SunAmerica Financial Group Announces Reorganization to Better Serve Customers & Promote Accelerated Growth in Sales & Profita...
April 12 2012 - 8:30AM
Business Wire
SunAmerica Financial Group, AIG’s life insurance and retirement
services division, today announced several key organizational
structure and management changes intended to better serve the
organization’s distribution partners and customers. Highlights
include:
- The creation of a new all-channel
distribution organization – SunAmerica Financial Group Distributors
– that will oversee sales and strategic account management efforts
across SunAmerica Financial Group. Stephen A. Maginn has
been named President of the new organization. Maginn, who joined
SunAmerica in 2008, 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. The new unit
will oversee all distribution of American General Life Companies’
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 Corporation, Royal
Alliance and SagePoint Financial, will also be part of the new
distribution organization. In addition to Maginn, SunAmerica
Financial Group Distributors’ senior team includes current sales
leaders and several key new hires: John Deremo, who recently
joined SunAmerica from Protective Life Corporation to head sales of
retail life, accident and health products; Terri Fiedler,
who will be joining from Invesco to lead strategic accounts
management; and Michael Treske, who joins SunAmerica from
John Hancock to lead distribution of all annuity products and
retail mutual funds.
- Mary Jane Fortin has been named
Chief Financial Officer of SunAmerica Financial Group after serving
since 2009 as President and CEO of American General Life Companies.
She had previously served as Chief Financial Officer of American
General Life Companies. Succeeding her as President and CEO of
American General Life Companies is industry veteran James A.
Mallon, currently President of American General Life and
Accident Insurance Company (AGLA), a position he has held since
2004. In his new, broader role, Mallon will continue to lead
AGLA.
- The establishment of a new division
that will seek growth 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. 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.
“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. We are very
fortunate that our senior leadership team represents such a
formidable combination of talented individuals with many years of
experience with our organization as well as a number of exceptional
new members who bring strong industry experience and a fresh
perspective.”
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 over $35 billion as of December 31, 2011. The
organization traces its origins to 1850 and today is among the
largest issuers of annuities and life insurance in the United
States, as well as a leading provider of defined contribution plans
in the education and healthcare markets. Through its American
General, VALIC, Western National, SunAmerica, Royal Alliance,
SagePoint Financial and FSC Securities businesses, it offers a
diversified portfolio of life insurance, investment and retirement
savings products, guaranteed income solutions and financial
planning services. SunAmerica Financial Group serves over 18
million customers and its products are sold by over 300,000
financial professionals. For more information, please visit
www.safg.com.
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