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Northwestern Reports Higher 2002 Net Income

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NU Online News Service, Jan. 24, 11:29 a.m. – Northwestern Mutual Life Insurance Company, Milwaukee, is reporting $158 million in net income for 2002 on $16 billion in revenue, compared with $650 million in net income on $15 billion in revenue for 2001.

Sales of new individual disability coverage were flat, but life insurance premium revenue increased 8%, to $9.2 billion, and sales of mutual funds increased 20% for the first 11 months of 2002, to $2.9 billion

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Investment income increased 1%, to $5.5 billion, in spite of the low interest rates available on bonds and the above-average rate default rate, Northwestern says.