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NEW YORK LIFE REPORTS 62 PERCENT RISE IN CONSOLIDATED NET GAINS; ASSETS INCREASE 9 PERCENT TO REACH $59.2 BILLION AT YEAR-END

 NEW YORK, March 17 /PRNewswire/ -- New York Life Insurance Company today announced that consolidated net gains (after dividends and taxes) rose 62 percent in 1992 to $374 million, compared to $231 million in 1991. The company also increased its net investment income by 5 percent in 1992, to $4.5 billion.
 New York Life's total consolidated assets increased 9 percent last year, to reach $59.2 billion at year-end.
 The year's increase to surplus, including investment reserves, was 7 percent, creating consolidated surplus of $3.5 billion by year-end. New York Life's surplus-to-assets ratio now stands at 5.88 percent, remaining one of the highest among large United States life insurers.
 Harry Hohn, chairman and chief executive officer, noted that New York Life registered gains in virtually every primary area of performance. "Our 1992 results demonstrate our ability to enhance our financial strength while providing policyholders with the highest- quality, most innovative products," he said.
 New York Life had total income of $14.7 billion in 1992, up 10 percent from the previous year. New premiums and sales from insurance and investment products rose 19 percent to $7.3 billion. The increase in new premiums and sales from insurance and investment products included strong sales growth in many of New York Life's major product areas. New individual life premiums, for example, totaled $933.2 million -- a 36 percent increase. The $384.3 billion of life insurance in force at year-end 1992 represents a 7 percent increase for New York Life Insurance Company and its subsidiaries over last year.
 Consolidated sales and new premium figures also include sales of pensions and mutual funds. Pension sales grew 13 percent, to $4.0 billion, and total pension assets under management are now $16.6 billion, an increase of 12 percent from the previous year. The MainStay Family of Funds, the New York Life-sponsored group of mutual funds, recorded $1.3 billion in sales for the 12 months ending Dec. 31, 1992 -- an increase of 73 percent from 1991. As of Dec. 31, 1992, the MainStay Family of Funds had net assets of $2.9 billion.
 New York Life Insurance Company's financial strength continues to be recognized by the leading independent investor rating agencies, all of which give the company their highest possible ratings; Triple A from Moody's Investors Service, based on financial strength and overall performance; Triple A from Standard & Poor's, based on claims-paying ability; and Triple A from Duff & Phelps Credit Rating Company for claims-paying ability. The company also received the top rating `A++' (Superior) by A.M. Best, which measures an insurance company's relative financial strength and ability to meet contractual obligations.
 New York Life Insurance Company is one of the largest life insurance companies in the United States. On the insurance side, New York Life and its affiliates offer traditional life, annuity, group, and disability products, as well as managed care. On the investment side, New York Life and its affiliates provide institutional asset management and investment products for individuals, such as mutual funds and structured finance products.
 NOTE: Except where specially stated, all figures include on a consolidated basis New York Life Insurance Company (NYLIC), New York Life Insurance and Annuity Corporation (NYLIAC), New York Life and Health Insurance Company (NYLHIC), NYLIFE Insurance Company of Arizonia, and New York Life Insurance Company of Canada (NYLICAN).
 -0- 3/17/93
 /CONTACT: David Pomerantz of New York Life Insurance Co., 212-576-6038; or Steve Silber of Ogilvy Adams & Rinehart, 212-880-5229, for New York Life Insurance Co./


CO: New York Life Insurance Company ST: New York IN: INS SU:

SM-WB -- NY006 -- 6892 03/17/93 09:01 EST
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Date:Mar 17, 1993
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