How to Invest in Northwestern Mutual

By Lyle Daly – Updated Jul 26, 2025 at 11:12PM | Fact-checked by Frank Bass

Key Points

Northwestern Mutual is not publicly traded; it's owned by policyholders, not shareholders.
Investors can't buy Northwestern Mutual stock but can explore other insurance-related stocks and ETFs.
Northwestern Mutual's mutual company structure prioritizes policyholder benefits over shareholder profits.
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Northwestern Mutual is one of the leading providers of life insurance, disability insurance, and long-term care insurance in the United States. The company also offers a range of financial products, including retirement planning and investment services.

Despite this company's significant presence in the financial industry, it is not possible to invest directly in Northwestern Mutual stock. Since it's a mutual company, policyholders, rather than shareholders, own it. However, there are several ways to get exposure to the insurance industry and companies tangentially related to Northwestern Mutual.

A pair of glasses and a magnifying glass atop a document that says Insurance Policy.

Image source: Getty Images.

Publicly traded?

Is Northwestern Mutual publicly traded?

No, Northwestern Mutual isn't publicly traded on the stock market. This means you cannot directly buy shares of Northwestern Mutual stock as you could with a publicly traded company. As a mutual company, its policyholders own it.

What does it mean when a company operates as a mutual company?

A mutual company is owned by its policyholders rather than shareholders. Northwestern Mutual policy owners can benefit from the company's profits through dividends or reduced premiums. This structure enables Northwestern Mutual to prioritize policyholder interests over shareholder profits.

When will it IPO?

When will Northwestern Mutual IPO?

It's highly unlikely that Northwestern Mutual will conduct an initial public offering (IPO). An IPO would involve Northwestern Mutual selling shares to the public and being listed on a stock exchange. Because of its mutual company structure, Northwestern Mutual would need to overhaul its business model to go public.

IPO

IPO (Initial Public Offering) is the first sale of stock by a private company to the public, making it a publicly traded entity.

How to buy

How to buy Northwestern Mutual stock

While you can't purchase shares of Northwestern Mutual, you can invest in other insurance companies or companies that provide goods or services to the insurance industry. Here's a step-by-step list of how to invest in companies similar to Northwestern Mutual.

Open your brokerage app: Log in to your brokerage account where you handle your investments.
Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
Submit your order: Confirm the details and submit your buy order.
Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

If you're unsure which insurance companies to invest in, here are a few options.

MetLife

MetLife (MET 3.3%) is a global provider of insurance, annuities, and employee benefits programs. Like Northwestern Mutual, MetLife offers a wide range of financial services, including life insurance, retirement planning, and investment products. Known for its strong financial stability and comprehensive service offerings, MetLife provides a way to gain exposure to the insurance and financial services market sectors.

Sapiens International

Sapiens International Corporation (SPNS 0.0%) provides software-as-a-service (SaaS) solutions for the insurance industry, including the property and casualty, life, and annuity sectors. Its suite includes products for policy administration, claims management, and billing solutions for insurers.

Root

Root (ROOT -2.4%) is a digital car insurance company that uses telematics to provide personalized insurance rates based on individual driving behavior rather than traditional means such as demographics. Although it's an auto insurance company, Root offers excellent exposure to some of the most important digital transformations in the insurance industry.

Its platform allows users to quickly obtain coverage, manage policies, and file claims via a user-friendly mobile app. By leveraging advanced data analytics, Root provides customized rates for drivers.

Should I invest?

Should I invest in Northwestern Mutual-related stocks?

Whether you should invest in stocks related to Northwestern Mutual depends on your personal circumstances, investment strategy, and risk tolerance. Here are some key points to consider.

Consider investing in Northwestern Mutual-related stocks if:

You value corporate social responsibility

If you prioritize investing in companies with strong commitments to corporate social responsibility (CSR), companies related to Northwestern Mutual can be appealing. Northwestern Mutual is known for its community engagement and sustainability initiatives. Investing in similar companies allows you to support businesses that actively contribute to social and environmental causes.

You seek stability during economic downturns

Because of how insurance companies make money, companies like Northwestern Mutual can provide a safe haven during economic downturns. Insurance tends to be a relatively recession-resistant business, making it a good choice for investors looking to protect their portfolios from market volatility and economic shocks.

You want to invest in a company that provides comprehensive financial services

Northwestern Mutual offers a broad spectrum of financial services, including insurance, wealth management, and retirement planning. Investing in companies that provide similar comprehensive services can give you diversified exposure to the financial sector.

Consider avoiding Northwestern Mutual-related stocks if:

You prefer industries with high innovation potential

If you're an investor looking for cutting-edge innovation and rapid technological advancements, companies related to Northwestern Mutual may not be a suitable fit. The financial services and insurance industries are typically slower to innovate than tech-driven companies, making them less suitable for those seeking to invest in growth stocks.

You're wary of interest rate sensitivity

Companies in the financial services sector, such as Northwestern Mutual, are often highly sensitive to interest rate changes. If you're concerned about potential fluctuations in interest rates affecting the profitability and performance of these companies, you might want to avoid them and instead consider sectors less affected by interest rate volatility.

You're concerned about the impact of demographic changes

Demographic shifts, including aging populations, significantly influence the insurance and retirement planning sectors. If you anticipate that demographic trends might hurt the demand for certain financial services, you may prefer to invest in sectors less dependent on these factors, focusing instead on industries with more diverse and growing customer bases.

ETF options

ETFs with exposure to Northwestern Mutual-related stocks

Here are some exchange-traded funds (ETFs) that invest in companies similar to Northwestern Mutual:

The SPDR S&P Insurance ETF (KIE 0.6%) tracks the S&P Insurance Select Industry Index, which includes a wide array of insurance companies.
The First Trust Financials AlphaDEX Fund (FXO 0.76%) follows the StrataQuant Financials Index, investing in financial sector companies selected based on growth and value factors.
The T. Rowe Price Financial Services Fund (NASDAQ:PRISX) targets financial services firms, including those in the insurance industry.
The iShares U.S. Insurance ETF (IAK 0.74%) seeks to track the investment results of the Dow Jones U.S. Select Insurance Index, which measures the performance of the insurance sector of the U.S. equity market.

FAQ

Investing in Northwestern Mutual FAQ

Can you buy stock in Northwestern Mutual?

No, you cannot buy stock in Northwestern Mutual. Northwestern Mutual operates as a mutual company, meaning it is owned by its policyholders rather than shareholders.

Is Northwestern Mutual publicly traded?

No, Northwestern Mutual is not publicly traded. It has a mutual company structure. As a mutual company, it does not issue stock or seek equity investments from the public market.

What type of investments does Northwest Mutual offer?

Northwestern Mutual offers a range of investment products, including:

Life insurance policies, such as term, whole, and universal life insurance
Annuities that provide a steady income stream for retirement
Mutual funds covering different asset classes and investment strategies
Retirement accounts, such as individual retirement accounts (IRAs) and 401(k) plans
Education savings accounts, including 529 plans
Comprehensive investment management and advisory services through Northwestern Mutual Investment Services

Is it safe to invest with Northwestern Mutual?

Yes, it's safe to invest with Northwestern Mutual. It's a member of the Securities Investor Protection Corporation (SIPC), which protects investments of up to $500,000 (including up to $250,000 in cash) if a firm fails.

Who is the largest life insurance company in the U.S.?

Northwestern Mutual is the largest life insurance company in the U.S., according to the National Association of Insurance Commissioners (NAIC). It had $13.7 billion in direct premiums written in 2024, more than any other life insurance company.