11.  As a mutual company, Anthem may legally pay dividends to its three million policy holders, though it has never done so, Lytle said.

12.  As a mutual company, MetLife is owned by policy holders and calculated its financial results according to the so-called statutory basis used by state insurance regulators.

13.  As a mutual company, Prudential functions somewhat like a cooperative.

14.  Because it is a mutual company, owned by its shareholders, Prudential does not report quarterly earnings.

15.  A mutual company is owned by its shareholders or depositers.

16.  But insurance experts say policyholders have rarely, if ever, exerted meaningful influence on mutual company operations.

17.  But since Vanguard is a mutual company, there are no assets which could be diverted to rescue a money market fund if it got in trouble.

18.  But those sentiments are not unanimous among mutual companies.

19.  But without a profit motive, many mutual companies, including Prudential, became more comfortable than competitive.

20.  Consumer activists say policyholders, who own mutual companies, are being robbed of their assets without compensation while executives are rewarded with bigger salaries and stock options.