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NEW YORK LIFE WORLDWIDE HOLDING, INC. ACQUIRES STAKE IN MEXICAN INSURER; INVESTMENT IS NEW YORK LIFE'S SIXTH INTERNATIONAL VENTURE SINCE 1988

 NEW YORK, Aug. 23 /PRNewswire/ -- New York Life Worldwide Holding, Inc., a subsidiary of New York Life Insurance Company, today announced that the company and its subsidiaries had acquired a 30 percent interest in Geo, Compania de Seguros S.A., the Mexico City-based life insurance unit divested by Seguros Olmeca S.A. Seguros Olmeca was formerly a unit of Grupo Empresarial Olmeca (GEO), which received Mexican government approval to split its insurance holdings into two units and sell a stake in the life insurance business to New York Life.
 The new company will sell a traditional line of life insurance products, including whole and term life and endowments, from sales offices in Mexico City, Guadalajara, Monterrey, Tijuana, and Puebla. The property-casualty insurance business will be operated separately by the Mexican group.
 In announcing the investment, William F. Yelverton, chairman and chief executive officer of New York Life Worldwide Holding, Inc., emphasized the market potential of a neighboring country with 86 million people and a rapidly expanding economy. He noted that less than 10 percent of the Mexican population is covered by life insurance.
 "Mexico holds tremendous promise for continuing New York Life's successful expansion abroad. Thanks to the vision and great progress of the Mexican government in liberalizing trade regulations, controlling inflation and seeking economic opportunity, New York Life can contribute its training and management resources to the growing need in Mexico for more insurance protection," Mr. Yelverton said.
 Mr. Yelverton's optimism was echoed by Grupo Empresarial Olmeca president Carlos Abedrop, who also participates in a brokerage house, a bonding company, a leasing company, and who recently acquired a 51 percent interest in a newspaper with major circulation in Mexico.
 "We have found the ideal business partner in New York Life, a company whose `Triple A' financial strength and high professional standards are so well known," Abedrop said.
 In the last five years, New York Life Worldwide Holding, Inc. has expanded significantly in the United Kingdom and Asia. In the U.K., through its direct subsidiary, Windsor Life, it recently acquired Aetna U.K.'s life holdings and, in Asia, it has opened offices in Indonesia, Taiwan, South Korea and Hong Kong.
 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, group, annuity 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 such as mutual funds and partnership investments for individuals.
 -0- 8/23/93
 /CONTACT: Jim Tolve of New York Life, 212-576-3869, or Steve Silber of Ogilvy Adams & Rinehart, 212-880-5229/


CO: New York Life Insurance Company; Geo, Compania de Seguros S.A. ST: New York IN: INS SU: TNM

SM-SH -- NY022 -- 5011 08/23/93 11:22 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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