Northwestern Mutual is one of the largest life insurers in the United States, and its customers own it. The Milwaukee company, founded in 1857, has no shareholders. Its policyowners are the owners, and it has paid them a dividend every year since 1872. [1][3] That customer-owned structure sits next to a steady political operation: money tied to the company has flowed to federal candidates and lobbyists for decades, and the larger share has gone to Republicans in almost every cycle. [4]
- Since 1907, a committee of its own customers has examined operations and published a report.
- Federal giving leaned about 76% Republican in 2016, narrowing to about 58% by 2024.
- It runs a CEO-launched diversity program it has kept in place through 2025.
- Owned by 5 million-plus policyowners, it has paid dividends every year since 1872.
- It carries nearly $2.5 trillion of life insurance and expects a record $9.2B dividend.
Quick Take
At the federal level, giving connected to Northwestern Mutual has leaned Republican for years, but the margin is shrinking. In the 2016 cycle the combined giving ran about 76 percent to Republicans; by 2024 it was about 58 percent. [4] The company also spends steadily on federal lobbying, roughly $3 million a year, and relies heavily on lobbyists who used to work in government. [5] Off the campaign trail, it runs a long-standing diversity program and a $175 million fund aimed at closing the racial wealth gap. [9]
Where the Political Money Goes
Federal law bars a company from giving directly to candidates, so Northwestern Mutual's political money moves two ways. [5] The first is its political action committee, or PAC, a fund that employees pay into voluntarily and that then donates to campaigns. The second is direct giving by individual employees who list the company as their employer.
In the 2023 to 2024 election cycle, those two sources together gave about $1.71 million to federal candidates and party committees, split roughly 58 percent to Republicans and 42 percent to Democrats. [4][5] The PAC was the larger channel at about $931,000, with about $748,000 more from individual employees giving $200 or more. [4] The PAC on its own reported about $561,500 to federal candidates that cycle. [6]
The 2024 recipient list shows money moving to both sides. The PAC and employees giving as individuals sent money to both Donald Trump (about $60,800) and Kamala Harris (about $54,200), to both the National Republican Senatorial Committee and the Democratic Senatorial Campaign Committee, and to home-state figures in each party, including Republican Bryan Steil and Democrat Tammy Baldwin. [5]
Republicans have taken the bigger share in nearly every cycle for decades, but the gap has narrowed. The split was about 76 percent Republican in 2016, about 64 percent in 2018, and about 58 percent in 2024. Added up, company-connected donors have given about $16.8 million to federal candidates and committees since 1990. [4] The direction is toward a more even split, not a switch between parties.
The Federal Lobbying Bill
Northwestern Mutual also lobbies Washington. It reported about $2.91 million in federal lobbying in 2024 and about $3.58 million in 2023, and its annual federal lobbying has run between roughly $2.9 million and $3.6 million in recent years. [5][7] Its 2024 disclosures show it lobbied on data-privacy bills, on a Department of Labor rule on retirement investment advice that affects how annuities are sold, and on banking, insurance, and retirement measures. [7] The company reported no outside spending, sometimes called dark money, in the 2024 cycle. [5] Its lobbying team leans heavily on Washington insiders: OpenSecrets counted 15 of the company's 20 federal lobbyists in 2023, and 14 of 20 in 2024, as people who had previously held government jobs. [5]
A Company Its Customers Own
Northwestern Mutual was organized by a special act of the Wisconsin Legislature in 1857 and is a mutual company, meaning its more than five million policyowners own it rather than outside stockholders. [1][11] For 2025 it reported record revenue and operating gain and an all-time-high surplus above $42 billion, and it says it carries nearly $2.5 trillion of life insurance in force and holds more than $400 billion in client assets in its wealth business. [3]
Its signature is a dividend streak reaching back to 1872. The company has paid a dividend to policyowners every year since then, totaling close to $170 billion, and it announced an expected record payout of about $9.2 billion for 2026, noting that dividends are reviewed each year and are not guaranteed. [3] It calls itself the largest direct provider of individual life insurance in the country. [3] Its products include whole and term life insurance, disability and long-term care coverage, annuities, and wealth management delivered through a network of more than 8,000 financial advisors. Tim Gerend took over as chief executive at the start of 2025, succeeding John Schlifske, and also serves as chairman and president. [3][11]
The company also keeps an unusual accountability habit. Since 1907 it has run a Policyowners' Examining Committee, which gives a small group of customers open access to review its operations, management, and strategy and then publish their own report alongside the annual report. [11]
Diversity Programs and Community Investment
Northwestern Mutual has foregrounded diversity work for more than a decade. In 2020 its chief executive launched a company-wide task force called Sustained Action for Racial Equity, or SARE, which the company still describes as a core part of its social impact work. [8][10] The company has also said it is recognized as a best place to work for LGBTQ and disability inclusion and runs internal diversity councils and a women's initiative. [10] Across recent public reports, that diversity language has stayed in place rather than being scaled back.
