Northwestern Mutual 2023 Sustainability and Social Impact Report: A Better Tomorrow

Apr 29, 2024 11:00 AM ET

Originally published in Northwestern Mutual 2023 Sustainability and Social Impact Report Executive Summary

At Northwestern Mutual, every aspect of our business centers on doing what’s right for our employees, financial advisors and representatives, clients, and the communities we serve – delivering the business results our stakeholders expect today and building a better tomorrow. 

As a 167-year-old company that takes a long-term approach to managing our business, we integrate sustainability principles and social impact practices into our strategy to consistently generate long-term value, growth and positive societal impact. Our commitment to sustainability, social impact and sound governance is one more way we live our mutual values, driving positive, lasting outcomes for generations to come.

Delivering Financial Security and Expanding Financial Access 

Our company is in the business of doing good; we exist to improve lives through financial security, so people can live the life they want both today and tomorrow.

One way we honor this commitment is by investing in expanding financial access to help reduce the wealth gap in underserved communities. We’re taking bold steps to increase financial knowledge, improve access to capital for small businesses and advance the ability to build generational wealth. 

  • $20M goal each for investing in women and African American/Black entrepreneurs through Northwestern Mutual Future Ventures 
  • $175M Impact Investment Fund to increase access to capital for entrepreneurs in underserved communities, locally and nationally 
  • 30 entrepreneurs from a diversity of backgrounds supported in 18 communities nationwide since 2021 through the Northwestern Mutual Black Founder Accelerator® program

Investing in Our Communities 

We invest in transformational and sustainable community outcomes that improve lives.

Through the Northwestern Mutual Foundation, we invest in the future to drive better outcomes where our people and our clients live and work. That includes advancing childhood cancer research nationally, and in Milwaukee, expanding access to quality education, revitalizing underserved neighborhoods and making cultural attractions even more inclusive. 

  • $50M+ donated to fight childhood cancer and support children and families since 2012 
  • $60M+ invested in Milwaukee-area students over 25+ years 
  • 4,600+ students mentored by Northwestern Mutual employees in 2023 
  • $3.5M dedicated in 2023 to help residents in underserved communities become homeowners

Strengthening Our Culture of Belonging 

Our unique corporate culture enables everyone’s success, making Northwestern Mutual an employer and workplace of choice.

Employing diversity and inclusion as a growth strategy is critical to relevance, competitiveness and long-term policyowner value. We’re committed to creating community through inclusion, building a diverse talent pipeline and empowering employees to develop their full potential. 

  • 30% of our corporate employees are people of color—the highest percentage in company history 
  • ~50% of employees across our corporate offices are women 
  • 3,000+ employees participate across eight award-winning Employee Resource Groups 
  • 1,800 financial advisors, representatives, teams and allies participated in our 2023 Multicultural and Women’s Affinity Summits 
  • 83% of employees say managers understand their professional goals

Reducing Our Environmental Impact 

We ensure our actions and investments demonstrate commitment to people and planet.

We manage our day-to-day facility operations to reduce our climate impact through energy efficiency, water conservation, waste management and a continued focus on our carbon footprint. Our commitment to sustainability carries through to the design of our spaces, our investment strategy and the investment products we offer consumers. 

  • 75% of construction waste from our updated North Office Building to be diverted from landfills 
  • 40%+ of corporate office space LEED Gold certified 
  • $24.8B in socially and environmentally responsible investments without compromising returns 
  • 34,000 square feet of rooftop plantings divert 500,000+ gallons of stormwater runoff a year

Earning Trust Through Corporate Governance and Accountability 

We operate ethically, honestly and transparently to safeguard our policyowners and clients

Trust is Northwestern Mutual’s most valued currency. Our governance and accountability policies and reporting practices are designed to maintain that trust, promoting ethical operation and safeguarding client assets, privacy and data. We also file an annual Task Force on ClimateRelated Financial Disclosures (TCFD) report. 

  • HIGHEST RATINGS for financial strength from A.M. Best, Fitch, Moody’s, and S&P1 
  • 5M+ Americans served 
  • $7.3B in record-setting dividends to policyowners expected in 2024

Learn more about Northwestern Mutual’s commitment and impact. Get the 2023 Sustainability and Social Impact Report.

1. Among U.S. life insurers. Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company, as of the most recent review and report by each rating agency. Ratings as of: 11/23 (Moody’s Investors Service) Aaa (highest), 08/23 (AM Best Company) A++(highest), 08/23 (Fitch Ratings) AAA (highest), 05/23 (S&P Global Ratings) AA+ (second highest) Ratings are subject to change. 

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM.