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For 167 years, Penn Mutual has been driven by our noble purpose to create a world of possibilities. As an original pioneer of mutual life insurance in America, we believe that life insurance is the center of a sound financial plan. Permanent life insurance provides a safety net through the protection it provides, builds cash value to allow you to do more in life, and makes an enduring impact for generations to come. Penn Mutual is committed to helping individuals, families and businesses unlock life’s possibilities through life insurance and annuity solutions. Penn Mutual achieved solid financial results in 2015, following our strong performance in 2014. Our financial strength and mutual structure allow us to stay focused on what matters—serving the best interests of our policyholders, as well as ensuring our long-term viability and well-being.
Operating Income, which includes our insurance product and broker-dealer segments, for 2015, was $209.5 million, an increase of 9% compared to 2014.
Total Revenue supporting our insurance operations was $1,701.9 million through 2015, an increase of $172.0 million compared to 2014. The increase was the result of higher product revenue generated from the growth in our life and annuity business as well as higher investment earnings from our growing assets.
Total Benefits Paid to policyholders or their beneficiaries through 2015 totaled $699.8 million, which reflects the fulfillment of our promises to them.
Consolidated Net Income for 2015 was $208.6 million, or 17% higher than the $177.7 million for 2014.
Total Surplus (Capital) totaled $1.9 billion as of December 31, 2015, which was consistent with our results at December 31, 2014. Surplus is the amount we set aside for unexpected losses and is our financial protection against business volatility. The company continues to be heavily focused on managing our financial strength. This gives our policyholders the confidence that Penn Mutual is positioned to meet its obligations to them today and well into the future.
Statutory Assets and Liabilities — As of December 31, 2015, assets, including the funds we safeguard for our policyholders, totaled $20.9 billion, an increase of 7% from 2014. Total liabilities were $19.0 billion as of December 31, 2015.
Life Insurance Sales through December 31, 2015 were $157.0 million, or 21% higher than 2014. Sales in 2015 continue to have a balanced mix, with 36% coming from whole life.
Individual Life Insurance In-Force of $115.8 billion as of December 31, 2015, is the amount of life insurance protection that Penn Mutual provides to policyholders. Once again, this demonstrates that policyholders value the complete value of life insurance - both the protection and the cash accumulation - that our products offer.
New Annuity Sales through December 31, 2015 were $550.8 million. These sales are the result of strong product offerings and the role annuities play in our clients’ financial plans.
These results are reported according to Generally Accepted Accounting Principles in the United States of America (GAAP), unless otherwise noted. Life sales are reported on a life weighted-premium basis. Annuity sales are reported on a cash basis. Total surplus, statutory assets and investment portfolio information are reported according to a Statutory Accounting basis.
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© 2016 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172 www.pennmutual.com
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