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New York Life Names John Cassagne Head of the Group Membership Division

Daniel J. O’Brien Re-Joins the Company as Vice President

NEW YORK, N.Y., July 26, 2006 — New York Life Insurance Company announced today that John Cassagne has been elected a senior vice president in charge of the Group Membership Association Division, reporting to Robert L. Smith, senior vice president of Special Markets. In addition, Daniel J. O’Brien has re-joined the company as vice president of Group Membership, reporting to Mr. Cassagne.

Mr. Cassagne is responsible for the overall operation of Group Membership, positioning the company for further growth by identifying and developing new products and niche markets. New York Life’s Group Membership Association Division underwrites and administers group life, health and disability income programs for professional associations and other groups, such as the New York State Bar Association. New York Life is the largest underwriter of professional association insurance programs in the United States, covering members of approximately 500 associations across the country.

For the last 13 years, Mr. Cassagne has served as head of sales for Group Membership. He joined New York Life in 1977 as an account correspondent in the Group Insurance Department. He was promoted to supervisor in 1979, assistant manager in 1980, manager in 1983, and director of sales in 1990. In 1992, he was named group vice president and named vice president in the Special Markets Department in 1998. Mr. Cassagne was recently elected President of the Professional Insurance Marketing Association (PIMA), a premier trade organization dedicated to identifying the best practices in distribution and administration of insurance products.

Born in New York City, Mr. Cassagne received a BBA degree in Management from Hofstra University. He and his wife, Laurel, reside in Kings Park, New York. They have two children.

Mr. O’Brien is responsible for sales and account services for Group Membership, positioning the company for further growth by identifying new association partnership opportunities. In 1991, Mr. O’Brien began his career at New York Life as a trainee in Group Membership. In 1994, he joined Aon Consulting, where he acted as account manager in the Affinity Unit. In 1997, he joined Hartford Life, where he spent nine years in various capacities, most recently as Regional Director Association and Affinity Group Marketing Relationship Manager.

Mr. O’Brien received a BBA degree from Hofstra University. He received a Chartered Life Underwriter certification from American College. He and his wife, Christine, reside in Ridgefield, Conn. They have two children.

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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New York Life Names John Cassagne Head of the Group Membership Division

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