New York Life Names George Nichols To Head Aarp Life Insurance Operation

Selected To Replace Thomas Kelly Upon His Retirement

NEW YORK, N.Y., September 16, 2003 — New York Life Insurance Company announced today that George Nichols, III has been appointed in charge of the company's AARP Life Insurance Operation in Tampa, Fla. He replaces Thomas W. Kelly, who has led the operation since its inception in 1994 and will be retiring this month.

"Under Thomas Kelly's direction, New York Life has become the nation's largest direct marketer of life insurance. We are grateful for his many contributions and we wish him well in his retirement," said Robert L. Smith, senior vice president, New York Life Insurance Company. "George Nichols is also an industry leader who has an excellent track record during his tenure at New York Life. We're looking for great things from George as he leads our successful AARP Operation."

Prior to his current position, Mr. Nichols served as senior vice president in New York Life's Agency Department, which oversees the distribution of products through approximately 10,000 licensed agents in the United States. Before joining New York Life as a senior vice president and assistant to the chairman in 2001, Mr. Nichols was commissioner of the Kentucky Department of Insurance. He has held numerous high profile positions throughout his career, including: president of the National Association of Insurance Commissioners, special adviser to Governor Paul Patton of Kentucky, and executive director of the Kentucky Health Policy Board.

Mr. Nichols received an M.A. degree from the University of Louisville, a B.A. degree from Western Kentucky University, and an A.A. degree from Alice Lloyd College. He resides in Tampa with his wife, Cynthia Jean, and their three children, Courtney, Jessica, and George IV.

Mr. Kelly joined New York Life in September 1994 to lead the AARP Life Insurance Operation and assumed ongoing responsibility for all direct marketing and agent lead generation programs. During his tenure, New York Life has consistently led the country as the largest life insurance direct marketer.

New York Life and AARP announced earlier this year that they have extended their agreement through 2011 for New York Life to serve as the exclusive provider of life insurance products to the AARP membership. New York Life's AARP Operation markets permanent and term life products to AARP's 35 million membership of people over age 50 and, in 2002, achieved record-breaking sales of $66 million.

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:

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

Marcy Kaplicer
New York Life
212-819-4854
marcy_kaplicer@edelman.com

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