Northwestern Mutual Reaches $1 Trillion of Life Insurance in Force
Northwestern Mutual announced today that it has reached $1 trillion(1) of individual life insurance protection in force(2), making it the first direct provider of life insurance -- and the only mutual company -- to reach such an historic milestone.
For Northwestern Mutual, which will be celebrating its 150th anniversary next month, the accomplishment marks what has been a steady and dramatic increase in life insurance in force over the past two decades. Eclipsing the $200 billion mark in 1989, the company has since put into force $800 billion of life insurance protection. In 2006 alone, $104 billion was added, an amount greater than the total amount of life insurance amassed over the company's first 125 years.
"Reaching $1 trillion is an extraordinary milestone for us, particularly as we prepare to mark our 150th year in business" said Edward J. Zore, President and CEO of Northwestern Mutual. "Life insurance is an important cornerstone of financial security, and we're honored by the confidence our 3.1 million policyowners have in Northwestern Mutual's financial strength and in the value we deliver to them."
To understand the significance of the milestone, consider the following: -- If every person in the world stepped on a scale, they would not collectively weigh 1 trillion pounds -- One trillion seconds is 31,709 years -- You could earn $1 trillion if you worked for 40 years at a rate of $200,000 per minute
"We could not have reached this milestone without the commitment to excellence of our more than 7,000 financial representatives. They are building important one-on-one relationships with our policyholders every day," added Zore.
This announcement comes as the company prepares to celebrate its 150th anniversary on March 2nd, the date the company was founded in 1857. For more information, visit the company's online Historical Timeline (http://www.nmfn.com/tn/learnctr--nm_hist_timeline).
The Northwestern Mutual Life Insurance Company, Milwaukee, WI (Northwestern Mutual) is the market share leader for total individual life insurance premiums of any company in the U.S. life insurance industry. Northwestern Mutual and Northwestern Long Term Care Insurance Company maintain the highest available insurance financial strength ratings from all four major rating agencies: Standard & Poor's, Fitch Ratings, A. M. Best and Moody's.
For 23 years, a FORTUNE magazine survey has named Northwestern Mutual the "Most Admired" company in its industry and in 2006 the company was recognized as one of the "50 Best Companies to Sell For," by Selling Power magazine.
The company, its subsidiaries and affiliates are providers of life insurance, long-term care insurance, disability insurance, annuities, mutual funds, and employee benefit services to the group employee and executive markets. These products and services are distributed through the representatives of the Northwestern Mutual Financial Network. Among Northwestern Mutual's affiliated companies are those that comprise the Russell Investment Group, which provide investment management and advisory services; Northwestern Mutual Investment Services, LLC (NMIS), a wholly-owned company of Northwestern Mutual, broker-dealer and member NASD and SIPC; and Northwestern Mutual Wealth Management Company, a wholly-owned company of Northwestern Mutual, limited purpose federal savings bank and a registered investment adviser which provides financial planning, investment management and trust services. A subsidiary, Northwestern Long Term Care Insurance Company, offers long-term care insurance. Further information on Northwestern Mutual can be found at: http://www.northwesternmutualnews.com/.
(1) Based upon A.M. Best reports for the life/health insurance industry. Exclusive of individual life insurance protection in force due to reinsurance. (2) The terminology "in force life insurance protection" also known as "face amount," refers to the original death benefit on a life insurance policy. According to the 2006 Life Insurers Fact Book published by the American Council of Life Insurers (ACLI), the entire life insurance industry has more than $18.4 trillion worth of life insurance in force.
First Call Analyst:
SOURCE: Northwestern Mutual Life Insurance Company
CONTACT: Jean Towell of Northwestern Mutual Life Insurance Company,
Web site: http://www.northwesternmutual.com/
2/8/2007 6:05:00 AM