Northwestern Mutual

RANK360

The deadly pandemic increased demand for life insurance, and privately held Northwestern Mutual has met that demand—a fact that helped it pass the $1 billion mark in new life insurance premium sales in 2020. Its record $33.8 billion in revenue boosts the company 28 spots on the Global 500—and makes Northwestern Mutual the largest company by revenue in the U.S. state of Wisconsin. The Milwaukee-based life insurer also boosted headcount, client investment assets, and policyholder benefit payouts, which cut into margins: Its 2020 profits fell by nearly 67%.