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Individual Life Insurance in Force, Assets Under Management

Individual Life Insurance in Force1

Assets Under Management2

Through economic ups and downs, life insurance is a product that has withstood the test of time; it continues to have a place in virtually every prudent financial plan. For nearly 170 years, life insurance also has been the foundation of New York Life's business. And as a mutual company with no shareholders, our primary objective is to invest and manage the dollars we're paid to generate strong, stable returns to back the promises we make to those who have placed their trust in us.

The consistent growth in our individual life insurance in force means more people like you are turning to us each year for financial security and peace of mind. And the growth in our assets under management is primarily driven by the fact that, in the wake of the financial crisis, an increasing number of retail and institutional customers believe in our long-term investment management philosophy and want our assistance in growing their assets, regardless of what is happening in the world around us.

1) Individual life insurance in force is the total face amount of individual life insurance contracts (term, whole life, and universal life) outstanding for NYLIC and its domestic insurance subsidiaries at a given time. The company's individual life insurance in force totaled $840.46 billion at December 31, 2013 (including $167.29 billion for NYLIAC).

2) Assets under management consist of cash and invested assets and separate account assets of the company's domestic and international insurance operations and assets the company manages for third-party investors, including mutual funds, separately managed accounts, and retirement plans. Assets under administration associated with agreements under which New York Life Investments receives a revenue share are included in assets under management. Assets under administration associated with agreements where New York Life Investments receives only an administration fee are not included in assets under management. (New York Life Investments is a service mark used by New York Life Investment Holding LLC and its subsidiary, New York Life Investment Management LLC)

The company's General Account investment portfolio totaled $187.82 billion as of December 31, 2013 (including $80.15 billion invested assets of NYLIAC). As of December 31, 2013, total assets equaled $236.75 billion (including $119.95 billion total assets of NYLIAC). Total liabilities, excluding the AVR, equaled $215.61 billion (including $112.33 billion total liabilities of NYLIAC). See Note 5 for total surplus.