AXA Equitable Financial Services has hired Fred DeMinico to be the head of independent distribution for life insurance in the United States, in an effort to increase sales through banks, wirehouses and broker general agents.
DeMinico has been a national accounts vice president at John Hancock Financial Services, a Boston-based vision of Manulife Financial Corp.
DeMinico will report to Trey Reynolds, AXA’s head of U.S. life distribution. AXA Equitable, a New York-based division of AXA S.A., hired Reynolds away from John Hancock earlier this year.
(Related: Craig Bromley Leaves Top John Hancock Post)
AXA executives said in February, after they hired Reynolds, that they want to find ways to increase sales of the company’s life products to consumers who are now uninsured.
Reynolds said in a statement Monday that AXA is hiring DeMinico to speed up communication with independent U.S. life distributors.
“Delivering competitive life insurance offers in a timely fashion with proactive service is how we’re responding to a changing and demanding market,” Reynolds said.
DeMinico started out as a stockbroker. He later worked in the annuity and long-term care insurance units at John Hancock, and he was in charge of several of John Hancock’s biggest relationships, according to Firs tAmerican Insurance Underwriters.
AXA Equitable is a New York-based unit of AXA S.A., which is based on Paris. AXA executives announced earlier this year that they hope to spin the company’s U.S. operations off as a separate business.
— Read SEC Clears MetLife to Complete Brighthouse Spinoff on ThinkAdvisor.