New York — New York Life Insurance Co., a mutual life and financial services firm with roots dating back to 1845, announced today that it will not participate in the U.S. Treasury Department capital purchase program.

A spokesman for New York Life said, “When it became clear to us that the program was entirely voluntary for insurers, New York Life was able to evaluate it solely from the point of view of its capital strength and its policyholders’ best interests.”

The spokesperson noted that the firm is “well capitalized with more capital than is required to maintain our Triple-A ratings. New York Life has the highest possible ratings from all four of the major rating agencies. The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders.”

Sources: New York Life, Business Wire

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