SunAmerica Financial Group is restructuring its life insurance and retirement services divisions as it seizes “a unique time for opportunity, change and growth.”
The company, which handles American Insurance Group’s domestic sales, announced a new “all-channel distribution organization,” SunAmerica Financial Group Distributors, that will oversee its sales and strategic account management efforts.
The company also established a new division to expand in institutional markets for SunAmerica Financial Group. The Institutional Markets division will oversee the structured settlements, pension terminal funding, private placement life and annuity and COLI/BOLI businesses, as well as consider new opportunities.
“This is a unique time of opportunity, change and growth for SunAmerica Financial Group,” said Jay Wintrob, president and CEO of SunAmerica Financial Group. “Our new organizational structure will enable us to better serve our broad network of distribution partners as we work together to help even more Americans plan for and achieve financial and retirement security.”
The new distributors unit will oversee all distribution of American General Life Cos.’ life, accident and health products, VALIC’s group retirement and rollover offerings, Western National’s fixed annuities, and SunAmerica’s variable annuities and mutual funds. Advisor Group, comprised of broker-dealers FSC Securities Corp., Royal Alliance and SagePoint Financial, will also be part of the new distribution organization.
Stephen A. Maginn, who joined SunAmerica in 2008, was named president of the new organization. He most recently served as chief distribution officer for SunAmerica Retirement Markets and SunAmerica Mutual Funds, where he was instrumental in helping to significantly increase both variable annuity and mutual fund sales, officials said.
Institutional Markets will be led by Jonathan Novak, who joins SunAmerica from Goldman Sachs, where he served in that firm’s Financial Institutions Risk Management business leading a team focused on risk management solutions for insurance companies and banks.
SunAmerica Financial Group is one of the largest life insurance and retirement services organizations in the United States with more than $257 billion of assets under management and shareholders’ equity of more than $35 billion, as of Dec. 31, 2011.
SunAmerica restructures, seizing ‘unique time’ for growth, change via IFAwebnews.com .
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