New York Life Insurance Company says it has made a final decision to forego taking part in the U.S. Treasury Department capital purchase program.

The company said last week it probably not take part in Treasury’s Troubled Asset Repurchase Program but left the door slightly ajar to accepting government bailout money by suggesting it might accept funds if doing so was in its policyholders’ “best interest.”

Its declaration today 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 stated.