The Penn Mutual Life Insurance Company Extends Track Record Of Financial Strength
January 24, 2023 by The Penn Mutual Life Insurance Company
HORSHAM, Pa., Jan. 18, 2023 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is proud to continue the company’s storied foundation of financial strength. In 2022, five of the world’s top rating agencies affirmed strong ratings, including recent ratings of AA (Very High Quality) from Kroll Bond Rating Agency (KBRA) and AA- (Very Strong) from Fitch Ratings in November and an A+ (Strong) rating from S&P Global Ratings in December. In addition, the company announced a record dividend payout in 2023.
“Our commitment to mutuality and disciplined execution with a long-term perspective continue to serve the best interests of our policyholders,” said Dave Raszeja, Penn Mutual’s chief financial officer. “We’re proud our financial strength is recognized by ratings agencies and rewarded with another record dividend payout.”
Penn Mutual’s commitment to mutuality has been a cornerstone of the company’s financial strength since its founding in 1847. While dividends are never guaranteed, they are a vital measurement of a mutual company’s performance. Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. The recent announcement of the 2023 dividend payout extends the company’s long track record of delivering strong performance and value to policyholders.
Rating agencies provide an independent view of the future ability of an insurance company to fulfill its long-term obligations to policyholders. In addition to KBRA, Fitch and S&P Global, AM Best and Moody’s Investors Service also affirmed the company’s ratings of A+ (Superior) and Aa3 (High Quality), respectively, in 2022. The company’s A+ rating from AM Best continued its streak of A or higher ratings for 95 consecutive years – the longest in the industry.
The rating agencies recognized the company’s diversified product portfolio, strong market presence, diversified national distribution networks, strong financial management and differentiated technology as key considerations that support the high ratings and the company’s industry leadership position and competitiveness.
About The Penn Mutual Life Insurance Company
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
©2023 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
Contact:
Jeff Leinen
Penn Mutual
215-956-8530
leinen.jeff@pennmutual.com
SOURCE The Penn Mutual Life Insurance Company
