Last updated on June 18th, 2019 at 12:54 pm
Milwaukee-based Northwestern Mutual Life Insurance Co. will pay out an estimated $5.6 billion in dividends to its policyowners in 2019, the company announced today.
The payout is expected to be the highest in the company’s history.
“This record dividend clearly demonstrates our consistent performance, our overriding commitment to do what’s best for our policyowners, and our industry-leading ability to deliver long-term value,” said John Schlifske, chairman, president and CEO of Northwestern Mutual. “Staying focused on business fundamentals – sound underwriting, disciplined expense management and investment performance – is core to our financial strength in all economic seasons.”
The company planned to pay out $5.3 billion in dividends this year, an increase from its planned $5.2 billion payout in 2017.
Policyowners with whole life insurance, disability insurance and some annuity products are eligible for dividends and can use them to reduce the cost of premiums, take a cash payment, or increase the cash value or death benefit of a life insurance policy.
The company expects its dividend payment to be among the highest in the industry for both life and disability income insurance.
Northwestern Mutual has $265 billion in assets, $28.1 billion in revenues and $1.8 trillion worth of life insurance protection in force. The company has 4.5 million customers.