Former Genworth Exec Tapped to Head OneAmerica’s Individual Life, Financial Services Business
October 17, 2013 by Rick Cornejo
INDIANAPOLIS – Patrick M. Foley has been tapped by OneAmerica Financial Partners to be the president of individual life and financial services for OneAmerica companies. He succeeds Mark Wilkerson, who retires in 2014.
Foley will lead all of the individual lines of business for the OneAmerica companies. He previously served as president of distribution and marketing at Genworth Financial and led its multichannel distribution platform of life, annuity, long-term care, linked-benefit products and all strategic marketing programs for Genworth’s U.S. life companies. Prior to Genworth, he held senior level roles at Allianz Life of North America and Prudential.
Wilkerson will remain with OneAmerica to support Foley through the leadership transition, the company said.
Individual operations generates approximately 25% of the group’s statutory premium income, according to BestLink (www.ambest.com/bestlink).
OneAmerica, through its lead operating entity American United Life Insurance Co., is ranked nationally in the top 20 of 401(k), 403(b), and 457 providers in its markets, which include the expanding small-case defined contribution arena in the for-profit, government and nonprofit market segments, according to BestLink. The group offers life insurance, traditional annuities and life and annuity products with a combined long-term care feature.
State Life Insurance, a OneAmerica unit, said 2012 was its best year ever for sales of its life insurance product with long-term care benefits (Best’s News Service, May 29, 2013). Based on first-year premium, State Life saw growth of 28% over its previous record in 2011. Asset-based long-term care products such as its own often are referred to as hybrid products, the company said.
Units of OneAmerica currently have Best’s Financial Strength Ratings of A+ (Superior).
(By Rick Cornejo, managing editor, BestWeek: rick.cornejo@ambest.com)
