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George Nichols to Head Office of Governmental Affairs in 2007, Will Succeed Jessie Colgate Upon Her Retirement

NEW YORK, N.Y., May 30, 2006 — New York Life Insurance Company announced today that George Nichols III, has been named head of New York Life's Office of Governmental Affairs, effective January 2007. He will succeed Jessie Colgate, who has led the operation since 1989 and will be retiring in January 2007, after 20 years of service.

Sy Sternberg, chairman and chief executive officer, New York Life Insurance Company said, "Jessie has had a distinguished career at New York Life, contributing enormously to building New York Life's reputation on both the federal and state levels. As a member of the company's executive management committee she has also made important contributions to the establishment of management policies in all areas of our company. We wish her well in her retirement. We are pleased to be turning to another member of our management team, George Nichols, who has a strong background in government and an excellent track record at New York Life. I am confident that George will effectively lead the strong team in place in the Office of Governmental Affairs and it will continue to perform at a high level."

Mr. Nichols is currently senior vice president in charge of the company's AARP Tampa Operations, where sales growth has exceeded 20% annually in the three years he has led the operations. He will transfer to the Office of Governmental Affairs in Washington, D.C., in June 2006, when he will work closely with Ms. Colgate to assure a smooth transition.

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. In addition, he has served as president of the National Association of Insurance Commissioners (NAIC), chairman of the NAIC's International Committee, 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 is relocating to the D.C. area with his wife, Cynthia Jean, and their three children.

Ms. Colgate joined New York Life in 1987 as a legislative vice president in the Office of Governmental Affairs. She was promoted to vice president in charge of the Office of Governmental Affairs in 1989. She was elected senior vice president in 1995 and to the Executive Management Committee in 1998.

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 and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

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George Nichols to Head Office of Governmental Affairs in 2007, Will Succeed Jessie Colgate Upon Her Retirement

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