Bloomberg News

Genworth Hires Evangel From Aflac Investments as Risk Chief (1)

January 06, 2014

Genworth Financial Inc. (GNW:US), the mortgage guarantor and life insurer, hired Lori Evangel to be chief risk officer as Chief Executive Officer Tom McInerney reshapes management.

Evangel, 51, joins from Aflac Inc. (AFL:US), where she was chief risk officer for global investments since January of last year, according to a statement today from Genworth. She was previously senior vice president and enterprise risk officer at MetLife Inc., the largest U.S. life insurer.

“Lori’s extensive experience with creating, implementing, and leading global risk-management systems will be integral to our broader, more comprehensive view of risk management,” McInerney said in the statement.

McInerney, 57, has been selling assets and raising capital to bolster Genworth’s credit rating (GNW:US) after joining the Richmond, Virginia-based insurer last year. He last month named Georgette Nicholas, 49, chief financial officer of the Australian mortgage-insurance division preparing for an initial public offering and is temporarily heading the company’s life business after the unit in October announced the departure of its CEO.

Evangel replaces Michel Perreault, who will remain with Genworth as chief risk officer of the life insurance division. Evangel received a bachelor’s degree in political science from Middlebury College and an MBA in finance from the State University of New York, according to the statement.

Aflac, the largest seller of supplemental health insurance, is looking at internal and external candidates to replace Evangel, said Laura Kane, a spokeswoman for the Columbus, Georgia-based insurer. Aflac has targeted this year for adding bets beyond U.S. corporate debt and Japan government bonds to its portfolio, CFO Kriss Cloninger told investors last month.

‘High Priority’

“Investment risk management remains a high priority at Aflac,” Kane said in an e-mail. “We are taking steps to manage that priority.”

Genworth climbed 2.5 percent to $15.78 at 4:15 p.m. in New York, the biggest gain in the 21-company Standard & Poor’s 500 Insurance Index. The insurer doubled in 2013 after plunging about 70 percent in the five years before McInerney’s arrival. Aflac slipped 1.9 percent to $64.88 today and jumped 26 percent in 2013.

To contact the reporter on this story: Alexandria Baca in New York at abaca3@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • GNW
    (Genworth Financial Inc)
    • $13.88 USD
    • -0.13
    • -0.94%
  • AFL
    (Aflac Inc)
    • $60.77 USD
    • -0.23
    • -0.39%
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