Penn Mutual Life Insurance Co. reported net attributable income of $1.33 billion for 2024, a sharp increase from $201 million the previous year, according to its annual report. The company also recorded year-over-year gains exceeding $1 billion in total revenue, total assets, and surplus.
Total revenue rose to $7.14 billion in 2024, up from $5.32 billion in 2023. A significant portion of that increase was attributed to the completion of the sale of Janney Montgomery Scott LLC. In July 2024, Penn Mutual announced it had reached a definitive agreement to sell Janney to investment funds managed by KKR. Upon closing, Janney is expected to operate as an independent, privately held company. The transaction was noted by Fitch Ratings as a contributor to Penn Mutual’s financial flexibility.
The company reported $1.21 billion in other revenue—including realized capital gains and losses—compared with $44.7 million in the prior year.
Total assets at the end of 2024 stood at $48.16 billion, up from $46.74 billion a year earlier. Surplus rose to $4.3 billion from $3.3 billion. Penn Mutual reported paying $245.8 million in policyholder dividends in 2024, up from $188.7 million in 2023. For 2025, the company approved a $265 million dividend, which it said is the highest in its history, and raised the interest component of the dividend scale for whole life policies to 6%.
In March 2025, Penn Mutual named Rick Klenk as chief financial officer. That same month, the company announced the addition of Brandon Mann as managing principal at 1847Financial, its affiliated distribution firm, where he will focus on business development in Utah and Arizona.
On April 1, the company introduced a revised claims process intended to accelerate the payment of death benefits to beneficiaries.
Penn Mutual’s underwriting entities currently hold A+ (Superior) Financial Strength Ratings from AM Best. The company also maintains financial strength ratings from Fitch Ratings, Moody’s, and Kroll Bond Rating Agency.
