Choosing to Lead: Penn Mutual Aims to be Top Ten in Life Insurance Sales by 2025
In 2010, Penn Mutual launched its ten-year strategy to become a leader in the domestic life insurance space and doubled down on our investment into our life products and support. During this same period, many of our peers were diversifying their portfolio of businesses and de-emphasizing the life business. As a result, they distanced themselves from life insurance advisers and the professionals who serve them. Penn Mutual on the other hand, has been able to grow the number of advisers doing business with us and we’ve attracted top quality life insurance professionals to complement our existing talent. Our strategy is certainly paying off. Penn Mutual has moved from the 38th to the 17th position in new life sales since the “Great Recession”. Now we are laser focused on breaking into the top ten by 2025!
We attribute our growth to a “policyholder first” mindset coupled with our sustained financial strength. As a mutual company, we are able to take a long-term view of the business, with the goal of maximizing the value returned to our policyholders. In fact, we are the only major whole life insurer who hasn’t dropped its dividend* scale since 2008, making this year the ninth consecutive year that we have maintained or increased our dividend scale. We’ve also been only one of twelve life companies named to A.M. Best’s list** of companies who have been rated A or better for 75 years or more–having been rated A or better for 88 consecutive years.
Penn Mutual is an adviser-led brand, recognizing that it is only through the trust that we have gained with an adviser, that he or she is willing to entrust their clients to us. We view this as both a privilege and a responsibility. We respect the great work that advisers do on behalf of their clients and we don’t take for granted that they have chosen to work with us. That is why we continue to respond to the needs raised by advisers by enhancing our support and in some cases, even helping to attract and train new members to their teams.
In just a few short months, we will have transformed our internal processes into what we believe will be an industry leading experience, simplifying and making interactions with both our advisers and their clients more engaging. We aim to be the life insurance company that is “irresistible” to do business with!
When we set out on our journey in 2010 to become known for our expertise in life insurance, we did so quietly and not many took notice. Our results continue to speak for themselves and we’ve gotten lots of attention. As we set our sights even higher, it’s different this time. We are CHOOSING TO LEAD!
* All guarantees are based on the claims-paying ability of the issuer. Dividends are not guaranteed and past performance is not indicative of future results. Dividend scale comparison developed using information believed to be accurate as of December 2016. Penn Mutual information in the comparison is based on the whole life products inforce during the years reported.
** A.M. Best’s Financial Strength Rating (FSR) is an opinion of an insurer’s ability to meet its obligations to policyholders. A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Rating modifiers and affiliation codes may also be associated with these ratings.