Penn Mutual Sets 2020 Dividend Rate
The company says it will maintain its dividend scale, in spite of the current low interest rates.
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.
(Related: New York Life Predicts 5.6% Increase in 2020 Dividend Payments)
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.
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