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{{Infobox_Company | |
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company_name = Northwestern Mutual| |
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company_logo = [[Image:NorthwesternMutualLogo.gif]]| |
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company_type = [[Mutual company|Mutual]]| |
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company_slogan = The Quiet Company| |
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foundation = 1857| |
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location = [[Milwaukee, Wisconsin]], [[USA]]| |
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key_people = [[Edward J. Zore]], CEO| |
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num_employees = 5,000 ([[2005]])| |
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industry = [[Insurance]]: [[Life]] & [[Health]]| |
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revenue = {{profit}}$19.7 Billion [[United States|USD]] ([[2006]])| |
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net_income = {{profit}}$829 Million [[United States|USD]] ([[2006]])| |
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homepage = [http://nmfn.com/ www.nmfn.com]| |
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}} |
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'''The Northwestern Mutual''' is a large [[mutual company]] based in [[Milwaukee, Wisconsin|Milwaukee]], [[Wisconsin]]. It is [[marketing|marketed]] as the ''Northwestern Mutual Financial Network''. Founded in [[Janesville, Wisconsin|Janesville]] in 1857, it is one of the nation's largest direct provider of individual [[life insurance]] in the [[United States]]. According to the company, "Northwestern Mutual exists for the benefit of its policyowners and clients," helping them protect against financial risk and achieve financial security.<ref name="nml-facts">{{cite web | title = Facts for 2006 | publisher = Northwestern Mutual | url = http://www.northwesternmutualnews.com/file.php/55/NM-only-factsheet.pdf | format = pdf | accessdate = 2007-01-09}}</ref> The company earned the highest customer satisfaction score among U.S. life insurers in the 2005 [[University of Michigan|University of Michigan's]] American Customer Satisfaction Index survey. The company has consistently been named "America's Most Admired" life/health insurance company by [[Fortune Magazine]] for the last 24 years.<ref name="nml-facts" /> |
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For many years, Northwestern Mutual did not engage in [[advertising]]. Its campaigns of recent years referring to it as "The Quiet Company" are meant to emphasize that fact.{{Fact|date=May 2007}} Northwestern is generally highly rated by analysts of insurance companies and their business practices such as [[A.M. Best]], [[Moody's]], [[Standard & Poor's]] and [[Fitch Ratings]].<ref name="nml-facts" /> |
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'''Northwestern Mutual''' was founded as a mutual life insurance company in 1857. Its home office is in Milwaukee, Wisconsin. |
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Products and services for the personal, business, estate and pension markets include permanent and term life insurance, disability income insurance, long-term care insurance, annuities, trust services, mutual funds and advisory services.<ref>{{ cite web | title = Company Overview | publisher = Northwestern Mutual | url = http://www.northwesternmutualnews.com/index.php?s=18 | format = html | accessdate = 2007-01-09}}</ref> |
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Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, Norman F. Dacey in his best-selling book What’s Wrong With Your Life Insurance showed that mutuals managed to accumulate massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends. |
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== References == |
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* ''150 Years of Quiet Strength'', brochure to Northwestern Mutual policyholders (April 2007) |
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<references/> |
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At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits they had accumulated. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded as [http://www.bizjournals.com/boston/stories/2005/05/16/focus5.html socially desirable]. |
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*[http://www.nmfn.com Official site] |
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*[http://money.cnn.com/magazines/fortune/fortune500/snapshots/1880.html Fortune 500: Northwestern Mutual] |
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The obvious advantages of demutualization to policyowners were vividly demonstrated by the fact that every demutualization received the approval of more than 90% of policyowners. |
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{{Template:Milwaukee Based Companies}} |
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Northwestern Mutual is among the few remaining mutual life insurers that has not demutualized. As of December 31, 2005 it had accumulated $10.4 billion in profits from its policyowners under the guise of mutuality and its board of directors has staunchly refused to return that money. |
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Northwestern Mutual’s whole life policyowners would receive an estimated $10,153 per policy and its other policyowners would receive $1,372 per policy in a demutualization according to financial data contained in Northwestern Mutual’s 2006 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s [http://www.nmfn.com 2006 Annual Report] and shown at http://policyownersfordemutualization.blogspot.com. |
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[[Category:Companies established in 1857]] |
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[[Category:Companies based in Milwaukee, Wisconsin]] |
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[[Category:Companies based in Wisconsin]] |
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*[http://www.nmfn.com Northwestern Mutual Financial Network] |
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*[http://policyownersfordemutualization.blogspot.com Policyowners for Demutualization of Northwestern Mutual] |
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[[Category:Mutual insurance companies]] |
[[Category:Mutual insurance companies]] |
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[[Category: |
[[Category:Demutualization]] |
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Revision as of 20:32, 13 September 2007
Northwestern Mutual was founded as a mutual life insurance company in 1857. Its home office is in Milwaukee, Wisconsin.
Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, Norman F. Dacey in his best-selling book What’s Wrong With Your Life Insurance showed that mutuals managed to accumulate massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends.
At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits they had accumulated. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded as socially desirable.
The obvious advantages of demutualization to policyowners were vividly demonstrated by the fact that every demutualization received the approval of more than 90% of policyowners.
Northwestern Mutual is among the few remaining mutual life insurers that has not demutualized. As of December 31, 2005 it had accumulated $10.4 billion in profits from its policyowners under the guise of mutuality and its board of directors has staunchly refused to return that money.
Northwestern Mutual’s whole life policyowners would receive an estimated $10,153 per policy and its other policyowners would receive $1,372 per policy in a demutualization according to financial data contained in Northwestern Mutual’s 2006 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s 2006 Annual Report and shown at http://policyownersfordemutualization.blogspot.com.