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.”

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