Name Reflects Focus on Serving Upscale Individuals and Corporate Markets Through Brokerage Relationships

NEW YORK, N.Y., January 21, 2003 — New York Life Insurance Company announced today that its Brokerage Department, located in Leawood, Kansas, has been renamed New York Life Advanced Markets Network. This change better reflects the unit's exclusive focus on upscale individuals and corporate markets with capabilities in estate planning, Corporate-Owned Life Insurance (COLI), and Bank-Owned Life Insurance (BOLI).

"New York Life Advanced Markets Network is comprised of a skilled team of over 100 employees that offer extensive large case underwriting experience, personalized service and an excellent track record for working well with producers," said Phillip Hildebrand, executive vice president and chief distribution officer. "Over the years our agents have been extremely effective working with clients in the advanced markets arena and this additional distribution capability is a superb complement to that effort. The Advanced Markets Network is a vibrant unit that is vital to the growth of our company, and our new name better reflects our dedication to working with independent producers in the advanced market."

The Advanced Markets Network has grown into one of the largest producers of life insurance premium in each of its three markets over the past twelve years. Headed by Patrick G. Colloton, senior vice president, this division works with the largest and most sophisticated producers of life insurance in the United States. Standing alone, it would rank as one of the top ten life insurance companies, in terms of life insurance sales, in the United States. New York Life moved this department from New York to the Kansas City area in 1993.

Recently, New York Life established a separate product development team dedicated to the advanced market. This has resulted in the introduction of the Pinnacle Series of products for the estate planning and business continuation markets, CorpExec VUL for the COLI market, large case BOLI and most recently, a community bank BOLI product. At the same time, the company has dramatically increased both its internal and external marketing and sales support staff in order to meet the needs and expectations of advanced market clients.

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:

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

Mike Holloway
Edelman
(212) 704-4532

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