AIG announced that Jay S. Wintrob has been named President and Chief Executive Officer of Domestic Life and Retirement Services, a new position. Mr. Wintrob, formerly President and CEO of AIG Retirement Services, will lead AIG’s U.S.-based life insurance and retirement services businesses, which market their products and services under the well-established brands American General, AGLA, SunAmerica, VALIC, and Western National.
In addition, Mary Jane Fortin, currently Senior Executive Vice President, Chief Administrative Officer, and Chief Financial Officer of the domestic life companies, has been named President and CEO of American General Life Companies. Ms. Fortin, as well as each Retirement Services profit center president, will report to Mr. Wintrob. She succeeds Matthew E. Winter, who was recently promoted to AIG Vice Chairman of Administration.
“I am very enthusiastic about the growth potential of the domestic life and retirement services businesses, and believe these market-leading companies will prosper under the strong leadership of Jay Wintrob,” said Robert H. Benmosche, President and CEO of AIG. “Given its experienced management team and prior operating history, I believe the Domestic Life and Retirement Services group can operate with greater autonomy going forward and build upon the improved operating income results delivered in the first half of 2009.”
The unified businesses will offer a comprehensive suite of life and retirement savings products through an established multi-channel distribution network that includes banks, national, regional and independent broker-dealers, career financial advisors, wholesale life brokers, insurance agents, and a direct-to-consumer platform. With their combined expertise in savings, protection, and retirement income solutions, these businesses will be well positioned to meet consumers’ next generation financial security needs.
Mr. Wintrob was named President and CEO of AIG Retirement Services in 2001. He previously served as Senior Vice President, Executive Vice President, Vice Chairman, and Chief Operating Officer. He also served as President of SunAmerica Investments, Inc. from 1994 through 2000, overseeing the company’s invested asset portfolio. Mr. Wintrob joined SunAmerica in 1987. SunAmerica was acquired by AIG in 1999. Mr. Wintrob played a pivotal role in the acquisition and integration of VALIC and Western National into Retirement Services when AIG acquired American General Corporation in 2001. Prior to joining SunAmerica, Mr. Wintrob was with the law firm O’Melveny & Myers where he practiced corporate law.
Ms. Fortin was named Senior Executive Vice President, Chief Administrative Officer and Chief Financial Officer of American General Life Companies in 2009. She joined the American General Life Companies as Executive Vice President and Chief Financial Officer in 2006. Prior to joining American General, Ms. Fortin was a senior executive with the Hartford Financial Services Group, Inc. where she served as Senior Vice President and Director of Mutual Funds and 529 Programs and President and CEO of the Canadian Mutual Fund business. She previously served as Senior Vice President and Chief Accounting Officer for Hartford Life. Ms. Fortin has also held audit positions with PricewaterhouseCoopers and Arthur Andersen.
Based on market data, the combined insurance companies forming Domestic Life and Retirement Services ranked as the third-largest life insurance organization in the United States with more than $213 billion of admitted assets as of March 31, 2009. The combined companies had more than $17 billion in sales for the 12 months ending June 30, 2009. They were among the largest issuers of annuities and term life insurance in the United States as well as a leading provider of defined contribution plans in the education and healthcare markets. They currently have more than 16 million customers and nearly 300,000 financial professionals appointed to sell their insurance and retirement savings products.
