The Penn Mutual Life Insurance Company’s board of trustees has approved a $30.3 million dividend for 2010, the company announced.

The dividend to be distributed to holders of its life insurance policies is on the same scale as the company’s dividend for 2009, the company says.

Penn Mutual, Horsham, Penn., has never missed making a dividend payment to its policyholders through its 162-year history, notes Robert E. Chappell, the company’s chairman, president and chief executive officer.