Read the following passage and answer if the question is true or false.
Passage: As of 2016, New York Life Insurance Company was the country's third-largest life insurance company. A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders. As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2016, the company has paid a dividend every year since 1854. Through Seguros Monterrey New York Life, the company offers insurance in Mexico.

Question: is new york life insurance a public company?

Is the answer True or False? Respond with only "True" or "False" and no additional text.
False.