The Penn Mutual Life Insurance Company has appointed David O’Malley as the new executive vice president and chief financial officer (CFO) to oversee the financial operations.

Most recently, Mr O’Malley served as executive vice president with oversight of product management, technology, producer and client services, the project management office and underwriting and new business. He joined the Penn Mutual’s investment department in 1994.

Previously, Mr O’Malley held the positions of vice president and head of fixed income, chief risk officer, and senior vice president of product management. He was instrumental in designing the company’s hedging program for life and annuity products with living benefits.

Robert Chappell, chairman and CEO of Penn Mutual, said: “Dave O’Malley’s leadership and outstanding business acumen have clearly contributed to Penn Mutual’s success over the last several years. As CFO, O’Malley will bring to bear his considerable talent and financial expertise that have fully leveraged the benefits of our mutuality for our company and, most importantly, for our policyholders.”