A Big Number With a Bigger Meaning: Northwestern Mutual’s Expected $10.4B Dividend Payout in 2027

Northwestern Mutual is proud to share that we expect a record-setting dividend payout of $10.4 billion in 2027. It’s a big number, to be sure, but what’s bigger is its meaning: value created and shared with participating policyowners, backed by a company with the financial strength to keep its promises across generations.

This is mutuality at scale—and it is evidence that protection is a value-driver within an integrated financial plan. It shows how our financial strength, disciplined management, and mutual model create value that can be shared with the people we serve over time.

Our philosophy is to share our success with participating policyowners by paying the highest possible dividends over time while maintaining exceptional financial strength. In fact, this is the 36th consecutive year that Northwestern Mutual has earned the highest financial strength ratings awarded to any U.S. life insurer by all four major rating agencies: A.M. Best, Fitch Ratings, Moody’s Ratings, and S&P Global Ratings.

What are dividends?

A dividend is a non-guaranteed payment that Northwestern Mutual may make to participating policyowners. For each insurance product, we make certain financial assumptions when we establish our policy guarantees. For example, we estimate how many claims we will pay, project returns on our investments, and plan for how much it will cost us to run our business. If our actual experience is better than the assumptions underlying our policy guarantees, we may choose to pay a portion of those extra funds back to participating policyowners in the form of a dividend. Northwestern Mutual has paid a dividend every year since 1872.

Protection and your financial plan

Northwestern Mutual’s expected 2027 dividend is more than a one-year payout. It is a reminder that protection plays a vital role in a strong financial plan. In fact, we believe growth and protection belong together—and that a strong financial plan doesn’t force you to choose between building your wealth and protecting it. That’s because a strong plan considers the risks that could put your goals off track. When protection is part of your integrated financial plan, it can help you stay on track with your goals and allow your wealth to reach its potential.

How you can use a dividend

If you receive a dividend on an eligible participating policy, you may have four options for using it:

1. You may be able to purchase additional coverage in your permanent life insurance policy, which can help increase its death benefit and cash value more quickly.
2. You may be able to pay part or all of your insurance premium if your dividend is large enough to do so.
3. You may be able to leave the dividend in your policy to accumulate with interest, increasing the policy’s cash value. The interest rate is set by Northwestern Mutual but will not be less than the minimum rate specified in your policy.
4. You may be able to receive the dividend as a cash payment to use however you’d like.

More than a record-setting payout

The expected 2027 dividend is more than a number. It is a measure of what mutuality makes possible: value created through disciplined management and financial strength and shared with participating policyowners. It is also a reminder that protection is a value-driver within an integrated plan. From scale to significance, this is what it means to be built to create value and designed to share it.

Read the full 2027 dividend announcement. If you have questions about Northwestern Mutual’s expected 2027 dividend, reach out to your advisor.

Frequently Asked Questions

How much is Northwestern Mutual’s expected 2027 dividend payout?

Northwestern Mutual expects to pay a record-setting $10.4 billion in dividends to participating policyowners in 2027.

What is a Northwestern Mutual dividend, and how is it determined?

A Northwestern Mutual dividend is a non-guaranteed payment that may be made to participating policyowners when the company’s actual financial experience is more favorable than the assumptions used to set policy guarantees. Northwestern Mutual evaluates factors such as claims, investment results, and operating expenses each year to determine the dividend payable on each eligible policy.

If you receive a Northwestern Mutual dividend, how can you use it?

If you receive a dividend on an eligible participating Northwestern Mutual policy, you may be able to use it in four ways: purchase additional permanent life insurance coverage, pay part or all of an insurance premium, leave the dividend in the policy to accumulate with interest, or receive it as a cash payment. Available options depend on the policy.

Are Northwestern Mutual dividends guaranteed?

No. Northwestern Mutual dividends are not guaranteed. The company reviews the dividend scale and underlying dividend interest rates annually, and both are subject to change. However, Northwestern Mutual has paid a dividend every year since 1872.

What are Northwestern Mutual’s financial strength ratings?

For 36 consecutive years, Northwestern Mutual has earned the highest financial strength ratings awarded to any U.S. life insurer by all four major rating agencies: A.M. Best, Fitch Ratings, Moody’s Ratings, and S&P Global Ratings.

The dividend scale and the underlying dividend interest rates are reviewed annually and are subject to change. Future dividends are not guaranteed. Northwestern Mutual continues to have the highest financial strength ratings awarded to any U.S. life insurer by all four of the major rating agencies: A.M. Best Company, A++ (highest), November 2025; Fitch Ratings, AAA (highest), June 2026; Moody’s Ratings, Aa1 (second highest), August 2026; S&P Global Ratings, AA+ (second highest), May 2026. Moody's Ratings and S&P Global Ratings cap the ratings of U.S. life insurers at their rating of the U.S. government (second highest).Third-party ratings are subject to change and are a measure of the company’s relative financial strength and security but are not a reflection of the performance or stability of funds invested in a company’s separate accounts. Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company.