Word: mutualization
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...other U.S.-based insurers, Northwestern Mutual and MassMutual, also question the study's data. The NEJM letter places Milwaukee-based Northwestern's tobacco-stock holdings at $235 million in Reynolds, Philip Morris and Lorillard, which produces Newport cigarettes. But spokeswoman Jean Towell says the insurer's investments are actually one-tenth that figure, less than $24 million...
...MassMutual, the gap is even bigger. The study claims the firm's tobacco holdings to be $585 million. That is "absolutely incorrect," says Mark Cybulski, a MassMutual spokesman. "Massachusetts Mutual Life Insurance Company has virtually no equity holdings in companies whose offerings include tobacco-related products. As of December 31, 2008, MassMutual's holdings of tobacco-related equities are approximately $548,000, representing less than 0.001% of consolidated statutory cash and invested assets of $86.2 billion...
...insurers in question also sell mutual funds and other retirement products alongside their insurance businesses. That means at least some of their exposure to tobacco stocks stems from client assets in index funds, such as those pegged to the S&P 500, which, of course, includes firms like Philip Morris and Lorillard. Many of the insurers contacted by TIME declined to outline the specifics of their investment portfolios, but a Prudential spokesman, Darrell Oliver, noted that as a policy, Prudential does not invest in tobacco stocks for its own portfolios: "Some Prudential entities hold tobacco stocks. Those stocks are primarily...
...feel like we wore them down because the constructive partnership and mutual respect were always the goal and vision that the union had,” Jaeger says. “We had to pursue that persistently for a lot of years before the administration really took us seriously and believed that we were really doing what we said we were doing...
...young people in Kandahar how many Muslims died in the World Trade Center, and that “we have done a lousy job of getting our story out.” Giuliani promised to promote U.S.-Muslim exchange programs as president, hoping that the two cultures would find mutual ground and understanding through dialogue...