Mutual Life-Assurance Company

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Mutual Life-Assurance Company

A life insurance company owned by its own policyholders. That is, policyholders elect the board of directors, and profits, if any, are distributed to policyholders each year in proportion to their individual exposures to the company. Many insurance companies are structured in this way.
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The Financial Accounting Standards Board and the American Institute of CPAs have issued statements concerning the ways mutual life insurance companies should account for and report certain contracts.
Until now, mutual life insurance companies have reported financial information to policyholders and creditors on a statutory basis that is prescribed by state insurance regulators," said FASB practice fellow Kevin Mead.
Dividends paid to policyholders at mutual life insurance companies, like Penn Mutual, are refunds of premium based on the actual experience of a block of policies.
reviewed the stock-price performance of six mutual life insurance companies that converted to stock companies and sold shares through an IPO and measured the change in share price from the date of public offering to the six-month anniversary of that offering.
Earlier this year," Mead explained, "the American Institute of CPAs issued a proposal that would establish how mutual life insurance companies should report insurance in financial statements prepared according to GAAP.
The Penn Mutual Life Insurance Company is one of the oldest and most respected mutual life insurance companies in the nation, founded in 1847.
Currently these distributions systems include the field forces of National Life, Provident Mutual and Penn Mutual life insurance companies, the joint venture partnership which sponsors Sentinel, and a wide range of independent fee-based planners.
Founded in 1847, Penn Mutual is one of the oldest and largest mutual life insurance companies in America.
BUSINESS WIRE)--June 16, 1995--Founded in 1847, Penn Mutual is one of the oldest and largest mutual life insurance companies in America.
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