Yes, but it is a mutual insurance company owned by and for the benefit of its policyholders. While I've been retired for 12 years, when I was in industry and in consulting it was widely viewed as the best and most well run life insurer in the US...top of the heap... with the highest possible financial strength ratings from A.M.Best, S&P, Moody's and Fitch.
I served on some life insurance industry committees with NML finance executives and they were all top notch.
The only other company with the highest possible financial strength ratings from A.M.Best, S&P, Moody's and Fitch is New York Life (also a mutual life insurer).
To be clear, I'm not endorsing NML for ETFs but IME, their corporate culture is responsible stewards operating in the best interests of their policyholders and I would not think that has changed.