Northwestern Mutual Reports Record $40 Billion in Revenue for 2025

Company sees record operating gain and surplus, remains top life insurance provider

Published on Feb. 25, 2026

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Northwestern Mutual, a leading financial services company, announced its 2025 financial results, including record revenue of over $40 billion, record operating gain of more than $10 billion, and a surplus position exceeding $42 billion. The company remained the largest direct provider of individual life insurance, with retail investment client assets reaching an all-time high. Northwestern Mutual also paid out over $6.7 billion in claims through its life, disability, and long-term care insurance products.

Why it matters

Northwestern Mutual's strong financial performance and continued growth as a leading life insurance and financial services provider demonstrates the company's ability to navigate economic conditions and deliver value to its policyowners. The record results and financial strength position the company to confidently honor its obligations and provide comprehensive financial planning solutions to an expanding customer base.

The details

Northwestern Mutual's 2025 results were driven by extraordinary investment performance and continued strong business fundamentals. The company's surplus grew by over $2 billion, even with a nearly $1 billion increase in policyowner dividends expected to be paid in 2026. Northwestern Mutual remained the largest direct provider of individual life insurance and one of the nation's top five independent broker-dealers, with retail investment client assets exceeding $400 billion.

  • Northwestern Mutual announced its 2025 financial results on February 25, 2026.

The players

Northwestern Mutual

A leading financial services company providing comprehensive financial planning through insurance and investments.

Tim Gerend

The company's chairman, president and chief executive officer.

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What they’re saying

“We're proud of these record results, which demonstrate meaningful growth and reflect the strength of our business. The strong dividend payout is a testament to our ongoing commitments to policyowners. We are delivering unmatched long-term value while at the same time, we are enhancing our financial strength and flexibility to navigate the unexpected.”

— Tim Gerend, Chairman, President and Chief Executive Officer (Northwestern Mutual)

“The continued growth of our network of financial advisors means that we have the most capacity we've ever had to deliver comprehensive financial planning to a growing market of people who need trusted advice. The deep relationships that our advisors have with clients will help secure and strengthen the financial futures of Americans for generations to come.”

— Tim Gerend, Chairman, President and Chief Executive Officer (Northwestern Mutual)

What’s next

Northwestern Mutual plans to continue expanding its suite of insurance products, having launched a new Survivorship Variable Universal Life Plus (SVUL Plus) policy in 2025 to help families and businesses protect their legacies.

The takeaway

Northwestern Mutual's record financial results and continued growth as a leading life insurance and financial services provider demonstrate the company's ability to deliver long-term value and financial security to its policyowners, even in challenging economic conditions.