HORSHAM, Pa.--(BUSINESS WIRE)--As a testament to the company’s strong financial performance and commitment to its policyholders, The Penn Mutual Life Insurance Company, a 167-year-old institution, is pleased to announce an increase in its dividend scale for a significant portion of our whole life block of business, after maintaining it for the previous six years. The dividend award payout is the highest award in a decade and a 24 percent increase over last year’s payout.
Penn Mutual’s Board of Directors approved a dividend scale increase for policies issued prior to 2005, while policies issued 2005 and later will maintain their dividend scale. The total dividend award payout for 2015 is $41.2 million, $8 million greater than the 2014 dividend award, marking the fifth consecutive year that Penn Mutual’s dividend payout has increased.
“Despite uncertain market conditions, our financial strength and prudent fiscal approach, that emphasizes long-term stability over short term gains, continues to allow us to increase dividend awards to policyholders,” said Eileen McDonnell, chairman, president, chief executive officer of Penn Mutual. “We hold steadfast to our belief that purchasing life insurance is the most responsible action a person can take to build a solid foundation today and create a brighter future for generations to come.”
Visit the Penn Mutual blog, “Perspectives on Life,” for more information on why dividends matter: http://blog.pennmutual.com/understanding-life-insurance-policy-dividends-matter.
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that purchasing life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible.
Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc.,(HTK) Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.
©2014 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
The payment of dividends is not guaranteed. Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.