Penn Mutual Life Insurance Company vs Transamerica Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Penn Mutual Life Insurance Company
Founded: 1847
Horsham, Pennsylvania
Assets
$39.3 billion
IUL Experience
20+ years
Products
2
Avg Cap Rate
10.5%
Key Strengths
175+ year history with mutual structure
Record $265 million dividends (2025 - highest in history)
Contractually locked 6% policy loan rate for life
Guaranteed 1% minimum interest growth
Paid dividends during Great Depression and Recession
Transamerica Life Insurance Company
Founded: 1904
Cedar Rapids, Iowa
Assets
$223 billion in premiums in force; $29.5 billion AUM
IUL Experience
20+ years
Products
2
Avg Cap Rate
12.00%
Key Strengths
High cap rates (12% on flagship product)
Uncapped options with high participation rates
Superior living benefits offerings
12.5 million insurance policies in force
Over 120 years of history
Detailed Feature Comparison
| Feature | Penn Mutual Life Insurance Company | Transamerica Life Insurance Company |
|---|---|---|
| Founded | 1847 | 1904 |
| Headquarters | Horsham, Pennsylvania | Cedar Rapids, Iowa |
| Assets Under Management | $39.3 billion | $223 billion in premiums in force; $29.5 billion AUM |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 2 | 2 |
| Typical Cap Rate Range | 9% - 13% | 9.50% - 14.00% |
| Participation Rates | 120% | 150% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 0-80 | 0-85 years |
| Underwriting Speed | 3-5 weeks standard | 2-4 weeks standard |