life Insurance Company has set up a business that will create and distribute stable-value products.

Stable Value Investments, the new business, will offer products backed by book-value guaranteed from New York Life, New York, according to the company’s New York Life Investments division.

New York Life Investments has named Steven Dorval to be the managing director in charge of overseeing the new business.

The new business will focus on marketing to stable-value fund managers and large corporate plan sponsors, Dorval says.

New York Life has picked Aruna Hobbs to head the Stable Value Investments business.

Hobbs has been a member of the executive committee of the Stable Value Investment Association, Washington.