HORSHAM, Pa.--(BUSINESS WIRE)--Over the last eight years and since the financial crisis in 2008, The Penn Mutual Life Insurance Company (Penn Mutual) has increased or maintained its dividend scale, increasing the dividend award payout for the past five years.
As a testament to the company’s enduring financial strength, supported by a long-term perspective and prudent management approach, the Penn Mutual Board of Trustees approved a $48 million dividend award payout, representing a 17 percent increase for 2016. This marks a 61 percent increase over just five years ago.
Driven in part by recent continued growth in whole life sales, which have nearly tripled at Penn Mutual since 2010, the significant increased dividend payout is a reflection of the company’s commitment to policyholders.
“We are proud to say that in a January 2015 comparison conducted by Penn Mutual, we stood out as the only company among our major whole life competitors that had not decreased our dividend scale in the post-2008 era,” said Eileen McDonnell, chairman, president, chief executive officer of Penn Mutual. “We take seriously the trust our policyholders, advisors and associates have placed in us and remain steadfast in our promise to maintain that trust, remain true to our mutual principles and continue to deliver excellent value.”
Visit the Penn Mutual blog, “Perspectives on Life,” for more information on the company’s dividend history: http://blog.pennmutual.com/life-insurance-dividends-and-financial-strength/.
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/.
©2015 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.