Last updated on March 17th, 2020 at 01:37 pm
Milwaukee-based Northwestern Mutual Life Insurance Co. will pay out an estimated $6 billion in dividends to its policyowners in 2020, the company announced today.
The payout is expected to lead the insurance industry and is also expected to be the highest in Northwestern Mutual’s history, according to the company.
The company planned to pay out $5.6 billion in dividends this year, an increase from its plans to pay out $5.3 billion in 2018.
Policyowners with whole life insurance, term life insurance, disability insurance and some annuity products are eligible for dividends and can use them to increase the value of their policy, reduce the cost of their premiums or take a cash payment.
“For more than 160 years, we’ve delivered long-term financial security for our policyowners – empowering them to live the life they choose,” said John Schlifske, chairman, president and chief executive officer of Northwestern Mutual. “Once again, we’ve remained steadfast in our commitment to our policyowners – including sharing our success through dividends.”
Northwestern Mutual has $272.2 billion in assets, $28.5 billion in revenues and $1.8 trillion worth of life insurance protection in force. The company has 4.5 million customers.