Life — February 22, 1923 — page 3: what you’re looking at

What you’re looking at

# Analysis This page contains **no cartoon or satirical content**. It is a formal financial document: the "Seventy-eighth Annual Statement" of the New York Life Insurance Company, dated January 1, 1923, addressed to policyholders. The text is a message from President Darwin P. Kingsley explaining the company's mutual structure and financial position. It emphasizes that policyholders own the company as property, comparing life insurance policies to real estate bonds for reliability. The bulk of the page presents a balance sheet showing assets of approximately $988.5 million against liabilities of the same amount. This is **corporate advertising/financial disclosure**, not editorial satire or cartooning—a standard format Life magazine used for paid statements from major institutions.