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New York Life on Schedule to Occupy Westchester Campus in Late Spring

Westchester County, N.Y., May 18, 2004 — New York Life Insurance Company, the largest mutual life insurance company in the United States, will occupy its new campus in Westchester beginning in June, the company announced today. The campus will house approximately 1,000 employees who will begin occupying the newly renovated facility on June 5.

"We are very excited to have a major New York Life presence in Westchester, and we know that our employees will thrive in this newly renovated facility. This additional campus provides a growing company like ours with the ability to provide the highest level of service and support to our millions of policyholders," said Ted Mathas, executive vice president, New York Life. Mr. Mathas, who is co– head of the Life and Annuity operations of New York Life, will be the senior executive at the new campus. He resides in Armonk, N.Y. with his wife, Keryn, and their three children.

Mr. Mathas explained that employees will occupy the new campus in phases, with the first move planned for June 5 and the last move expected to be September 24. A ribbon–cutting ceremony is planned for October, once all employees have moved in.

The 383,000 square foot facility is situated on 76 acres in Mt. Pleasant and has been refurbished to meet the specific needs of the company. Grad Associates, P.A., a New Jersey – based architect, redesigned the facility, and The Gale Company serves as the construction manager.

Life and Annuity Operations to Locate in Westchester
New York Life's Life and Annuity operations comprise the company's individual life insurance and annuity businesses, which accounted for more than $6.7 billion in adjusted operating revenue in 2003. The business line sells a diverse mix of products through New York Life and its affiliates including whole life, universal life and term insurance, and both fixed and variable insurance and annuity products. The majority of all life insurance and annuities are sold through New York Life's career agency system, with the balance distributed through supplemental channels. Individual Policy Services, a portion of which will be located at the site, provides administration and customer service to New York Life's four million individual policyholders through five regional service centers and the Home Office in New York City.

The new campus will also house the Northeast zone office of the New York Life Agency system. New York Life has a total of 10,700 licensed agents in the United States.

New York Life Net Income Increased 10% in 2003
New York Life recently announced that it achieved net income of $1.12 billion in 2003, an increase of 10% over the prior year's $1.02 billion. Surplus and Asset Valuation Reserve grew to $10.8 billion, the largest surplus of any mutual life insurer. Assets Under Management increased by more than $22 billion to $202 billion in 2003, a new high. New York Life also achieved the number one market share for new life premium for the third consecutive year, according to the association that compiles market data from among the 75 largest insurers, representing three–quarters of the industry.* Additionally, the company has an expanding presence globally in the nine markets in which it operates and reported international earnings growth and a 10% increase in adjusted operating revenue.(*Source: LIMRA International. Sales survey based on new periodic premium, plus 100% of single premium.)

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.

Please visit New York Life's Web site at www.newyorklife.com for more information.

Contacts:
William Werfelman
New York Life
212 – 576 – 5385

Karen Payes
New York Life
212 – 576 – 5624

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New York Life on Schedule to Occupy Westchester Campus in Late Spring

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