The Penn Mutual Life Insurance Company

The Penn Mutual Life Insurance Company, often referred to as Penn Mutual, was established 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. Its subsidiaries include the brokerage firm Janney Montgomery Scott, which as of 2020 had $90 billion in assets under advisement for its clients. In 2017, Penn Mutual settled a lawsuit for $110 million, where policyholders claimed that the company had improperly withheld surplus funds instead of distributing them as dividends.