Operating Revenue in Life and Annuity Increased 8% to $11 Billion

Product, Distribution Mix Keys to Continued Success

NEW YORK, N.Y., April 22, 2003 — For the second consecutive year, New York Life's Life and Annuity business achieved exceptional results with sales of life insurance products soaring, increasing 42% in 2002 and 41% in 2001, and annuity sales climbing 13% in 2002 and 6% in 2001. Operating revenue for 2002 is $11 billion, an increase of 8% over 2001. New York Life's agency system grew sales of life products for the sixth straight year, to $783 million in 2002, an increase of 11% over 2001. Annuity products sold by agents climbed to $2.71 billion, an increase of 3% over 2001.

Fred Sievert, president of New York Life and head of its Life and Annuity operation, said, "In an industry growing at a rate of 6% a year, our impressive sales results are particularly gratifying. On the life side, we maintained our lead position for new life sales and at the same time exceeded the $1 billion mark for the first time with fixed annuity sales through banks. Our decision to maintain and nurture our talented network of career agents while providing supplemental distribution of our competitive, high-quality advanced market products through independent brokers as well as our direct marketing partnership with AARP is proving to be a winning strategy for our organization."

Broad Portfolio of Products Meet Consumer Demand
The Life and Annuity operation offers a broad portfolio of top-tier products that enabled consumers to meet their life insurance objectives even in a challenging economic environment. New York Life experienced the best sales year in its history for universal life and term life insurance sales, as consumers flocked to fixed products and those with guarantee features. Sales for universal life products soared 115% to $515 million in 2002 over $239 million the previous year; term sales grew 13% from $71 million in premiums to $80 million in 2002, while whole life insurance premiums increased 4.4% growing to $296 million in 2002. Two products underlying these results include the NYLIAC Asset Preserver, which blends the benefits of life insurance with a long- term care insurance feature. Sales exceeded expectations and experienced the best sales year with an increase of 59% over 2001 reaching $86.8 million in sales. Additionally, the Pinnacle Series products for the advanced markets launched in 2001 experienced sales of $205 million in 2002.

Third Party Validation of Industry Dominance
In 2002, New York Life maintained its number one rank in market share for new life premium, according to the life insurance marketing association that compiles market share data from among the 77 largest insurers.* This year New York Life was recognized as the leader of the Million Dollar Round Table, the industry's most prestigious agent organization for sales and customer service, for the 48th consecutive year. The official number of New York Life MDRT members for the 2002 Round Table was 2,066.

Ratings Agencies Affirm New York Life's Strong Ratings
In a year in which many insurers were downgraded by the major financial strength ratings agencies, the agencies affirmed New York Life's strong ratings. The company's ratings at Standard & Poor's (AA+), Moody's (Aaa), Fitch (AAA) and A.M. Best (A++) have all been affirmed.

Special Markets Sees Record Sales
As the exclusive provider of life insurance products to members of AARP, New York Life is the largest direct marketer of life insurance in the United States. New York Life is also the largest underwriter of professional association life insurance programs in the country, covering members of some 450 associations. The company's long-term care insurance operation, currently the industry's 13th largest provider, has one of the highest growth rates in the industry.

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.

* Source: LIMRA International. Sales survey based on new periodic premium, plus 100% of single premium.

Contacts:

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

Michael Holloway
Edelman Public Relations
(212) 704-4532

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