Milwaukee-based Northwestern Mutual this week announced its 2020 results, reporting new company records in revenue, total surplus, total company assets, client investment assets, total dividend payout, new clients and new financial professionals.
The company said it passed two major milestones: $2 trillion of protection for its life insurance policyowners and $200 billion in client investment assets.
Despite the economic downturn caused by the COVID-19 pandemic in 2020, the company said it ended the year with financial results that surpassed the record levels reached in 2019, with revenue of $31.1 billion, total surplus of $32.3 billion and total assets of $308.8 billion.
"The events of 2020 emphasized the need for people to have both a financial plan and an expert to guide them with a long-term view," said John Schlifske, chairman, president, and chief executive officer. "We achieved these exceptional results by remaining true to our steadfast commitment to our policyowners, and through our focus on helping people become financially secure."
The company surpassed $1 billion in new life insurance premium sales, which increased 8% over 2019. This month the company also passed the milestone of $2 trillion total life insurance in-force.
In 2020, Northwestern Mutual’s total surplus grew $1.9 billion to a company record of $32.3 billion.
"Thanks to the truly extraordinary work of our financial professionals and their teams, clients are acting on plans that put them on the path to financial security," said Schlifske. "These record business results are a reflection of the way we run our company – with an unwavering commitment to our policyowners. The nearly 200,000 new clients and 3,100 new financial professionals who joined Northwestern Mutual amid the pandemic and economic volatility are proof positive that our approach is resonating."