Executive Has Led Company's Strong Growth in Life & Annuity Operations

NEW YORK, September 23, 2002 — New York Life Insurance Company announced today that its Board of Directors has elected Frederick J. Sievert as president of New York Life effective October 1.

Sy Sternberg, chairman, president and chief executive officer, said, "Fred and his team have produced exceptional performance in recent years, achieving the number one market share in new life premium, expanding our annuity business, and dramatically improving service to policyholders. He has also improved the quality of agent recruiting, training and diversity, and added to our lead in the number of agents qualifying for the Million Dollar Round Table, a key indicator of the professionalism of our career agency system. In his new role Fred will assist me in the overall management of the company, while continuing his responsibilities for the overall direction of our life insurance, annuity, and special markets businesses."

Mr. Sternberg has held the title of president since October 1, 1995. He became chairman of the board and chief executive officer as well, on April 1, 1997. Mr. Sternberg, 59, continues as chairman of the board and chief executive officer.

Mr. Sievert, 54, is a member of the company's Executive Management Committee, which is responsible for establishing management policies in all areas of the company's business and affairs. In addition, he serves as chairman of the board of NYLIFE Insurance Company of Arizona, and is president and a member of the board of New York Life Insurance and Annuity Corporation. He is the chairman-elect of the Life Insurance Council of New York board of directors and is a director of the American College, as well as the LIFE Foundation.

Mr. Sievert joined New York Life in 1992 as senior vice president and chief financial officer with responsibility for the Financial Management Department of Individual Operations. In 1994, he also became responsible for the Individual Life, Individual Annuity and Disability Income Departments. In 1995, Mr. Sievert was promoted to executive vice president with the additional responsibility of overseeing Individual Policy Services. He was elected to the Board of Directors in November 1996, and became vice chairman in January 1997. In 1999, he was given oversight responsibility for the Special Markets Business Units and the Corporate Marketing Department.

Mr. Sievert is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. He has served on a number of industry committees and task forces, including the Life Insurance Committee of the Actuarial Standards Board and The Conference Board's Council of Financial Services CFOs.

Mr. Sievert received a B.A. degree from Amherst College and an M.A. degree from Wayne State University. He was a secondary school teacher for seven years.

He lives in Stamford, Connecticut, with his wife, Susan, and their five children.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Contacts:

Bill Werfelman
New York Life
(212) 576-5385

Karen Finkston Payes
New York Life
(212) 576-5624

Hope Heyman
Edelman Public Relations
(212) 704-4512

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