New York Life Insurance Company is one of the most prominent names in the life insurance industry. As the nation’s largest mutual life insurer, it has a legacy of providing financial security to millions of families. At the helm of this iconic company is Craig DeSanto, the Chair, President, and CEO. In this blog, we’ll explore Craig DeSanto’s professional journey, leadership style, net worth, and compensation, offering valuable insights for readers curious about the CEO’s role and earnings.
Who Is Craig DeSanto?
Current Role
Craig DeSanto is the Chair, President, and CEO of New York Life Insurance Company. He became the company’s 19th CEO in 2022, following a long and distinguished career within the organization. In 2023, he also took on the role of Chair of the Board of Directors, solidifying his leadership position.
Professional Journey
Craig DeSanto’s career with New York Life spans over 25 years, beginning as an actuarial summer intern in 1997. His rise to the top is a testament to his dedication and exceptional leadership skills. Over the years, DeSanto has held several key positions, including:
- Leading retail life insurance and institutional life insurance divisions.
- Managing Eagle Strategies, New York Life’s registered investment adviser.
- Overseeing the company’s strategic business portfolio, which DeSanto expanded significantly in 2020 by acquiring New York Life’s group life and disability business—the largest acquisition in the company’s history.
In 2017, DeSanto joined New York Life’s Executive Management Committee, and by 2020, he was appointed President of the company. His leadership has been instrumental in driving growth and innovation.
Educational Background
DeSanto holds a Bachelor of Science degree from Cornell University. He is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries, showcasing his deep expertise in actuarial science and finance.
Industry Contributions
Beyond his role at New York Life, DeSanto serves on the boards of:
- The American Council of Life Insurers.
- The Partnership for New York City.
He is also a former board member of LL Global Inc., further highlighting his influence in the insurance and financial services sectors.
New York Life CEO Salary Breakdown
Craig DeSanto’s compensation reflects his leadership role at one of the largest life insurers in the world. While specific details about his salary are not publicly disclosed, we can analyze industry standards and New York Life’s salary structure to provide insights.
Base Salary
For executive roles at New York Life, the salary range is reported to be between $157,500–$237,500 annually. However, as CEO, DeSanto’s base salary is likely well above this range, given his responsibilities and the size of the company.
Performance Bonuses
DeSanto’s compensation includes discretionary bonuses, which are tied to the company’s financial performance, operational success, and strategic growth. These bonuses reward leadership that drives innovation and profitability.
Equity Compensation
As CEO, DeSanto likely receives equity awards, such as stock options or restricted stock units, aligning his financial interests with the company’s long-term success. These awards incentivize him to prioritize shareholder value and sustainable growth.
Other Benefits
Executives at New York Life enjoy additional perks, including:
- Retirement plans.
- Healthcare benefits.
- Travel allowances.
These benefits contribute to the overall compensation package and reflect the company’s commitment to rewarding its leadership.
Craig DeSanto’s Net Worth
Estimated Net Worth
While Craig DeSanto’s exact net worth isn’t publicly available, it can be estimated based on his salary, bonuses, and equity holdings. As CEO of a leading insurance company, his net worth likely falls in the range of $20–30 million.
Stock Ownership
DeSanto’s equity awards and stock options significantly contribute to his wealth. His vested shares align his financial interests with New York Life’s performance, incentivizing him to focus on long-term growth.
New York Life Performance and CEO Pay
Company Overview
New York Life is the largest mutual life insurer in the United States, with a reputation for financial stability and customer-centric solutions. The company’s strong performance directly influences DeSanto’s compensation, as bonuses and equity awards are tied to operational success.
Revenue and Growth
Under DeSanto’s leadership, New York Life has continued to grow and diversify its business. The acquisition of the group life and disability business in 2020 was a pivotal moment, showcasing his strategic vision and ability to execute large-scale deals.
Impact on Compensation
DeSanto’s earnings reflect his ability to drive innovation and maintain New York Life’s leadership position in the insurance industry. His compensation is designed to reward success while aligning his interests with those of policyholders and stakeholders.
Comparison with Other Insurance Industry Leaders
How does Craig DeSanto’s compensation compare to other CEOs in the insurance industry?
Salary Comparison
- Prudential Financial CEO: Andrew F. Sullivan’s total compensation is estimated at $10.8 million, including base salary, bonuses, and stock awards.
- MetLife CEO: Michel Khalaf’s earnings are reported to be in a similar range, reflecting MetLife’s global presence.
- Aflac CEO: Daniel P. Amos earns slightly more, given Aflac’s focus on supplemental insurance.
DeSanto’s compensation aligns with industry standards and reflects New York Life’s position as a mutual life insurer.
Public Opinion on CEO Salaries
Executive pay in the insurance industry often sparks debate. Here’s a look at the differing perspectives:
Supporters’ Perspective
- High compensation is justified for leaders who drive innovation and growth.
- DeSanto’s salary reflects his contributions to New York Life’s success and global impact.
Critics’ Perspective
- Some argue that CEO pay should be more balanced with employee wages and policyholder benefits.
- The CEO-to-median pay ratio raises concerns about income inequality within the company.
Historical CEO Compensation at New York Life
Craig DeSanto’s compensation aligns with New York Life’s history of rewarding strong leadership. Previous CEOs earned competitive salaries, but DeSanto’s tenure and achievements have elevated the company’s standards for executive pay.
Key Insights into CEO Compensation
Understanding Craig DeSanto’s compensation provides transparency into corporate leadership and governance.
Elements of Compensation
- Base Salary: Fixed annual pay for the CEO’s role.
- Performance Bonuses: Rewards tied to New York Life’s financial success.
- Stock Awards: Equity compensation that incentivizes long-term company performance.
- Other Benefits: Includes pension plans, travel allowances, and healthcare perks.
Conclusion
Craig DeSanto’s journey from an actuarial intern to the CEO of New York Life is a testament to his dedication and leadership skills. His compensation reflects his contributions to the company’s success and aligns with industry standards. As New York Life continues to thrive, DeSanto remains a pivotal figure in the insurance industry.
FAQs
- Who is the CEO of New York Life?
Craig DeSanto is the Chair, President, and CEO of New York Life Insurance Company.
- What is Craig DeSanto’s annual salary?
While specific details are not publicly available, his salary likely exceeds the reported range of $157,500–$237,500 for executive roles at New York Life.
- How much is Craig DeSanto’s net worth?
Craig DeSanto’s net worth is estimated to be $20–30 million, driven by salary, bonuses, and equity holdings.
- How does Craig DeSanto’s pay compare to other insurance industry leaders?
His compensation is competitive and aligns with industry standards, placing him among the top earners in the sector.
- What factors determine a CEO’s compensation package at New York Life?
CEO pay is tied to New York Life’s financial performance, operational success, and long-term growth strategies.