Milwaukee’s biggest company made big news in 2023.
Financial services company
Northwestern Mutual – the city’s largest company by revenue – made headlines throughout 2023, most notably for the announcement of its $500 million renovation of its North Office Building, and also for a new partnership with the Milwaukee Brewers as the team’s first jersey patch sponsor and continued financial success with a record year of revenue in 2022.
“This has been a significant year of milestones and momentum at Northwestern Mutual in terms of delivering value for our policyowners, employees and community,” said
John Schlifske, chief executive officer of Northwestern Mutual, in a statement to BizTimes.
In February, the company announced plans to spend more than $500 million on extensive interior and exterior renovations to the 18-story North Office Building at its downtown Milwaukee headquarters campus, and move nearly 2,000 employees from its Franklin campus to downtown Milwaukee.
The 540,000-square-foot North Office Building was built in 1990 at 818 E. Mason St. and is one of four office buildings on the company’s headquarters campus downtown. Exterior renovations planned for the building will mirror the 32-story, 1.1 million-square-foot Northwestern Mutual Tower and Commons building that opened at its downtown campus in 2017, just south of the North Office Building.
“Milwaukee is a truly special city, and I am grateful for Northwestern Mutual’s long and storied history here and the bright future ahead,” Schlifske said. “We want to continue attracting talent from all over the country so everyone can experience and feel firsthand this same admiration. Our $500 million investment in our downtown headquarters exemplifies our efforts to achieve that goal.”
Throughout the year, Milwaukee city officials and Northwestern Mutual leadership called the project “skyline-defining” and emphasized the importance the project has to the success of Milwaukee. In October, the company began construction on the tower, estimating that it will be completed in 2027.
In recognition of yet another game-changing investment in its downtown Milwaukee headquarters campus and in the broader community, Northwestern Mutual is the
BizTimes Milwaukee 2023 Best in Business Corporation of the Year.
In September, Northwestern Mutual announced that it was named the official financial planning partner of the Milwaukee Brewers, with the company’s name and logo also appearing on players’ uniforms. Major League Baseball is now allowing teams to sell an advertising patch on the sleeves of its uniforms. This is the first time the Brewers have had a uniform patch advertising sponsor and provides a new revenue stream to the team.
Northwestern Mutual also announced a record year of revenue, with nearly $35 billion in 2022, and expects to pay a record-setting annual dividend, returning $7.3 billion to policyowners in 2024.
“In 2023, we expertly navigated yet another fluid and challenging economic environment to ensure we delivered industry-leading product value to our policyowners, while maintaining exceptional financial strength,” Schlifske said. “At the same time, we continued to advance our strategy of improving the experience of our advisors and clients.”
Community Support
Schlifske pointed to some of Northwestern Mutual’s work to support racial equity and the education landscape in Milwaukee as other highlights in 2023.
“I would highlight the work we’re doing through our Sustained Action for Racial Equity program to build financial inclusion and address the wealth gap in the African American community,” Schlifske said. “What’s different about it is the focus on sustained actions – ones that are lasting and meaningful.”
This year, the company held its first-ever Gather Against the Gap event, which sought to bring individuals together to learn about actionable plans to reduce the racial wealth gap, according to Schlifske. Alongside the event, the company announced that it was adding $75 million to its existing Impact Investment Fund to support racial equity initiatives, bringing the total to $175 million.
“Supporting education for Milwaukee’s youth is a top priority for Northwestern Mutual,” Schlifske said. “For 10 years now, we’ve doubled down on our work to help close the opportunity gap by investing in initiatives focused on building quality educational pathways and a pipeline of diverse talent in Milwaukee and beyond.”
This year, the company committed $5.7 million to support 40 Milwaukee-based nonprofits and schools, including a bridge loan to Notre Dame School of Milwaukee and two grants to St. Marcus School and St. Augustine Prep.
