Milwaukee-based Northwestern Mutual Life Insurance Co. today reported record annual revenue in 2015, driven by additional premiums paid and assets under management.
The company’s 2015 revenue was $27.9 billion, up from $26.7 billion in 2014.
Northwestern Mutual’s premium revenue from insurance and annuity products was $17.8 million, up five percent from 2014. Its operating gain before dividends and taxes was $6.4 billion.
In 2015, Northwestern Mutual managed more than $89 billion in client investment assets, up 2 percent from $87 billion in 2014. It also increased repeat sales of insurance and investment products to existing clients to 4.4 percent of total sales.
The company announced in October it will again pay a record $5.6 billion in total dividends to policyholders in 2016, up from $5.5 billion in 2015, despite historically low interest rates.
The insurer’s total assets also increased, from $230 billion at the end of 2014 to $238.5 billion at the end of 2015.
“It boils down to our highly-disciplined approach that has guided us for 160 years,” said Todd Jones, controller for Northwestern Mutual. “Our fundamentals focus on delivering long-term product value for our clients through things like investment performance and disciplined expense management. It also speaks to the long-term view we take with our clients and doing what’s in their best interests. We don’t solely focus on insurance or investments, but rather take a whole picture approach offering integrated solutions, combining investments with risk protection so people can not only grow, but also protect, their assets.”
