Mark Madgett To Head New York Life’s Agency Department

To manage field force of 12,000; Succeed Mark Pfaff

Mark Madgett

NEW YORK, June 25, 2015 – New York Life announced today that Senior Vice President Mark Madgett will succeed Executive Vice President Mark Pfaff as head of the Agency Department, which manages the company’s field force of 12,000 career agents in cities and towns across the country.

Mr. Pfaff, 57, plans to retire from the company at year-end 2015 following 30 years of distinguished service as an agent, field manager and Home Office executive.

Mr. Madgett, 54, joined New York Life as an agent in Colorado in 1986. He moved into sales management in Denver in 1992, rising in the ranks to managing partner of New York Life general offices in the state of Washington beginning in 1998.

Mr. Madgett moved to the company’s Home Office in Manhattan in September 2014, where he has been working closely with Mr. Pfaff in managing the Agency Department. He will continue in that capacity until Mr. Pfaff’s retirement at year-end, when he will assume the leadership of the Agency Department and begin reporting to New York Life President John Kim.

“New York Life has a deep bench of executive talent and experience," said Ted Mathas, chairman and CEO of New York Life. "[This] has enabled us to remain at the front of our industry in providing policyowners and customers with the solutions and service they need for the protection of their families and businesses, and for delivering on their long term goals."

"Mr. Madgett is a New York Life veteran who also began as an agent and became one of our top field managers. For the past year he has been here in the Home Office working closely with Mark Pfaff and making excellent contributions. We look forward to many more contributions from Mark Madgett in the years ahead.”

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 currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** 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 Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.