Penn Mutual Life reports higher 2024 net income
April 16, 2025 by Josh Recamara
Penn Mutual Life Insurance Co. reported net attributable income of $1.33 billion for 2024, a sharp increase from $201 million the previous year, according to its annual report. The company also recorded year-over-year gains exceeding $1 billion in total revenue, total assets, and surplus.
Total revenue rose to $7.14 billion in 2024, up from $5.32 billion in 2023. A significant portion of that increase was attributed to the completion of the sale of Janney Montgomery Scott LLC. In July 2024, Penn Mutual announced it had reached a definitive agreement to sell Janney to investment funds managed by KKR. Upon closing, Janney is expected to operate as an independent, privately held company. The transaction was noted by Fitch Ratings as a contributor to Penn Mutual’s financial flexibility.