Alongside the internal program, the company put real money into the racial wealth gap. It set aside $20 million in 2020 for Black entrepreneurs, launched a $100 million impact investing fund in 2021, and raised that fund to $175 million in 2023, directing capital to Black and other underserved communities and to a Black Founder Accelerator. [8][9] Separately, the company says its Foundation has given more than $520 million to nonprofits since 1992, including funding for childhood cancer research. [3] This community and charitable giving is separate from the political giving above.
On Climate and Investing
As an investor, Northwestern Mutual says it factors environmental and social considerations into parts of its portfolio and runs an internal climate risk group. [10] These are operational and investment choices. The public record does not show the company taking a prominent political side, through lobbying or donations, in the main federal fights over climate and energy policy.
Where to Find Them
Northwestern Mutual is headquartered in Milwaukee, Wisconsin, and sells nationwide through a network of financial advisors rather than mainly online. Its website is northwesternmutual.com.
Footnotes
[1] Northwestern Mutual, Form 485BPOS (Variable Life Account), U.S. Securities and Exchange Commission (EDGAR), 2025. Accessed September 7, 2026. https://www.sec.gov/Archives/edgar/data/742277/000119312525133386/d942673d485bpos.htm
[2] Northwestern Mutual, "Northwestern Mutual Surpasses $40 Billion Surplus, Declares Historic Dividend, Sets Company Records During Transformative 2024," February 20, 2025. https://news.northwesternmutual.com/2025-02-20-Northwestern-Mutual-Surpasses-40-Billion-Surplus,-Declares-Historic-Dividend,-Sets-Company-Records-During-Transformative-2024
[3] Northwestern Mutual, "2025 Annual Report," accessed September 7, 2026. https://www.northwesternmutual.com/2025-annual-report/
[4] OpenSecrets, "Northwestern Mutual Profile: Totals," accessed September 7, 2026. https://www.opensecrets.org/orgs/northwestern-mutual/totals?cycle=A&id=D000000343
[5] OpenSecrets, "Northwestern Mutual Profile: Summary," accessed September 7, 2026. https://www.opensecrets.org/orgs/northwestern-mutual/summary?id=D000000343
[6] OpenSecrets, "Northwestern Mutual Life Insurance PAC, Contributions to Federal Candidates, 2024 cycle," accessed September 7, 2026. https://www.opensecrets.org/political-action-committees-pacs/northwestern-mutual-life-insurance/C00197095/candidate-recipients/2024
[7] OpenSecrets, "Northwestern Mutual Profile: Lobbying," accessed September 7, 2026. https://www.opensecrets.org/orgs/northwestern-mutual/lobbying?id=D000000343
[8] Northwestern Mutual, "Northwestern Mutual Announces $100-Million Impact Investing Fund to Address Inequality and the Racial Wealth Gap," August 10, 2021. https://news.northwesternmutual.com/2021-08-10-Northwestern-Mutual-Announces-100-Million-Impact-Investing-Fund-to-Address-Inequality-and-the-Racial-Wealth-Gap
[9] Northwestern Mutual, "Northwestern Mutual Increases its Impact Investing Fund to $175 Million to Support Racial Equity Initiatives," October 26, 2023. https://www.prnewswire.com/news-releases/northwestern-mutual-increases-its-impact-investing-fund-to-175-million-to-support-racial-equity-initiatives-301967806.html
[10] Northwestern Mutual, "Sustainability and Social Impact," company website, accessed September 7, 2026. https://www.northwesternmutual.com/who-we-are/sustainability-impact/
[11] Northwestern Mutual, "2025 Policyowners' Examining Committee Report," accessed September 7, 2026. https://www.northwesternmutual.com/2025-annual-report/poec/
Comments
(0)No comments yet. Be the first to comment.