MassMutual explores sale of its retirement services business: sources
June 9, 2020 by David French
NEW YORK (Reuters) – Massachusetts Mutual Life Insurance Company (MassMutual) is exploring a sale of its retirement services division, which has about $175 billion of assets under management and administration, people familiar with the matter said on Friday.
MassMutual’s retirement services business administers savings programs, such as 401(k) plans, for private and public sector employees. While the mutual company offers a variety of financial products such as annuities, it no longer considers the capital-intensive servicing of retirement plans core to its business, the sources said.
MassMutual could fetch about $2 billion for its retirement services business, said the sources, requesting anonymity because the sale process is confidential.
A spokeswoman for MassMutual declined to comment.