Recruits Further Strengthen Company's Financial Management

NEW YORK, N.Y., October 4, 2004 — New York Life Insurance Company announced today that Gregory Deavens has been hired as a senior vice president and Russell Bundschuh has joined the company as first vice president. Both executives report to Michael Sproule, New York Life's executive vice president and chief financial officer.

Mr. Deavens is responsible for financial analysis, budget and cost, and rating agency functions and Mr. Bundschuh is responsible for mergers and acquisitions, strategic planning and special projects.

"New York Life's commitment to its core value of financial strength allows us to meet future obligations for our millions of policyholders," said Mr. Sproule. "Greg and Russell each bring extensive financial and industry knowledge to our team that is dedicated to preserving and building New York Life's reputation for financial strength and stability."

Before joining New York Life, Mr. Deavens spent five years with CIGNA Corporation, where most recently he led the company's investor relations function. Previously he held various positions at GE Capital Corporation during his seven-year tenure, including Vice President-Treasurer for GE Financial Assurance. Mr. Deavens began his career in 1984 at Price Waterhouse after receiving his Bachelor of Science degree in Accounting from Florida A&M University in Tallahassee, Florida. Mr. Deavens currently resides in Farmington, Connecticut with his wife and three children.

Mr. Bundschuh comes to New York Life after 10 years with McKinsey & Company, where he has been a partner since 2000. Prior to McKinsey, he spent five years with IBM in their U.S. Marketing & Sales division, where he acted as lead member for large-systems technical sales on a major insurance account team. Mr. Bundschuh received his Bachelor of Science in engineering from Colorado School of Mines in Golden, Colorado and his Master in Business Administration from the Wharton School, at the University of Pennsylvania. Mr. Bundschuh currently resides in Mendham, New Jersey with his wife and three children.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC 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:
Terri Marchon
New York Life
212-576-5624

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