Aflac Inc. (AFL), the largest seller of supplemental health insurance, hired Teresa McTague to oversee a $10.8 billion portfolio as interest rates near record lows pressure investment income.
McTague, formerly a portfolio manager at the General Re-New England Asset Management unit of Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), will be U.S. chief investment officer at Aflac. She’ll be based in New York and report to CIO Eric Kirsch, the Columbus, Georgia-based firm said today in a statement.
Kirsch has been adding managers to help run Aflac’s portfolio after joining from Goldman Sachs Group Inc. in 2011. He hired Lori Evangel from MetLife Inc. (MET) as chief risk officer in January and in August named Issei Sasaki to oversee investments in Japan, the company’s largest market.
McTague, 57, has “extensive knowledge and expertise related to global portfolio management and insurance strategy,” Kirsch said in the statement.
The return on Aflac’s U.S. portfolio dropped to an average of 5.86 percent in the three months ended March 31, from 6.48 percent a year earlier as bond yields fell, according to a document on the company’s website.
At General Re, McTague helped manage assets for insurance clients. She has also worked at Johnson & Higgins and Alexander & Alexander, Aflac said. McTague received a bachelor’s degree in economics from the University of California at Berkeley and an MBA from the University of Pennsylvania’s Wharton School.
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