The stock market has been see-sawing between new record highs and correction territory all summer long. For many investors the volatility has been nerve-wracking.
But not for Ted Mathas. He is confident about the long-term outlook for the financial marketsâwith âlong-termâ being the key word. As CEO of New York Life Insurance (NYLIC), his take is crucial because he oversees more than half a trillion dollars of savings for his clients, mostly for retirement.
Speaking to Fortuneâs Susie Gharib, Mathas says, âWe continue to see growth around the world with the U.S. being a strong provider of growth. Companies are still doing very well. We still feel very good. Weâre not increasing any of our exposure to equities, but weâre very confident with the level of equities we hold.â
Mathas says New York Life agents are advising their clients to âtake the emotion out of investingâ and to stay focused on the long term.
âIf they own equities, they should have a longer-term time horizon,â he explains. âAnd if they have longer term time horizon, they shouldnât be as worried about near term market movements.â
Under CEO Ted Mathasâ leadership, the 173-year-old life insurance giant, has enjoyed a year of record-breaking firsts. New York Life celebrated all-time highs this past fiscal year, racking up nearly $14 billion in annuity sales. With revenues of more than $42 billion, it is the largest mutual life insurance in the U.S. and is ranked number 69 on the Fortune 500 list of Americaâs biggest companies.
Watch the video above for more from our interview with Mathas.