Ratings Agencies Affirm Northwestern Mutual’s Top Insurance Financial Strength Rating
MILWAUKEE, WI (March 24, 2010) – Two major ratings agencies have affirmed the best possible insurance financial strength ratings for Northwestern Mutual and Northwestern Long Term Care Insurance Company. For the 23rd consecutive year, Moody’s Investors Service reaffirmed its Aaa rating and Standard & Poor’s reaffirmed its rating of AAA for the company and its subsidiary.
In affirming its top rating of Aaa, Moody’s said the action, “is based upon the company’s exceptional franchise in individual participating life insurance, which is demonstrated by its excellent persistency, mortality and expense management, as well as by its solid capitalization.”
Similarly, Standard & Poor’s said its AAA rating reflects Northwestern Mutual’s “extremely strong competitive position with an emphasis on participating whole life insurance, very strong fundamental operating performance, very strong capitalization…and strong enterprise risk management.”
With the affirmations by the two agencies, Northwestern Mutual remains one of only a few companies in the financial services industry to hold the distinction of receiving the best available insurance financial strength ratings from all four major rating agencies. The company also maintains top ratings from A.M Best, which affirmed its A++ rating of the company earlier this month. The outlook from all three agencies is stable.
Northwestern Mutual Vice President and Controller Chris Kelly noted that the ratings reflect the company’s stability during a continued period of economic uncertainty.
“We continue to perform exceptionally well in this persistently challenging economic environment, and these ratings are a vote of confidence in our company’s financial strength and ability to weather adversity,” said Kelly. “They understand the importance of those things that differentiate Northwestern Mutual in the marketplace, including our time-tested commitment to fundamentals such as mutuality, conservative decision-making with a long-term view and our professional and highly productive field force.”
The Standard & Poor’s report also highlighted the strength of the company’s sales force and best in class products. It said, “Northwestern Mutual maintains one of the premier life insurance distribution systems in the industry. The group is widely admired for its professional and productive sales force and its high-quality products, including its flagship dividend-paying permanent life insurance products.”
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company – Milwaukee, WI (Northwestern Mutual) has helped clients achieve financial security for more than 150 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual seeks to share its gains with policyowners and deliver consistent and dependable value to clients over time.
Northwestern Mutual is an industry leader in total individual life insurance and disability insurance dividends paid to participating policyowners. Though dividends are not guaranteed, are reviewed annually and are subject to change, the company has paid life insurance dividend every year since 1872.
Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.
3/24/2010 2:24:27 PM