Penn Mutual Life Insurance Co. has unveiled remarkable financial achievements in its 2024 annual report, showcasing a substantial increase in net attributable income to $1.33 billion, a significant rise from the prior year's $201 million. This impressive growth is accompanied by substantial gains in total revenue, total assets, and surplus. The company's total revenue swelled to $7.14 billion in 2024, a notable leap from $5.32 billion in 2023. A pivotal driver of this revenue surge was the strategic sale of Janney Montgomery Scott LLC, a transaction that underscores Penn Mutual's strategic financial maneuvers.

2024 marks a year of unprecedented financial prowess for Penn Mutual, setting new benchmarks in net income, revenue, and dividends for policyholders.

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The significant jump in revenue was largely fueled by Penn Mutual's strategic decision to divest Janney Montgomery Scott LLC. In July 2024, the company announced a definitive agreement to transfer ownership of Janney to investment funds managed by KKR. Following the transaction's completion, Janney is poised to operate independently as a privately held entity. Notably, Fitch Ratings highlighted this transaction as a significant contributor to enhancing Penn Mutual’s financial flexibility, a testament to the company's strategic foresight.

Beyond revenue, Penn Mutual's financial standing strengthened with other revenue increasing to $1.21 billion, a stark contrast to the previous year's $44.7 million. The company's total assets reached an impressive $48.16 billion by the close of 2024, rising from $46.74 billion a year prior, while the company's surplus ascended to $4.3 billion from $3.3 billion. Additionally, Penn Mutual demonstrated its commitment to policyholders by disbursing $245.8 million in dividends in 2024, a notable rise from $188.7 million in 2023, with a record dividend payout of $265 million scheduled for 2025.

Looking ahead, Penn Mutual continues to evolve with strategic leadership appointments and operational enhancements. In March 2025, Rick Klenk was appointed as chief financial officer, and Brandon Mann joined as managing principal at 1847Financial, focusing on business growth in Utah and Arizona. Furthermore, on April 1, the company introduced a reformed claims process aimed at expediting death benefit payments to beneficiaries. Penn Mutual's underwriting entities maintain robust financial strength, evidenced by A+ (Superior) Financial Strength Ratings from AM Best, alongside affirmations from Fitch Ratings, Moody's, and Kroll Bond Rating Agency. These developments collectively paint a picture of a company not only achieving financial milestones but also reinforcing its operational foundation.