NEW YORK, N.Y., December 16, 2002 — New York Life International, the overseas arm of New York Life Insurance Company, announced today that David J. Skinner has been named Asia Region CEO.

"I am extremely pleased Dave has agreed to accept this position and I am confident he is the best person to lead the company as it continues to grow and further establish itself as a leader in the Asian life insurance market," said Gary Benanav, chairman and CEO, New York Life International. "Since joining New York Life International, Dave has proven his leadership skills and brings a wealth of knowledge in all aspects of the finance arena."

Skinner, who has served as chief financial officer and business development head of New York Life International since 2000, has relocated to the company's regional office in Hong Kong and succeeds Dennis Pedini, who is retiring. He will continue to serve in his position as CFO of New York Life International until his successor is announced.

"I am very enthused about the opportunity to lead New York Life in Asia during the coming years," said Skinner. "I believe we have the most professional and talented group of agents and employees of any life insurance company in Asia and we are poised to take advantage of anticipated strong growth in the region over the next years. Our various country operations are led by first-rate management teams who have done an outstanding job growing New York Life in Asia in a very short time. I look forward to working with them to continue the company?s success in the Asia region."

Skinner has more than 20 years of experience in the life insurance industry. He joined New York Life two years ago from Liberty Mutual Group in Boston, where he served as chief financial officer of Liberty International and was responsible for a number of financial, strategic and operational roles.

From 1994 to 1996, Skinner served as CFO of Aetna Canada in Toronto, while also serving as the chairman of Aetna Capital Management Ltd., the Canadian investment management firm. For four and a half years, beginning in 1990, he served in Hong Kong as CFO of Aetna's Asia Regional Office. Before joining Aetna's Corporate Planning Department in 1988, Skinner was director of financial accounting at CIGNA.

Skinner, who began his career at Peat Marwick Mitchell in 1980, has an MBA degree in finance and accounting from University of Rochester and is a designated CPA. He resides in Hong Kong.

New York Life International offers insurance products through its subsidiaries and affiliates in Argentina, Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan and Thailand. New York Life International also maintains a representative office in Hanoi, Vietnam. In addition, the Company's Shanghai-based joint venture, Haier New York Life, will begin operations in late December 2002.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and the fifth largest 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 plans 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:

Marisha Chinsky
New York Life
(212) 576-5897

Fielding Dupuy
New York Life
(917) 295-0062
852 2116 4399 - Hong Kong

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