Northwestern Mutual has announced that it will once again award its policyholders an annual dividend – expected to reach a record-setting total of $7.3 billion in 2024.
Northwestern Mutual has paid its policyholders a dividend every year since 1872. The company has paid out more than $150 billion in dividends in that time.
The projected 2024 payout will include the highest amounts in the company’s history for holders of whole life policies ($6.1 billion), disability insurance ($550 million) and annuities ($240 million), the company said.
“Our exceptional financial strength and superior product value are hallmarks of our company, differentiating Northwestern Mutual in the marketplace and deepening trust with all those we proudly serve,” said John Schlifske, chairman, president and CEO of Northwestern Mutual. “Next year’s historic dividend demonstrates one again our unflinching focus on returning value to policyholders and guiding their journey toward greater financial security.”
The four major ratings services – AM Best, S&P Global, Fitch Ratings and Moody’s – have given Northwestern Mutual the highest financial strength ratings afforded to any US insurer, the company said. Northwestern Mutual is one of only five companies across all industries to be so recognized by Moody’s.
“Northwestern Mutual remains committed to paying the highest level of dividends over time while retaining our truly exceptional financial strength,” Schlifske said. “Amidst continuing economic and market volatility, we are accelerating our path forward, delivering for our policyowners today while ensuring our relevance for generations to come.”
In July, Northwestern Mutual was recognized as one of the nation’s best companies for diversity by Black Enterprise magazine. The company has also appeared on the Forbes list of best companies for diversity for seven consecutive years.
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