Editing Demutualization (section)

===Life insurers===
Over 200 US mutual [[life insurance]] companies have demutualized since 1930. At the end of the 20th century and beginning of the 21st century numerous large mutuals such as [[Prudential Financial|Prudential]], [[MetLife]], [[John Hancock Insurance|John Hancock]], [[Mutual of New York]], [[Manulife]], [[Sun Life]], [[Principal Financial Group|Principal]], and [[Phoenix Mutual]] decided to demutualize and return to policyowners all the profits they had accumulated as mutual life insurers. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded by some as [http://www.bizjournals.com/boston/stories/2005/05/16/focus5.html very rewarding to the new owners] although the effect on customers is not discussed. Others show that the demutualization process is detrimental to customers.<ref name=autogenerated1 />

The boards of directors of other mutual companies, which include [[Northwestern Mutual]], [[Massachusetts Mutual Life Insurance Company|Massachusetts Mutual]], [[New York Life]], [[Pacific Life]], [[Penn Mutual]], [[Guardian Life]], [[Minnesota Life]], [[Ohio National Life Insurance Company|Ohio National Life]], [[National Life Group]], [[Union Central Life]], [[Acacia life]], and [[Ameritas Life]] decided to either remain mutual or they decided to form mutual insurance holding companies. At the end of 2006 there were fewer than 80 mutual life insurers in the United States. Some of these mutual companies award dividends to their policyowners. For example, Northwestern Mutual expects to pay more than $5 billion in dividends to participating policyowners in 2008. Northwestern Mutual has paid its policyowners more than $65 billion in dividends, since the company was founded 151 years ago.<ref>{{cite web | title = 2007 Annual Report (2007) | publisher = Northwestern Mutual | url = http://www.nmfn.com/tn/aboutus--fi_annual_report | access-date = 2008-06-12 }}</ref> Mass Mutual Financial Group's Web site defines life insurance policy dividends.<ref>{{cite web|title=What Are Life Insurance Policy Dividends |publisher=Mass Mutual |url=http://www.massmutual.com/mmfg/products/insure/life/article_policydividends.html |access-date=2008-06-12 |archive-url=https://web.archive.org/web/20080327001530/http://www.massmutual.com/mmfg/products/insure/life/article_policydividends.html |archive-date=2008-03-27 |url-status=dead }}</ref>