...of effective or ineffective management. Copyright © 2009, 2010, 2011 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800- 545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. JULIO J. ROTEMBERG JOHN T. GOURVILLE New York Life and Immediate Annuities In July 2009, Ted Mathas, the chairman and CEO of New York Life Insurance Company (NYL), was satisfied with the bet he had placed on immediate annuities back in 2002. An immediate annuity was a financial product sold to a current or soon-to-be retiree. In the annuity’s simplest form, a 65-year-old person would give NYL a lump sum, say $100,000. In return, NYL would provide that person with a guaranteed income stream, say $650 a month, for the rest of his or her life. In 2002, immediate annuities were a somewhat neglected $120 million annual business for NYL. But because Americans were living longer and because corporations were cutting back on their retirement benefits, Mathas saw immediate annuities as the ideal vehicle to guarantee retirees a lifetime income. By 2008, first under Mathas and later under NYL’s senior vice-president Paul Pasteris, immediate annuities had grown into a $1.4 billion business for NYL, making the company the undisputed leader in...
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...The Essential Drucker BOOKS BY PETER F. DRUCKER MANAGEMENT The Essential Drucker Management Challenges for the 21st Century Peter Drucker on the Profession of Management Managing in a Time of Great Change Managing for the Future Managing the Non-Profit Organization The Frontiers of Management Innovation and Entrepreneurship The Changing World of the Executive Managing in Turbulent Times Management: Tasks, Responsibilities, Practices Technology, Management and Society The Effective Executive Managing for Results The Practice of Management Concept of the Corporation ECONOMICS, POLITICS, SOCIETY Post-Capitalist Society Drucker on Asia The Ecological Revolution The New Realities Toward the Next Economics The Pension Fund Revolution Men, Ideas, and Politics The Age of Discontinuity Landmarks of Tomorrow America’s Next Twenty Years The New Society The Future of Industrial Man The End of Economic Man AUTOGRAPHY Adventures of a Bystander FICTION The Temptation to Do Good The Last of all Possible Worlds --------------------------------------------------------------------------- A DF Books NERDs Release THE ESSENTIAL DRUCKER. Copyright © 2001 Peter F. Drucker. All rights reserved under international and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the non-exclusive, non-transferable license to access and read the text of this e-book on screen. No part of this text may be reproduced, transmitted, down-loaded, decompiled, reverse...
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