Penn Mutual Insurance Maintains Dividend Scale

If you have insurance through Penn Mutual Life Insurance Company and you received dividends last year, you'll be receiving them again this year.

Horsham-based Penn Mutual, a 166-year-old company, announced that its board of trustees approved a 2014 dividend award that maintains the same dividend scale as its 2013 award, allowing for equitable dividends for qualifying policyholders. 

The $33.2 million 2014 award represents a 7percent increase in total payout over the 2013 award, according to a press release issued Monday. This will be the sixth year in a row that the company has maintained its dividend scale, according to the company.

“Penn Mutual’s singular purpose has been to help families unlock life’s possibilities. We believe that life insurance is the center of that, providing both protection and the ability to create a brighter future for generations to come,” said Eileen McDonnell, Penn Mutual president, Chief Executive Officer and chairwoman. “Regardless of the economic environment, it is our commitment to the best interests of our policyholders and to our mutual company principles that has been the driver of the long-term vision and financial responsibility resulting in our strength, stability and ability to pay equitable dividends.”

Dividends paid to policyholders at mutual life insurance companies, like Penn Mutual, are refunds of premium based on the actual experience of a block of policies, according to the release. The payment and amount of policy dividends are not guaranteed.