New Appointments Designed to Provide Foundation for Continued Company Success

NEW YORK, N.Y., December 3, 2003 - New York Life Insurance Company today announced senior management appointments to its Life and Annuity business unit, led by Co-heads Phillip J. Hildebrand and Theodore A. Mathas. Effective January 1, 2004, Life and Annuity will advance several of its senior managers to expanded roles in the organization. This step will ensure the continued success of the company's largest operation, accounting for more than $11 billion in operating revenue in 2002.

"New York Life is committed to remaining strong and secure for our millions of policyholders and to providing top quality products through our valued agents," said Mr. Hildebrand, executive vice president and co-head of Life and Annuity. "With these appointments, we are ensuring the vibrancy and vitality of the company for years to come."

"Life and Annuity is the heart of New York Life," said Mr. Mathas, executive vice president and co-head of Life and Annuity. "This management team has the talent and experience to enable us to remain innovative and competitive in the marketplace as we continue to grow and flourish."

Paul B. Morris, senior vice president of the company's agency field force in the South Central Zone, will lead the Agency Department in the Manhattan-based Home Office. Mr. Morris has been in charge of the South Central Zone for the past eight years, responsible for strong sales growth and management development. Mr. Morris has been with the company for 24 years in various capacities in the Home Office and, prior to that, in the field, first as an agent and then as a sales manager, a managing partner, and an agency vice president. He brings to this role a breadth of knowledge and experience in both the field and Home Office. Mr. Morris received a B.S. degree from Texas A&M University in 1973. Born in Palestine, Texas, he currently resides in Dawsonville, Georgia. He and his wife Andrea have four children and four grandchildren.

Senior Vice President Robert D. Rock is promoted to chief investment officer of Life and Annuity and will be responsible for managing over $85 billion in assets. For the past 13 years, Mr. Rock has led the Individual Annuity Department. Under his leadership, the company revamped the annuity product portfolio, launched a supplemental distribution channel, and grew sales from $700 million in 1991 to almost $5 billion last year. Drawing on his many years of investment experience, Mr. Rock has directed the company's efforts to develop strategies that satisfy the needs of its policyholders and agents, while preserving the long-term financial strength of its annuity business. He received a B.S. and a B.A. from Bucknell University and an M.B.A. from Cornell University. Mr. Rock resides in Short Hills, New Jersey, with his wife, Nancy, and their three children.

Senior Vice President Michael G. Gallo will be responsible for both the Life and Annuity profit centers and in charge of all product development and manufacturing. Currently leading the Individual Life Department, his primary responsibilities include the development, sales, marketing, and financial performance of the Individual Life product line. Mr. Gallo joined the company in 1976 and brings nearly three decades of experience working with agents and managers. Mr. Gallo graduated from The Harvard Business School Advanced Management Program and from Manhattan College with a B.S. degree in mathematics. Born in Brooklyn, New York, Mr. Gallo lives with his wife and children in Darien, Connecticut.

Senior Vice President John Meyer has been named head of the Annuity Department. In this role, Mr. Meyer will continue to have responsibility for the agent business and will also assume responsibility for the annuity supplemental distribution channel, the key accounts and marketing functions, annuity systems and structured settlements area, as well as product-pricing. Mr. Meyer began his career with New York Life in 1971. Born in Brooklyn, New York, Mr. Meyer received a B.A. degree from St. Francis College. He currently resides in Staten Island, New York, with his wife, Cathy, and their three children.

Working within the Life and Annuity organization are a number of talented individuals whose roles will also be realigned. Senior Vice President Eric B. Campbell in the company's Agency Department will assume responsibility for programs and services for select agents, including The Nautilus Group and the Advanced Planning Division. Senior Vice President and the Agency Department's Chief Operating Officer Gerard A. Rocchi will expand his responsibilities to include the Life and Annuity Marketing Division. Senior Vice President Frank M. Boccio will continue to lead Individual Policy Services and serve as chief administrative officer for Life and Annuity. In addition, Mr. Boccio will assume responsibility for its annuity supplemental service as well as the Advanced Markets Network retail product service. Senior Vice President Solomon Goldfinger's responsibilities as chief financial officer for Life and Annuity will also expand and he will now oversee all financial reporting, projection and analysis for both Life and Annuity product lines. Senior Vice President Eric S. Rubin has been named chief of staff for Life and Annuity and will continue to focus on cross-departmental issues.

New York Life's Life and Annuity operation includes all domestic life insurance and annuity products as well as agency management and services, marketing, client service and financial management.

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 offers life insurance, and through its affiliates, annuities and long-term care insurance. New York Life Investment Management LLC, a New York Life affiliate, provides institutional asset management, retirement planning 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:

Lisa Fels
New York Life
212-576-7937
lisa_fels@newyorklife.com

Karen Finkston Payes
New York Life
212-576-5624
karen_payes@newyorklife.com

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