Overview
Northwestern Mutual, based in Milwaukee, Wis., is the largest direct provider of individual life insurance in the U.S. Other products include long-term care insurance, disability income insurance, mutual funds, annuities and other investment products. The company sells its products exclusively through its own agents and doesn't sell its life-insurance products outside the U.S.
Being owned by its policyholders, as opposed to being publicly traded, frees the insurer from the need to please stock analysts and market players with short time horizons. Unique to Northwestern is its open books approach: It has a Policyholders' Examining Committee, a small group whose members examine its operations for a week once a year, learn about the business and then write a report about their findings.
Chief executive Edward J. Zore came from the investment side of the business, and the company has had more of its investments in stocks than many other insurers and has been a significant player in private equity.