The Penn Mutual Life Insurance Company said this week that it expects to pay $87 million in dividends to eligible policyholders in 2019.
That payout reflects a 24% increase from the $70 million 2018 dividend payout total.
(Related: New York Life Posts 2019 Dividend Rate)
Penn Mutual is a policyholder-owned mutual insurer based in Horsham, Pennsylvania. The company has paid dividends to its policyholders every year since 1847.
The company said it expects the 2019 dividend rate to be lower than the 6.34% rate the company set for 2018. The company did not say what it expects the 2019 dividend rate to be.