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 marketsâ€”with â€ślong-termâ€ť 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 Fortuneâ€™s Susie Gharib, Mathas says, â€śWe 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. Weâ€™re not increasing any of our exposure to equities, but weâ€™re very confident with the level of equities we hold.â€ť
Mathas says New York Life agents are advising their clients to â€śtake the emotion out of investingâ€ť and to stay focused on the long term.
â€śIf they own equities, they should have a longer-term time horizon,â€ť he explains. â€śAnd if they have longer term time horizon, they shouldnâ€™t be as worried about near term market movements.â€ť
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 Americaâ€™s biggest companies.
Watch the video above for more from our interview with Mathas.