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New York Life Appoints Todd Taylor as Head of Retail Annuities
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
New York Life appoints Todd Taylor as Head of Retail Annuities, overseeing a key profit center, with over $13 billion in 2021 sales. Taylor, who joined in 2008, brings extensive experience in actuarial roles and strategy. He replaces Dylan Huang, who now manages additional responsibilities. Taylor aims to enhance retirement solutions, addressing retirees' needs during their financial transitions. New York Life remains the largest mutual life insurer in the U.S., maintaining strong financial ratings from major agencies.
Positive
Appointment of Todd Taylor expected to strengthen leadership in Retail Annuities.
Taylor's extensive experience could enhance product development and strategy.
Negative
Change in leadership could lead to potential continuity concerns.
NEW YORK--(BUSINESS WIRE)--
New York Life, America’s largest1 mutual life insurer, announced the appointment of Senior Vice President Todd Taylor as Head of Retail Annuities, the company’s second-largest profit center and a top five annuity provider2 with over $13 billion in sales in 2021. In this role, Mr. Taylor will lead the product development and management, strategy, marketing, third-party sales and service, and operations functions for New York Life’s retail annuity business line.
“New York Life has a long history of providing peace of mind and security in retirement and a deep appreciation for how challenging the transition from accumulation to decumulation can be for retirees,” said Mr. Taylor. “Our commitment to understanding retirees’ needs and behavior in retirement continues to inform the best-in-class solutions we bring to market and the support we provide to New York Life financial professionals and advisors. I’m honored to lead the group charged with ensuring millions of Americans can enjoy the retirement lifestyle they’ve worked hard to achieve.”
Mr. Taylor joined New York Life in 2008 as part of the company’s actuarial training program. Since then, he has held roles of increasing responsibility across the insurance and annuity businesses and corporate areas, including work in pricing and product development, financial projections and planning, and corporate strategy and internal consulting. Most recently, he led strategy and analytics for Retail Annuities.
Mr. Taylor is also the author of several articles and whitepapers that focus on retirement topics, including the value of income annuities in retirement income strategies, the impact of behavioral economics on retiree spending behavior, and healthcare expenditures in retirement. He holds a patent for the “Efficient Income Frontier,” a proprietary retirement product allocation framework. He holds a Bachelor of Science in Economic Analysis and Math from Binghamton University and is a Fellow of the Society of Actuaries as well as a board member for the Insured Retirement Institute (IRI) and a member of advisory boards for the American College’s Center for Retirement Income and the Investment and Wealth Institute’s Retirement Management Advisor (RMA) Commission.
Mr. Taylor takes over the role from Dylan Huang, SVP and Head of Retirement and Wealth Management Solutions, following an expansion of Mr. Huang’s responsibilities. Mr. Huang now oversees a portfolio of businesses comprised of Retail Annuities, Long-Term Care Solutions, NYLIFE Securities LLC (broker-dealer), and Eagle Strategies LLC (Registered Investment Adviser).
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 States1 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 agencies3.
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see https://fortune.com/fortune500/.
2 LIMRA U.S. Individual Annuities Sales Survey.
3 Individual independent rating agency commentary as of 6/22/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
