The organization expects to retain its position as the largest corporate foundation in the state of Wisconsin.
According to a March 2012 report published by The Chronicle of Philanthropy, approximately 70 percent of the nation's largest foundations will flatten or shrink charitable giving budgets this year. However, the Northwestern Mutual Foundation is growing its charitable giving by $1.3 million in fiscal year 2012, an 8.5 percent increase over fiscal year 2011.
"Northwestern Mutual's consistent commitment to giving back to the communities we serve is made possible by our judicious, long-term approach to financial management," said John Kordsmeier, president of the Northwestern Mutual Foundation. "Once again, we are growing our charitable giving while offering near-record policyowner dividends and maintaining the highest financial strength ratings awarded to any life insurer by all four of the major credit rating agencies."
Through its Foundation, Northwestern Mutual has given approximately $231 million to nonprofits nationwide since its inception in 1992, including $135 million in Wisconsin.