Milwaukee-based Northwestern Mutual announced it will pay a record $5.2 billion dividend to policyowners. Most of that payout will be used to purchase additional coverage.
“We had another very good year for our policyowners,” said John Schlifske, chairman, president, and chief executive officer of Northwestern Mutual. “The results reflect our focus on the fundamentals of our business, and it’s that same focus and discipline that makes us so attractive to people looking to establish a holistic financial plan that lasts a lifetime.”
The company also announced its 2013 financial results. Northwestern Mutual grew its premium revenue by 8 percent, to $16.6 billion, and its total surplus by $1.2 billion, to $20.6 billion, last year.
Net investment income was $8.7 billion, up 1 percent from 2012.
Northwestern Mutual has sold more than two million new policies and annuity contracts in the past five years, putting it at the top of the U.S. individual life insurance market. It again was given the highest financial strength ratings by the major credit rating agencies.