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New York Life Elects Michael Sproule to CFO Post

NEW YORK, May 16, 2002 — New York Life Insurance Company announced today the election of Michael E. Sproule to the position of senior vice president and chief financial officer. Mr. Sproule most recently served as senior vice president of mergers and acquisitions and has been acting CFO since last July.

Mr. Sproule will continue to report to Sy Sternberg, chairman, president and chief executive officer of New York Life.

Mr. Sternberg said, "Mike Sproule has done a superb job as acting CFO since last year, and the Board of Directors enthusiastically supported my recommendation to make the assignment permanent." Mr. Sternberg noted that Mr. Sproule has also been appointed to the company's Executive Management Committee, comprised of senior executive officers who set all policy for the company.

As CFO, Mr. Sproule is responsible for the Corporate Financial, Mergers and Acquisitions, Risk Management, Tax, and Treasury Departments as well as the Office of the Chief Actuary.

Mr. Sproule joined New York Life in 1999 as senior vice president responsible for mergers and acquisitions. Previously, Mr. Sproule served as executive vice president and chief financial officer of AmerUs Group. In addition to consulting experience with Tillinghast, he spent 17 years at MetLife in a variety of positions in the individual, group, pensions and property casualty businesses.

A native of Toronto, Canada, Mr. Sproule received a bachelor's degree in mathematics and physics and an MBA in finance and marketing from the University of Toronto. He also is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

Mr. Sproule and his wife, Doreen, reside in Connecticut. They have three sons.

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 and its affiliates offer life insurance, annuities and long-term care insurance. Through New York Life Investment Management, LLC, New York Life's affiliates provide institutional asset management, retirement plan and trust services and an array of securities products and services such as institutional and retail mutual funds.

Contacts:

Karen Finkston Payes
New York Life (212) 576-5624

Mike Holloway
Edelman Public Relations
(212) 704-4532

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New York Life Elects Michael Sproule to CFO Post

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