Business Editors/Insurance Writers

NEW YORK--(BUSINESS WIRE)--November 6, 2008--New York Life Insurance Company announced today that it will not participate in the U.S. Treasury Department capital purchase program.

A spokesman for New York Life said, “When it became clear to us that the program was entirely voluntary for insurers, New York Life was able to evaluate it solely from the point of view of its capital strength and its policyholders’ best interests.”

“We are well capitalized with more capital than is required to maintain our Triple-A ratings. New York Life has the highest possible ratings from all four of the major rating agencies.”

“The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders.”

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. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments 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.

Please visit New York Life’s Web site at www.newyorklife.com and Guarantees Matter, a site dedicated to retirement issues, challenges, and solutions, at: www.guaranteesmatter.com for more information.