Northwestern Mutual

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Northwestern Mutual
Private (Mutual)
IndustryFinancial Services
Founded1857
HeadquartersMilwaukee, Wisconsin
Key people
John Schlifske, chairman and CEO, Greg Oberland, president
ProductsInsurance and investments
RevenueIncrease$28.158 billion USD (2016)[1]
Increase$818 million USD (2016)
Number of employees
7,500 (2017)
Websitewww.northwesternmutual.com

The Northwestern Mutual is an American financial services mutual organization based in Milwaukee. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, trust and private client services, estate planning and business planning. Its products include life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services.[2]

History

Northwestern Mutual was founded as the Mutual Life Insurance Company of the State of Wisconsin on March 2, 1857. Originally located in Janesville, Wisconsin, the fledgling company relocated to Milwaukee in 1859. Shortly after, the company experienced its first two death claims, when an excursion train traveling from Janesville to Fond du Lac, Wisconsin derailed, killing 14 people, two of whom were policy owners.[citation needed] With losses amounting to $3,500 and having funds of only $2,000, company President Samuel Daggett and Treasurer Charles Nash personally borrowed the needed funds to pay the claims immediately.

Following the accident, the company saw a rapid increase in its sales and an expansion into new markets. By 1865, it was operating throughout the Midwest and had entered the market along the East coast. To reflect this increased presence, the board of trustees changed the company’s name to The Northwestern Mutual Life Insurance Company. In 1864, the company paid its first dividends to policy owners. It again paid dividends in 1867 and 1870, and has done so annually since 1872.[3]

Throughout the early years of the 20th century, Northwestern Mutual focused on life insurance. At the same time, the company worked to increase its accountability. In 1907, company leaders invited policy owners who were not trustees to probe into finances for accountability. This unique tradition has continued to the present day; members of the Policy owners’ Examining Committee have unrestricted access to evaluate Northwestern Mutual’s operations, management and strategic plans independently.[4]

In 1969, the company began offering disability income insurance. Less than a decade later, a series of retirement annuities were introduced for the employee benefits market. In the 1990s, the company saw further growth with the introduction of its long-term care insurance. In 2000, the company changed its name to reflect this broadening of its product offerings to just Northwestern Mutual.[5]

In 2001 the company continued to expand its product and service offerings by launching a wholly owned subsidiary known today as Northwestern Mutual Wealth Management Company (NMWMC), a federal savings bank. Through NMWMC, the company offers a range of financial planning products and services including investment management, fee-based financial planning, business retirement plans, and trust and private client services.[2]

In 2015 Northwestern Mutual began construction of Northwestern Mutual Tower and Commons, which opened in 2017.[6][7][8][9]

On March 25, 2015, Northwestern Mutual bought financial planning company LearnVest for over $250 million.[10]

Marketing

Northwestern Mutual serves as the presenting sponsor of the Rose Bowl Game, an NCAA Division I college football bowl game played annually on New Year's Day.[11]

See also

References

  1. ↑ "Our Commitment to Financial Strength". Northwestern Mutual. 31 December 2016. Retrieved July 15, 2017.
  2. ↑ 2.0 2.1 "Northwestern Mutual Fact Sheet for 2016". Northwestern Mutual. Retrieved August 17, 2016.
  3. ↑ Dill, Molly (October 28, 2015). "Northwestern Mutual Again to Pay Record Dividend". BizTimes. Retrieved March 25, 2018.
  4. ↑ Burnell, Susan. "The Mutual Advantage: How Northwestern Mutual Stays Strong and Relevant" (PDF). Forbes. Retrieved August 17, 2016.[dead link]
  5. ↑ "Northwestern Mutual Historical Timeline". Northwestern Mutual. Archived from the original on 2009-11-24. Retrieved 2009-11-10.
  6. ↑ Sadovi, Maura Webber (September 24, 2013). "Milwaukee Office Tower to Get Silicon Implant". The Wall Street Journal. Retrieved March 26, 2018. (Subscription required (help)).
  7. ↑ "Northwestern Mutual Tower and Commons Preparing for 27-Hour Concrete Foundation Pour" (Press release). Northwestern Mutual. March 23, 2015.
  8. ↑ Mintz, Hillary (August 21, 2017). "Wisconsin's second-tallest building opens". WISN-TV News. Retrieved 2018-02-14.
  9. ↑ Northwestern Mutual Tower named Project of the Year in Milwaukee Business Journal Real Estate Awards Mark Kass, Milwaukee Business Journal, April 12, 2018
  10. ↑ Kosoff, Maya (May 25, 2015). "LearnVest, one of New York's fastest-growing startups, just got acquired by Northwestern Mutual for more than $250 million". Business Insider.
  11. ↑ Myerberg, Paul (May 13, 2014). "Northwestern Mutual to sponsor Rose Bowl". USA Today. Retrieved December 27, 2017.

External links

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