David O’Malley

President and Chief Operating Officer
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David O’Malley

David O’Malley is president and chief operating officer of The Penn Mutual Life Insurance Company and has overall responsibility for all of the company’s operating areas, including Information Management & Technology, New Business, Underwriting, Financial Professional and Client Services, Product Management, Advanced Sales and Product Marketing. Mr. O’Malley is also Chairman and Chief Executive Officer of Penn Mutual Asset Management, Inc., a wholly-owned subsidiary of Penn Mutual.

Mr. O’Malley joined Penn Mutual’s Investment Department in 1994 and his extensive knowledge in the investment field enabled him to build a highly successful career that has led to positions of increasing complexity, including vice president and head of fixed income.

After his appointment as chief risk officer in 2006, Mr. O’Malley became a member of Penn Mutual’s executive team. Later, as senior vice president of Product Management, he led the development and delivery of competitive products and solutions to meet the needs of the company’s clients and financial professionals. After taking on additional executive leadership responsibilities for several operating areas, he was named chief financial officer in 2010 and chief operating officer in 2013.

On January 1, 2016, Mr. O’Malley was promoted to president and chief operating officer, designating him as Penn Mutual’s 19th president. His thoughtful and collaborative leadership skills, expertise and results-driven determination have helped build high performing teams in many areas of the company, and ultimately the business, returning value to Penn Mutual’s policyholders.

As Chairman and Chief Executive Officer of Penn Mutual Asset Management, a wholly-owned subsidiary of Penn Mutual, Mr. O’Malley is responsible for overseeing the $20 billion investment adviser and manager of managers for the Penn Series Funds, Inc., a proprietary fund complex, as well as the investment portfolios of Penn Mutual and its subsidiaries.

Mr. O’Malley serves on the Board of Managers of the full service broker firm Janney Montgomery Scott LLC, a wholly owned subsidiary of Penn Mutual.

Mr. O’Malley also serves on the St. Joseph’s University Academy of Risk Management & Insurance Board of Governors, and the Board of Trustees of Thomas Jefferson University Hospital System & Thomas Jefferson University Hospitals, Inc. He is also a member of Drexel University President’s Leadership Council.

Mr. O’Malley graduated summa cum laude from Drexel University in Philadelphia, Pennsylvania, with a bachelor’s degree in finance and economics.

Stories by David O’Malley

Penn Mutual’s Accelerated Client Experience (ACE) Sets the Digital Pace for the Industry

By David O’Malley | February 7, 2019

By the numbers, Penn Mutual’s award-winning Accelerated Client Experience (ACE) tells a compelling success story, setting the pace for the life insurance industry. ACE is cutting edge for the industry, a completely electronic, seamless end-to-end digital experience — no paper or pencil needed. ACE’s accelerated underwriting requires no medical testing for many individuals and can take as little as 24 hours from application to payment, compared to an industry average of 30 days or more.

Penn Mutual Revolutionizes the Purchasing of Life Insurance with a New Automated, Accelerated Experience

By David O’Malley | September 8, 2017

Penn Mutual achieved a major milestone this week when we processed our first life insurance policy on our innovative, new accelerated client experience. The new client experience requires no medical testing for many individuals and can take as little as 24 hours from application to payment, compared to an industry average of 30 days or more! The experience eliminates all the paperwork and delays that slow the current life insurance application, underwriting and policy delivery process.

Once Again, Penn Mutual Increases Dividend Award

By David O’Malley | November 22, 2016

Penn Mutual announced its dividend award payout for 2017, which will be $58 million to our policyholders – an almost 21 percent increase from last year’s payout of $48 million. Since the financial crisis in 2008, Penn Mutual has increased or maintained its dividend scale every year. And over the past six years, Penn Mutual has increased the dividend award payout. Penn Mutual is the only company among other major whole life competitors that has not decreased its dividend scale in the post-recession era.

Exploring the Future of Life Insurance at Google

By David O’Malley | August 16, 2016

I recently attended a gathering of insurance industry executives at Google’s headquarters in Mountain View, California. At the meeting, there was a broad consensus among us that the world is changing and the insurance industry needs to change with it.

Penn Mutual’s 2016 Dividend Award Marks Eighth Consecutive Year Its Dividend Scale Has Been Increased or Maintained

By David O’Malley | November 23, 2015

This year’s dividend award payout is a testament to Penn Mutual’s enduring financial strength, supported by a long-term perspective and prudent management approach.

Life Insurance Dividends and Financial Strength

By David O’Malley | November 12, 2015

Penn Mutual will be declaring its annual dividend on November 20. We’ve paid a dividend every year since we were founded in 1847, a solid history that has served our policyholders well.

College Planning for Kindergartners

By David O’Malley | September 22, 2015

It’s never too early to start planning for college, or too late. If you’re a parent of a kindergartner, here is what you need to know for planning for college.

Understanding Your Life Insurance Policy: Why the Dividends Matter

By David O’Malley | October 21, 2014

In a few weeks, Penn Mutual will be declaring our annual dividend to our policyholders-something we’re very used to doing! In fact, we’ve paid a dividend every year since we were founded in 1847, a history we’re proud of.