The Mutual Model — Why "Owned By Policyholders" Changes Everything

New York Life isn't publicly traded, has no stock price, and doesn't answer to Wall Street analysts. It's owned by its participating policyholders, who receive dividends every year — including a record $2.78 billion in 2026, the 172nd consecutive year of payouts. This module unpacks why the mutual structure isn't a corporate footnote but the single most important fact about the company, and how to weave that understanding into every interview answer.