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History

Penn Mutual's strength lies in our rich history. Since the beginning, our conservative, prudent approach to investing and our commitment to delivering as promised have given us a measure of stability unlike most companies.

 
Penn Mutual Celebrates a Rich Past
1847
Penn Mutual founded, chartered, and in business.
1848
First death claim paid on October 20 - $4,963.33 on the life of William B. Cooper.
1849
The company declares first dividend in the form of a scrip certificate.
1873
John W. Hornor, founder of Penn Mutual, dies.
1888
Penn Mutual issues its first annuities.
1909
Penn Mutual's assets pass the $100 million mark.
1920
Penn Mutual's insurance in force reaches $1 billion.
1932
Penn Mutual issues its first retirement income policy.
1943
Assets pass the billion dollar mark.
1968
More than a million Penn Mutual policies and master group contracts are in force.
1969
Penn Mutual Equity Services is formed to act as a broker/dealer for Penn Mutual registered products. (This subsidiary is now called Hornor, Townsend & Kent, Inc.)
1970
New individual life insurance business exceeds a billion dollars of death benefits.
1980
The Penn Insurance and Annuity Company, a wholly owned stock insurance subsidiary, is incorporated.
1982
Penn Mutual is the first major East Coast mutual life insurance company to offer universal life insurance.
1986
The Customer Service Department is the first to move to a new home in Horsham, Pa., followed by the rest of the home office by 1990.
1987
A single premium variable life product is introduced.
1992
Life insurance in force reaches $30 billion.
1996
Penn Mutual surpasses the $1 billion mark in variable life and annuity assets.
1997
Penn Mutual observes its 150th anniversary and establishes a trust at The American College in celebration of the event.
2000
Penn Mutual establishes the first named professorship at The American College in honor of Charles E. Drimal, a revered Penn Mutual general agent.
2001
Penn Mutual responds to the September 11 tragedy by making financial contributions to organizations providing support to victims and their families.
2003
Penn Mutual is voted the 8th best place to work in Pennsylvania.
2004
Penn Mutual's success and the factors responsible for it are featured in Philadelphia Business Journal article.
2005
Penn Mutual celebrates the 10th anniversary of its Advisor Value Commitment® strategy, which supports the company's financial professionals with ongoing educational, marketing and practice-management tools that enable them to build close, productive relationships with their clients.
2006
We are pleased to be the first and only company in the industry now offering a rider that keeps clients' purchasing power strong as the cost of living changes. With the Purchasing Power Protector, when clients start taking withdrawals, they are guaranteed to grow with inflation as measured by the Consumer Price Index. This guarantee makes an annuity with the Purchasing Power Protector very different from many other retirement solutions.
2007
Penn Mutual celebrates its 160th anniversary on March 1 and introduces online Client Service Center.
2008
We are pleased to announce that the July 2008 issue of Best's Review features Penn Mutual as one of only 15 life/health insurers that has maintained an A.M. Best Financial Strength Rating of "A" or higher for at least 75 years.
2009
Eileen McDonnell elected as Penn Mutual's first woman president.
2010
Penn Mutual unveils its refined symbol, representing our commitment to helping people make the most out of life's possibilities. By unlocking all that life insurance offers, clients can enjoy the benefits and flexibility of a reliable and steadily growing asset that is there for them through all of life's stages and that makes an enduring impact for generations to come.
2011
Eileen McDonnell appointed Chief Executive Officer of Penn Mutual, the 18th CEO in the company's history.

2012

Penn Mutual celebrates its 165th anniversary on March 1.

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