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Penn Mutual Life Insurance announced that its board of trustees has approved a 2014 dividend award that maintains the same dividend scale as its 2013 award...
Horsham, PA – November 25, 2013 – The Penn Mutual Life Insurance Company, a 166-year-old company, is pleased to announce that its Board of Trustees has approved a 2014 dividend award that maintains the same dividend scale as its 2013 award, allowing for equitable dividends for qualifying policyholders. The 2014 award of $33.2 million represents a seven percent increase in total payout over the 2013 award.
Penn Mutual’s ability to maintain the same dividend scale as its 2013 award is due in part to an increase in whole life business issued in 2013. This will be the sixth year in a row that the company has maintained its dividend scale.
“Throughout its history, Penn Mutual’s singular purpose has been to help families unlock the possibilities of life. We believe that life insurance is at the heart of that, providing both protection and the ability to create a brighter future for generations to come,” said Eileen McDonnell, President, Chief Executive Officer and Chairman of Penn Mutual. “Regardless of the economic environment, it is our commitment to the best interests of our policyholders and to our mutual company principles that has been the driver of the long-term vision and financial responsibility resulting in our strength, stability and ability to pay equitable dividends.”
Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., a Registered Investment Advisor and wholly owned subsidiary, Member FINRA/SIPC.