ING U.S. Names Michael Smith Chief Risk Officer
ING U.S. announced today that Michael Smith has been named chief risk officer with responsibility for overseeing the enterprise-wide and business-level risk monitoring and management program for ING U.S. Smith joined ING in 2009 as chief financial officer and chief risk officer for the ING U.S. Annuity business, and in 2011, he became chief executive officer of the ING U.S. Annuity business, and played a leadership role in managing the variable annuity book of business into a run-off closed block.
“Mike’s risk-management experience, combined with his deep understanding of our businesses, will allow us to continue developing and building upon our existing risk-management practices, in support of prudent business growth,” said Rod Martin, CEO, ING U.S. “Over the last two and a half years, Mike has done an excellent job in critical roles managing risk and providing strategic leadership – experience that will serve him well as CRO.”
Smith’s responsibilities include managing the framework for measuring, controlling, hedging and pricing risk. In addition to his risk management role, he will continue to oversee the Closed-Block Variable Annuity run-off business.
Prior to joining ING, he was the head of Profitability and Risk Management for Retirement Solutions at Lincoln Financial Group (LFG), where he worked for about 20 years. He held several leadership positions at Lincoln, including chief actuarial officer for Lincoln National Life, chief administrative officer and chief financial officer for Lincoln Financial Distributors Inc. (LFD), chief financial officer and chief risk officer for LFG’s Life and Annuity division and head of customer support for LFG’s Employer Markets division.
Smith holds bachelor’s degrees in economics and Russian studies from the University of Michigan. He attained Fellowship in the Society of Actuaries in 1990, and he is also a member of the American Academy of Actuaries. Smith attained his CFA Charterholder designation in 2003. He serves on the boards of People’s Light & Theatre Company and Covenant House-PA.
About ING U.S.
ING U.S. constitutes the U.S.-based retirement, insurance and investment management operations of Dutch-based ING Groep N.V. (NYSE: ING). In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, including life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 15 million customers and plan participants across the nation. For more information, visit http://ing.us.