The Penn Insurance And Annuity Company

The Penn Mutual Life Insurance Company, often referred to as Penn Mutual, is a mutual life insurance company that was founded in Philadelphia, Pennsylvania, in 1847. It was the seventh mutual life insurance company chartered in the United States. As of 2019, Penn Mutual had 3,140 employees, $3.7 billion in revenue, and $36.7 billion in assets. The company is headquartered in Horsham, Pennsylvania, just outside Philadelphia. Penn Mutual’s subsidiaries include the brokerage firm Janney Montgomery Scott, which was acquired in 1982 and had $90 billion in assets under advisement for its clients as of 2020. In 2017, Penn Mutual settled a lawsuit for $110 million, in which policyholders had charged that the company had improperly withheld surplus funds, rather than distribute them as dividends.