Penn Mutual
Penn Mutual is a U.S. mutual life insurer founded in 1847 in Philadelphia, offering life insurance, annuities, wealth management, and institutional asset management.
Last updated October 17, 2026
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Overview
Penn Mutual is a mutual life insurance company founded in 1847 in Philadelphia. It describes itself as having the longest record of an A or higher rating among mutual life insurers rated by AM Best, and as a trusted partner to financial professionals across the U.S. Through itself and its affiliates, it offers life insurance, annuities, wealth management, and institutional asset management.
History
Penn Mutual was founded, chartered, and opened for business in 1847 in Philadelphia. In 1848 it paid its first death claim of $4,963.33, and in 1849 it declared its first dividend in the form of a scrip certificate. Its first annuities were issued in 1888. In 1909 total assets passed $100 million, and in 1920 life insurance in force reached $1 billion. It issued its first retirement policy in 1932, and by 1968 over one million of its policies and master group contracts were in force. In 1982 it introduced universal life insurance, becoming the first major East Coast mutual company to do so. On its 150th anniversary in 1997 it established a trust at The American College. In 2003 it was voted the 8th best place to work in Pennsylvania, and in 2007 it introduced its online Client Service Center. In 2008 A.M. Best recognized it for receiving a financial strength rating of "A" or higher for at least 75 years.
Products and positioning
Mutual life insurer emphasizing financial strength, mutuality, and long-term relationships with policyholders and financial professionals.
Life insurance
Annuities
Wealth management
Institutional asset management
Controversies
2019
New York fines six life insurers over annuity disclosures
New York's Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department's investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.
Recent events
- Unconfirmed
New York fines six life insurers over annuity disclosures[5]
Reported:
New York’s Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department’s investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.
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