New York Life Statement on Possible Government Program for Insurers

NEW YORK, N.Y., OCTOBER 29, 2008 — As one of the industry’s highest rated insurers for financial strength, we do not require any additional capital and we did not approach the government to obtain any capital for New York Life.

The Treasury has asked the life insurance industry for help in developing solutions for strengthening the financial system. We agreed to work with other industry leaders and Treasury so we could play a constructive role in helping shape this important discussion. We want to make certain that our unique perspective as a mutual company is heard. In fact, we have not determined if it would be in our policyholders' best interest to accept capital. We would not participate in any program that conflicted with our enduring commitment to mutuality.

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