New York Life Insurance Company says it has made a final decision to forego participating in the U.S. Treasury Department’s Troubled Asset Relief Program.

The company said last week that it probably would not take part, but it suggested that it will accept funds if doing so appeared to be in policyholders’ “best interest.”

New York Life now has ruled out that possibility.

“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,” a New York Life spokesman says.

New York Life initially looked into participating partly because it did not know whether participation would be entirely voluntary, the spokesman says.