New York Life Creates Office Of The Chairman

Fred Sievert to Join Sy Sternberg in New Role; Board also Promotes Phillip Hildebrand and Theodore Mathas to Co-heads of Life & Annuity, Company's Largest Business Unit

NEW YORK, N.Y., November 24, 2003 - New York Life Insurance Company's Board of Directors has approved the formation of an Office of the Chairman. Frederick J. Sievert, president of New York Life, joins Sy Sternberg, chairman of the board and chief executive officer, in the newly created office. The change is effective January 1.

Mr. Sternberg said, "Fred has led us to unprecedented success over the past several years as head of our life insurance and annuity businesses. Under Fred's leadership our sales of life insurance grew more than 40 percent in each of the last two years, cementing our position as the number one writer of new life premium in the United States . With Fred's new expanded role, I will be able to tap his vast experience for the management of our entire enterprise."

Mr. Sternberg, 60, has served as chairman and chief executive officer since 1997. Mr. Sievert, 55, has served as president since 2002, and before that served as vice chairman since 1997. Both executives retain their current titles.

Mr. Sternberg also announced that two senior executives are being promoted to head the Life and Annuity business unit, effective January 1.

Phillip J. Hildebrand and Theodore A. Mathas are named co-heads of the Life and Annuity business unit, the company's largest operation, accounting for more than $11 billion in operating revenue in 2002. The business unit includes all domestic life insurance and annuity products, as well as agency management and services, marketing, client service, and financial management. The two executives will report to the Office of the Chairman.

The Board also elected Mr. Mathas, 36, to the position of executive vice president. He previously held the title of senior vice president since 1998. Mr. Hildebrand, 50, was elected an executive vice president in 1999.

Mr. Sternberg said, "The promotions of Phil and Ted recognize their exceptional performance in their respective areas of responsibility, and provide a development opportunity that will prepare both of them for even higher leadership positions in the future. Under their skillful management and leadership, New York Life has achieved a preeminent position in the U.S. life insurance industry. They have also made major contributions to the deliberations of the Executive Management Committee, which sets all policy for New York Life."

Mr. Sievert joined New York Life in 1992 as senior vice president and chief financial officer with responsibility for the financial management department of Individual Operations. In 1994, he assumed responsibility for the Individual Life, Individual Annuity, and Disability Income departments. In 1995, Mr. Sievert was elected an executive vice president, with additional responsibility for Individual Policyholder Services. He was elected to the Board of Directors in November 1996, and became vice chairman in January 1997. In 1999, his responsibilities were expanded to include Special Markets and Corporate Marketing. Mr. Sievert was elected president of New York Life in 2002. He received a B.A. degree from Amherst College and an M.A. degree from Wayne State University. Mr. Sievert and his wife, Susan, reside in Stamford, CT. They have five children.

Mr. Hildebrand joined New York Life as an agent in Arizona in 1975. He soon entered agency management and ran general offices in Scottsdale, Austin, San Diego and Dallas. In 1997, he transferred to the Home Office to run the Agency department, overseeing the operation and activities of the company's 10,000 licensed agents and 150 offices nationwide. In 2001, Mr. Hildebrand was named chief distribution officer for Life and Annuity, with the additional responsibility for product distribution through insurance brokers. He is a Chartered Life Underwriter and a member of the board of trustees of the Million Dollar Round Table Foundation. Mr. Hildebrand attended Northern Arizona University, where he played varsity football. He and his wife, Wendy, reside in Purchase, N.Y. They have three sons.

Mr. Mathas joined New York Life as a corporate vice president in the Asset Management Department in 1995. A year later he was appointed president and chief operating officer of Eagle Strategies Corp., an investment advisory subsidiary of New York Life. Later that year he was elected a vice president of New York Life. In 1997, Mr. Mathas assumed the additional position of president of NYLIFE Securities Inc., the company's retail broker-dealer. He was elected a senior vice president of New York Life in 1998, and became chief operating officer for the Agency department in 1999. In 2001, Mr. Mathas was named chief operating officer for the Life and Annuity business unit, with responsibility for both the life insurance and annuity product lines. He received an A.B. degree from Stanford University with distinction, and a J.D. degree from the University of Virginia, where he was a member of the Virginia Law Review and the Order of the Coif. He and his wife, Keryn, reside in Armonk, N.Y., with their two children.

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:

William Werfelman
New York Life
212-576-5385
william_werfelman@newyorklife.com

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

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