In 2024, Penn Mutual Life Insurance Co. experienced a transformative year, reporting a remarkable net attributable income of $1.33 billion. This figure represents a substantial increase from the previous year's $201 million, as highlighted in the company's annual financial report. The organization enjoyed impressive gains across key financial metrics, boasting increases that exceeded $1 billion in categories such as total revenue, total assets, and surplus. Notably, the company's total revenue surged to $7.14 billion in 2024, up significantly from $5.32 billion in 2023.

Penn Mutual's strategic decisions in 2024 paved the way for unprecedented growth, enhancing its financial flexibility and operational strength.

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A major factor contributing to Penn Mutual's financial success was the strategic sale of Janney Montgomery Scott LLC. In July 2024, the company announced a definitive agreement to sell Janney to investment funds managed by KKR. This transaction, upon its completion, positioned Janney to function as an independent, privately held entity. Fitch Ratings acknowledged this move as a significant contributor to Penn Mutual’s enhanced financial flexibility. The company reported a dramatic rise in other revenue, including realized capital gains and losses, reaching $1.21 billion compared to the previous year's $44.7 million.

At the close of 2024, Penn Mutual's total assets were valued at $48.16 billion, increasing from $46.74 billion in the prior year. The organization also reported a rise in surplus, which climbed from $3.3 billion to $4.3 billion. Demonstrating its commitment to rewarding policyholders, Penn Mutual distributed $245.8 million in dividends in 2024, up from $188.7 million in the preceding year. Looking ahead to 2025, the company has sanctioned a record $265 million in policyholder dividends, which includes a raised interest component of 6% on whole life policies.

In a bid to further strengthen its leadership and operational capabilities, Penn Mutual introduced Rick Klenk as its new Chief Financial Officer in March 2025. That same month, Brandon Mann was appointed as the managing principal at 1847Financial, Penn Mutual's associated distribution firm, where he will spearhead business development endeavors in Utah and Arizona. Additionally, on April 1, the company rolled out a revised claims process, designed to expedite the payment of death benefits to beneficiaries, underscoring its commitment to enhancing customer service. The organization’s robust position is reinforced by A+ (Superior) Financial Strength Ratings from AM Best, alongside strong ratings from Fitch Ratings, Moody’s, and Kroll Bond Rating Agency.