New report details company's environmental, social and governance practices and progress
MILWAUKEE, Feb. 8, 2023 /PRNewswire/ -- Northwestern Mutual, a leading financial services company, today announced the release of its 2022 Sustainability Report. The report, entitled Building a Better Tomorrow, Today, holistically defines Northwestern Mutual's environmental, social, and governance (ESG) strategy and reflects on the company's progress in five key focus areas: its clients, social impact, corporate governance, responsible investing and the environment, and its people.
"Doing what's right has always been at the core of what we do. Our ESG commitment is an extension of our lasting promises and practices, guiding how we deliver real, sustainable outcomes for our people, partners, communities and planet," said Grady Crosby, vice president of enterprise ESG at Northwestern Mutual. "This report shines a light on how we operate sustainably, as well as the meaningful progress we've made that will accelerate our momentum into the future."
The report details Northwestern Mutual's ESG objectives along with the clear steps the company has taken to ensure a better tomorrow, including:
- Investing in socially and environmentally responsible assets within the company's general account – done without compromising return objectives.
- Creating healthy, sustainable communities, and helping close the racial wealth gap – with investments from its $100 million impact investing fund directed toward building strong physical and social infrastructure, increasing access to capital for Black entrepreneurs, and strengthening historically underserved neighborhoods.
- Acting as a world-class citizen to make lasting societal impact through the Northwestern Mutual Foundation – including more than $45 million in contributions to accelerate the search for better treatments and cures for childhood cancer.
- Establishing a baseline carbon footprint consistent with Greenhouse Gas Protocol, filing its first Task Force on Climate-Related Financial Disclosures (TCFD) report, and reducing paper use, which cut related CO2 emissions by 47% – the equivalent of removing 670 vehicles from the road.
The company's sustainability report can be downloaded here.
About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $560 billion in combined company and client assets, $34 billion in revenues, and $2.1 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to nearly five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 97 on the 2022 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2022.
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. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
SOURCE Northwestern Mutual