New York Life Names Craig DeSanto and Matt Grove Co-Chief Operating Officers

NEW YORK, May 20 -- New York Life Insurance, a mutual life insurance company, issued the following news release:

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- Mark Madgett promoted to Executive Vice President.

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New York Life announced today that Craig DeSanto and Matt Grove have been named Co-Chief Operating Officers for the company with operational oversight of all business areas, reporting to Chairman and Chief Executive Officer Ted Mathas.

Mr. DeSanto assumes oversight of New York Life Investment Management1 in addition to his current responsibilities for the Strategic Insurance Businesses and Retail Annuities. Mr. Grove, who oversees the company's Retail Life, Service, Technology, Marketing and Business Planning and Strategy areas, assumes oversight of the Agency distribution system.

"These appointments enhance our organizational structure and alignment and our ability to execute against our business strategies while consistently delivering on our long-term commitments to the millions of families and businesses who rely on us," said Mr. Mathas. "These moves unite our foundational and strategic businesses, respectively, under strong and talented leaders with proven track records of delivering results on behalf of our customers."

In addition, Mark Madgett, head of Agency, has been promoted to Executive Vice President, reporting to Mr. Grove. As a New York Life veteran with more than three decades of service to the company, Mr. Madgett has risen through the sales and management ranks and demonstrated outstanding leadership in managing the sales and distribution strategy for the company.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), 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. 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 has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.