NU Online News Service, March 19, 10:05 a.m. – Northwestern Mutual Life Insurance Company, Milwaukee, is reporting $732 million in net increases in surplus and asset valuation reserves for 2001 on $15 billion in revenue, compared with $754 million in net increases on $15 billion in revenue for 2000.
Because Northwestern is a policyholder-owned mutual, it reports its earnings using statutory accounting principles, rather than the Generally Accepted Accounting Principles used by shareholder-owned insurers.
Northwestern did not include quarterly results in its latest earnings release.
Total life premium revenue increased about 8% last year, even though premiums from new sales were flat, because policy renewals were strong, the company says.
The overall lapse rate has fallen to 4.1%, less than half of the industry average, the company says.