North Carolina Mutual Life Insurance Company was founded in 1898 in Durham, North Carolina, by a group of African American businessmen and entrepreneurs. It played a significant role in the economic development and empowerment of the Black community in the early 20th century.

North Carolina Mutual was one of the first Black-owned insurance companies in the United States and became the largest Black-owned insurer in the country. The company provided life insurance and other financial services to African Americans who were often denied such opportunities by white-owned companies.

Under the leadership of prominent figures like John Merrick and Charles Spaulding, North Carolina Mutual grew rapidly and expanded its services to include not only insurance but also real estate, banking, and other financial services. The company also played a crucial role in supporting Black businesses and promoting economic independence within the Black community.

North Carolina Mutual was an important institution during the Jim Crow era, providing financial security and stability to African Americans in the face of systemic racism and discrimination. Its success and impact on the Black community have made it a significant part of Black history and a symbol of Black economic empowerment.