Penn Mutual

Penn Mutual

Life insurance, annuities, wealth management services

Overview

Penn Mutual provides life insurance, annuities, wealth management, and institutional asset management through a network of financial professionals. Its products work by offering life insurance to provide financial protection for beneficiaries, annuities to create steady retirement income, and investment services to manage and grow wealth for individuals, families, and institutions. The company differentiates itself with a long history (over 175 years), a broad suite of protection-oriented solutions, and a model that emphasizes partnering with financial professionals to tailor plans for clients. Penn Mutual’s goal is to help people and businesses build stronger financial futures through sound, personalized protection and wealth strategies.

About Penn Mutual

Simplify's Rating
Why Penn Mutual is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Financial Services

Company Size

1,001-5,000

Company Stage

N/A

Total Funding

N/A

Headquarters

Philadelphia, Pennsylvania

Founded

1847

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Simplify's Take

What believers are saying

  • Penn Mutual approved a record $300 million dividend in 2026, reinforcing policyholder loyalty.
  • March 2025 CFO Rick Klenk now oversees financial, risk, and product teams.
  • September 2025 ACE refresh should speed sales cycles and improve financial-professional retention.

What critics are saying

  • ACE remains proprietary; underwriting rivals can copy features, eroding differentiation by 2026.
  • Dave Raszeja's planned 2025 exit and Rick Klenk's promotion concentrate execution risk.
  • As a mutual insurer, weak policyholder growth or dividends could permanently cap expansion.

What makes Penn Mutual unique

  • Penn Mutual's 98-year A-or-higher AM Best streak signals rare balance-sheet durability.
  • ACE processed over 90% of eligible applications, giving Penn Mutual real workflow advantage.
  • 1847Financial expands locally led distribution with 2024 Kansas City and 2025 regional hires.

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Benefits

Flexible Work Hours

Hybrid Work Options

Company News

PR Newswire
Jul 22nd, 2026
Penn Mutual earns 2026 Great Place To Work Certification(TM).

Penn Mutual earns 2026 Great Place To Work Certification(TM). Jul 22, 2026, 09:00 ET PHILADELPHIA, July 22, 2026 /PRNewswire/ - The Penn Mutual Life Insurance Company (Penn Mutual) is proud to be Certified(TM) by Great Place To Work(R) for the fifth year in a row. The prestigious award is based entirely on what current employees say about their experience working at Penn Mutual. This year, 94% of employees said it's a great place to work - 37 points higher than the average U.S. company. Great Place To Work(R) is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention, and increased innovation. "Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. "By successfully earning this recognition, it is evident that Penn Mutual stands out as one of the top companies to work for, providing a great workplace environment for its employees." "Earning Great Place To Work Certification for the fifth consecutive year is incredibly meaningful because it reflects the voices and experiences of our employees," said Liz Heitner, Chief Administrative Officer at Penn Mutual. "Our culture is built every day through the way Penn Mutual employees collaborate, care for one another, embrace new ways of working, and stay focused on the financial professionals and policyholders who depend on us. This recognition belongs to our people. We're grateful for the role they play in making Penn Mutual a workplace where people feel valued, connected, and empowered to do their best work." Penn Mutual's certification is based on employee feedback collected through the Great Place To Work's Trust Index(TM) survey. This year's feedback reinforced many of the qualities that define the Penn Mutual employee experience, including a modern, flexible, and high-trust workplace; a culture rooted in respect and collaboration; strong connections with managers and teams; and approachable leaders who listen and act on feedback. Employees also recognized Penn Mutual's continued focus on innovation and new ways of working. Employees shared how AI is helping them produce more high-impact work, and that they are receiving opportunities and resources from the company to embrace and adopt AI. According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company's profits, and have a fair chance at promotion. About The Penn Mutual Life Insurance Company For more than 175 years, Penn Mutual has been a trusted partner to financial professionals across the U.S., placing protection solutions at the center of building stronger financial futures for individuals, families, and businesses. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of financial professionals and their clients, including life insurance, annuities, wealth management, and institutional asset management. To learn more, including current financial strength ratings, visit pennmutual.com. About Great Place to Work Certification(TM) Great Place To Work(R) Certification(TM) is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience - specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified. About Great Place To Work(R) As the global authority on workplace culture, Great Place To Work(R) brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All(TM) Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified(TM) or receiving recognition on a coveted Best Workplaces(TM) List. (C) 2026 The Penn Mutual Life Insurance Company, Philadelphia, PA 9028888NS_JUL28 SOURCE The Penn Mutual Life Insurance Company

PR Newswire
Sep 15th, 2025
Refreshed ACE Sets New Standard in Life Insurance Digital Applications

PHILADELPHIA, Sept. 15, 2025 /PRNewswire/ - The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce the launch of its refreshed Accelerated Client Experience (ACE), an industry-leading, digital life insurance buying platform, designed to deliver greater speed, efficiency, and a more seamless experience for financial professionals and their clients.

PR Newswire
Sep 9th, 2025
Fortune Media and Great Place To Work Name Penn Mutual to 2025 Best Workplaces in Financial Services & Insurance List

Fortune Media and Great Place To Work name Penn Mutual to 2025 Best Workplaces in Financial Services & Insurance List.

Insurance Business
Mar 20th, 2025
Insurance moves: Emerald, Penn, Jewelers, Ryan Alternative, BHSI, and Crum

Meanwhile, Penn Mutual Life Insurance Company has named Rick Klenk as its next chief financial officer (CFO), effective March 17, 2025.

Coverager
Feb 18th, 2025
Penn Mutual Appoints Brandon Mann As Managing Principal At 1847Financial

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