51.  The others had been mutual companies, formally owned by their policyholders, with sluggish performance and only the promise of good results.

52.  The original idea of mutual companies was that they would not try to make a profit, but would return dividends to policyholders on any earnings above operating expenses.

53.  The Swiss stock exchange is investigating whether there was insider trading in Swiss Life stocks before the mutual company announced plans to go public.

54.  Vanguard is a mutual company, where the parent companyis owned by the shareholders of the various funds in the family.

55.  Under New York law, a mutual company is required to distribute its accumulated profits or equity to its policyholders when it converts to shareholder ownership.

56.  Vanguard, as a mutual company owned by its customers, does not have to make a profit for public shareholders.

57.  When applied to mutual company dividend payments, therefore, the formula did not reduce the amount to only the fraction that represents deductible rebates.

58.  --AMP, a mutual insurance company that is not publicly listed.

59.  Most are mutual companies, meaning they are legally private companies owned by their policy holders.

60.  Several big U.S. insurance companies have gone public recently or plan to, transforming themselves from mutual companies owned by policyholders to stock companies owned by shareholders.