New York Life Launches Operations in the Philippines

NEW YORK, N.Y., August 27, 2001 - New York Life International, the overseas arm of New York Life Insurance Company, today announced the launch of its life insurance operation in the Philippines. With an initial base of operations in Manila, the company, called New York Life Insurance (Philippines), will eventually reach out to serve all areas of the nation. A well-educated population of more than 80 million with a rapidly growing middle class makes the Philippines a natural location for New York Life as the company seeks to deepen its presence throughout promising Asian economies.

"This is another important step in realizing New York Life's strategy to become a major force in the global life insurance industry," said Sy Sternberg, chairman, president and CEO of New York Life Insurance Company. "New York Life looks forward to bringing its acknowledged expertise in life insurance and its reputation for financial strength, integrity, and humanity to the company's operations in the Philippines."

New York Life has experienced rapid expansion into select, high-growth markets in Asia and Latin America. Since January 2000, the company has added to its existing Asian and Latin American operations by establishing a presence in Thailand, India, Vietnam, and the Philippines as well as significantly increasing its operations in Mexico through a major acquisition. This growth in overseas markets has led to international life insurance sales accounting for thirty percent of New York Life's total new life insurance sales in 2000.

"Our decision to enter into the life insurance market in the Philippines is driven by our belief in the tremendous opportunity it presents to bring innovative products and state-of-the-art technology and service to Filipino consumers," said Gary Benanav, chairman and CEO, New York Life International. "We believe the Filipino people will respond to our products and to the professionalism of our sales agents and thereby help us become the most admired life insurance company in the Philippines.

The company plans to introduce a suite of 35 products to Filipino consumers primarily through a corps of professional sales agents trained to New York Life's industry-leading standards of integrity and professionalism. The products cover a wide variety of circumstances and are designed to appeal to a broad cross section of the population. Combined with a choice of riders, New York Life's products will provide Filipino customers with flexible payment and dividend earnings options. Products also feature a variety of guaranteed cash payment options throughout the life of the policy. New York Life's sales agents in the Philippines join a global network of more than 20,000 New York Life agents, acknowledged to be the best sales force in the life insurance industry. For the 47th consecutive year New York Life's agents were the dominant leaders of the Million Dollar Round Table (MDRT), an association of leading sales professionals in the life insurance industry representing more than 450 companies in sixty nations. With more than 2,300 MDRT qualifiers in 2001, New York Life agents far outstrip their nearest competitors in the annual ranking.

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. The company has representative offices in Beijing, Shanghai, Guangzhou and Chengdu in the People's Republic of China and in Hanoi, Vietnam.

New York Life Insurance Company, a Fortune 100 company, is one of the largest insurance companies in the United States and 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. Through New York Life Investment Management, New York Life's affiliates provide institutional asset management and trust services and an array of securities products and services such as institutional and retail mutual funds, including 401(k) products.

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