Mike Nocera appointed head of New York Life's international subsidiary.

NEW YORK--(BUSINESS WIRE)--Jan. 16, 1996--Michael J. Nocera has been appointed president and chief executive officer of New York Life Worldwide Holding, Inc., the international insurance subsidiary of New York Life, it was announced today by the Company's chairman of the board and chief executive officer, Harry G. Hohn.

Mr. Nocera, 50, will be responsible for the management and direction of

New York Life Worldwide Holding. Most recently, Mr. Nocera was a vice president of New York Life in charge of the structured finance department. Jeff Boyce, a senior vice president in New York Life's asset management area, will become acting head of the structured finance department.

Prior to joining New York Life in 1990, Mr. Nocera held investment banking positions with PaineWebber and E.F. Hutton & Company, Inc. During his tenure at these firms, he was responsible for a wide range of investment banking activities including new product development. Mr. Nocera began his career with the Securities and Exchange Commission (SEC) in 1973 and was a branch chief in the Division of Corporation Finance until his departure in 1982.

A graduate of Boston College, Mr. Nocera received an M.B.A. in finance from American University. He has received a number of awards for excellence including the SEC's Outstanding Service Award. Mr. Nocera has been a featured speaker at numerous symposiums and has provided testimony on behalf of New York Life before Congress.

Mr. Nocera is a decorated Vietnam veteran with a Purple Heart and a Bronze Star for valor. He resides in Manhattan with his wife and son.

Since 1988, New York Life Worldwide Holding, Inc. has been aggressively expanding with the global marketplace. Currently, it has operations in Argentina, Bermuda, China, Hong Kong, Indonesia, Mexico, South Korea, Taiwan, and the United Kingdom.

New York Life Insurance Company, a Fortune 100 company, is one of the largest financial services companies in the United States and the world. Founded in 1845 and headquartered in New York City, New York Life concentrates on insurance and investment services. On the insurance side, New York Life and its affiliates offer traditional life, group and annuity insurance products, as well as managed health care. On the investment side, New York Life and its affiliates provide institutional asset management and trust services and, through a subsidiary, NYLIFE Distributors, Inc., provide an array of securities products and services such as institutional and retail mutual funds, including 401(k) products.

CONTACT: New York Life, New York

David Pomerantz, 212/576-6038

or

Edelman Public Relations

Lynn Schulman, 212/704-8106