The Penn Mutual Life Insurance Company said today that it expects to pay $100 million in dividends to eligible policyholders in 2020.
That payout reflects a 15% increase from the $87 million 2019 dividend payout total.
Penn Mutual is a policyholder-owned mutual insurer based in Horsham, Pennsylvania. The company has paid dividends to eligible policyholders every year since 1847.
“It is a remarkable achievement to be able to maintain our dividend scale in a low interest rate environment,” Eileen McDonnell, the company’s chairman, said in a statement about the 2020 dividend payout announcement.
Other mutual life insurers have also started announcing their 2020 dividend rates or payout amounts.
- Massachusetts Mutual Life Insurance Company said it expects to cut its dividend rate to 6.2%, from 6.4%, and pay $1.7 billion in dividends.
- New York Life Insurance Company said it expects to increase the amount of dividends paid 5.6%, to $1.9 billion.
- Northwestern Mutual Life Insurance Company said it expects to hold the dividend interest rates it uses to calculate 2020 dividends steady at 5%, and to pay $5.6 billion in dividends.
— Read Penn Mutual Sets 2019 Dividend Rate, on ThinkAdvisor.