New York Life and United Overseas Bank Launch Their First Co-branded Credit Card, The New York Life VISA

Hong Kong, August 19, 2003 - New York Life Insurance Worldwide Ltd. (New York Life) and Singapore's banking and credit card giant, United Overseas Bank (UOB), are proud to announce the launch of their first co-branded credit card in Hong Kong on August 19, 2003. Catering to a rapidly growing base of New York Life policyholders, the New York Life VISA aims to deliver increased convenience to policyholders who hold the Card.

New York Life is a wholly owned subsidiary of the New York Life Insurance Company which is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. The strategic partnership between the two reputable groups, New York Life and UOB, offers policyholders a product for convenient premium payments and spending rewards.

Mr. John V. Jones (President & CEO, New York Life) states, "Over the past year, New York Life has redoubled its efforts to strengthen its close relationships with policyholders and attract new customers. The cornerstone of this approach is our customer-focused dedication to ensuring that the Hong Kong people get the most not just from their financial services, but also from their lives. As 'Making life easier for policyholders' is the ultimate goal of New York Life, value-added services are tailor-made for New York Life VISA Cardmembers to improve their quality of life."

Mr. Lawrence Tsong (Head of UOB Card Centre in Hong Kong) says, "The New York Life VISA is the fifth credit card that UOB has introduced to the Hong Kong market within the last 17 months since the launch of our first credit card in Hong Kong. The first four credit cards were the UOB OCG Golf VISA, UOB Card, UOB OCG Lady's VISA and UOB OCG Man's VISA. Our rapid expansion in the credit card business demonstrates our strong confidence in the market. In addition, the introduction of the New York Life VISA reinforces the success of our 'Target Marketing Strategy' in attracting its respective target audiences, thus building a quality cardmember base and growing our UOB credit card business. We are confident that the New York Life VISA will be equally successful."

The New York Life VISA offers enticing benefits to its Cardmembers. The Premium Payment Solution allows Cardmembers to use the Card to make premium payments on their New York Life insurance policies and to enjoy credit card autopay services. With UOB Rewards Plus, Cardmembers can earn UNI$1 for every HK$1 spent; and even earn double bonus points, i.e. UNI$2, for every dollar of the premium payment on their New York Life policies made with the Card. The accumulated UNI$ can be redeemed for the best value rewards. For example, Cardmembers can redeem UNI$20,000 for a HK$100 New York Life Insurance Premium Voucher, which they can, in turn, use to settle the premium payments on their New York Life policies. Furthermore, New York Life VISA Cardmembers can enjoy added convenience and special privileges that include Perpetual Annual Fee Waiver, special merchant offers and Octopus Automatic Add-Value Services.

The New York Life VISA aspires to provide its Cardmembers with a hassle-free lifestyle. Successful applicants before December 31, 2003 are entitled to a HK$250 coupon on New York Life Insurance Premium Vouchers, SOGO Gift Certificates or PARKnSHOP Gift Coupons.

For further information, please contact New York Life Insurance Consultant or call New York Life VISA Enquiry Hotline on (852) 2209 3218.

For media enquiry, please contact the following representatives:

New York Life
Ms Judy Kwan
Corporate Marketing Department
Telephone: 2837 7128
Email: judy_kwan@newyorklife.com.hk

United Overseas Bank
Credit Card Centre
Telephone: 2209 3399
Email: uob.cardcentrehk@uobgroup.com

Background of New York Life
New York Life Insurance Worldwide Ltd. was established in 1988 in Hong Kong and is committed to providing its customers with a comprehensive range of life and medical insurance products and services. It is a wholly-owned subsidiary of New York Life International, the overseas arm of New York Life Insurance Company.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long term care insurance.

New York Life International offers insurance products through its subsidiaries and affiliates in Argentina, Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan, Thailand and China. The company also has a representative office in Hanoi, Vietnam.

For more information, please visit www.newyorklife.com.hk

Background of United Overseas Bank Group
Founded in 1935, United Overseas Bank (UOB) has charted steady growth over the years to establish itself as a leading bank in Singapore. Today, UOB is the largest credit card issuer in Singapore with a card base that exceeds 780,000, dominating over thirty percent of Singapore's credit card market and out-performing others in the industry. UOB has also extended its business to Thailand and Malaysia.

In 1965, UOB opened its first overseas branch in Hong Kong, devoting more than 30 years on trade financing, corporate banking, and also personal and corporate financial services. Hong Kong UOB Card Center, founded in 2002, launched its first translucent credit card UOB OCG Golf VISA in Hong Kong that was applauded by golf lovers. In April of the same year, UOB launched its own branded credit card where its translucent design was greatly welcomed. The second theme card, UOB OCG Lady's VISA was launched in January 2003, and followed by UOB OCG Man's VISA launched in May 2003, targeting the Health & Beauty lovers.

For more information, please visit www.uob.com.hk