NEW YORK, N.Y., February 5, 2002 — New York Life Insurance Company announced today that Frank M. Boccio has been named chief administrative officer of the life and annuity business, the company's largest business operation. In this role, he will be responsible for overseeing underwriting, customer service, systems planning and administrative matters for this business area, and will continue as a senior vice president of the company.

"Frank's commitment, leadership and extensive knowledge of our organization make him the ideal candidate for this important role," said Fred Sievert, vice chairman of New York Life. "We are proud to have someone with his experience and ability on our senior management team."

Mr. Boccio has held a variety of managerial positions at the company with areas of responsibility including underwriting, claims, customer service, systems, administration and human resources. He joined New York Life in 1974 as a correspondent in the Group Insurance Department and was promoted to manager of administrative services in 1980. During the next several years, his responsibilities expanded through a series of promotions and departmental moves and in 1989 he was promoted to vice president.

In 1994, Mr. Boccio was interim head of operations for New York Life's new AARP Life Insurance Program. In this capacity, he was responsible for managing systems development, customer service, human resources, facilities and administration. In 1995, he was interim head of human resources for the merger of New York Life's Group operations and Sanus into the new subsidiary, NYLCare Health Plans, Inc. Also that year, he became senior vice president in charge of individual policy services. In 1998, Mr. Boccio was elected chairperson of the Management Advisory Council. Two years later, he was appointed to the Executive Management Committee, which is responsible for establishing management policies in all areas of the company's business and affairs.

Mr. Boccio earned his B.A. degree in political science from Queens College, The City University of New York. He resides in East Rockaway, N.Y., with his wife, Eileen, and their three sons.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care. On the investment side, New York Life's affiliates provide institutional asset management and trust services and, through a subsidiary, NYLIFE Distributors Inc., provide an array of securities products and services such as institutional and retail mutual funds, including 401(k) products.

Contacts:

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

Hope Heyman
Edelman Public Relations
(212) 704-4512