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  • MassMutual Reports Strong 2023 Financial Results Fueled by Company Records

    March 6, 2024 by MassMutual

    SPRINGFIELD, Mass.–(BUSINESS WIRE)–MassMutual today reported strong financial results1 for 2023. In addition to maintaining its position as an industry-leading provider of whole life insurance and reporting record annuity sales and capital, the company reached a major milestone as it topped $1 trillion of protection for its life insurance policyowners.

    Financial performance highlights for the year ended December 31, 2023 include:

    • Strong sales: Sales from MassMutual’s domestic insurance operations totaled $39 billion, reflecting strong demand for its broad portfolio of protection and accumulation solutions. Along with maintaining its position as an industry-leading provider of whole life insurance, the company once again posted record annuity sales from both MassMutual and its subsidiary MassMutual Ascend, reinforcing MassMutual’s status as a leading provider of lifetime income solutions.
    • Increased operating earnings: Strong sales contributions from the company’s broader portfolio of products and businesses – as well as favorable market conditions and sound operating fundamentals – helped drive statutory operating earnings to $2.8 billion.
    • Robust financial strength and stability: Statutory surplus grew to $28.9 billion and total adjusted capital rose to $34.5 billion, both records, as the company continued to hold ratings that are among the highest in any industry.2
    • Record dividend payout: MassMutual approved an estimated dividend payout to eligible participating policyowners of nearly $2.2 billion for 2024 – the highest in company history, marking the 18th year in a row that MassMutual has paid an industry-leading dividend interest rate.3

    “While our economy ultimately remained resilient in 2023, it was tested by rising interest rates, geopolitical shocks and ongoing uncertainty,” said Roger Crandall, Chairman, President and CEO, MassMutual. “Just as we have over the past 173 years, MassMutual successfully navigated unexpected and rapidly changing conditions like this, achieving a historic milestone, enhancing our position as a market leader, and delivering on our commitment to our policyowners, paying more than $9 billion in insurance and annuity benefits, an all-time high.”

    Strategic Progress Highlights

    In 2023, MassMutual continued to make significant progress on its long-term strategy and invest in its future growth. Key highlights included:

    • Enhancing and expanding solutions and experiences. As MassMutual continues to look to provide its customers with a holistic, balanced approach, the company enhanced its solutions to help people protect both their assets and build their wealth – helping its wealth management business grow to $245 billion in client assets. The company also expanded its digital capabilities for its network of affiliated financial professionals and their clients, making it easier for them to work together to gain a complete, real-time view of their finances so that clients can make more insightful decisions for their future.
    • Reaching more people on their terms. MassMutual continued to make its products more accessible to more people by expanding and deepening relationships across other financial institutions and independent advisors, as well as making it easier for people to purchase insurance protection at the worksite. What’s more, the company continued to enhance its suite of self-service capabilities available with a swipe or a tap – from routine tasks such as payments and policy updates, to taking the first steps toward creating a plan that builds and protects customers’ wealth for each stage of life.
    • Continuing to benefit from a portfolio of strategic businesses and investments. MassMutual received strong earnings contributions from its broad, diverse portfolio of strategic businesses and investments, including Barings, the company’s institutional asset manager, as well as Rothesay, the largest specialist pension insurer in the U.K., and Invesco, one of the largest asset managers in the world. This portfolio remains one of the company’s key strategic differentiators, delivering value to policyowners through a range of economic conditions.
    • Supporting employee and policyowner well-being. To help employees thrive both professionally and personally, MassMutual continued to provide a range of flexible benefits, programs, and amenities. MassMutual also launched innovative efforts designed to improve its policyowners’ well-being, so that they can make informed, proactive health decisions that may help them lead longer, healthier lives.
    • Investing in its communities. MassMutual announced a second MM Catalyst Fund to continue investing capital in diverse-led and overlooked companies, increasing its total impact investing commitment to $300 million. And in its home state of Massachusetts, the company supported initiatives to foster greater financial resiliency, address economic inequity, and strengthen community engagement.

    “Our excellent performance this past year reflects the soundness of our strategy, the passion and dedication of our talented employees and financial professionals, and our long-term approach as a mutual company, which puts our policyowners at the center of everything we do,” continued Crandall. “In 2024, we look forward to putting these strengths to work to continue helping people secure their future and protect the ones they love.”

    In addition to MassMutual’s excellent financial performance in 2023, the company earned notable accolades for its exceptional reputation and commitment to foster an inclusive and innovative workplace. The Boston Globe named MassMutual a Top Place to Work in Massachusetts for the fifth straight year. For the seventh year in a row, MassMutual was named a Disability Equality Index® (DEI) Best Place to Work for Disability Inclusion. The company was also recognized with the “Equality 100 Award: Leader in LGBTQ+ Workplace Inclusion” by the Human Rights Campaign (HRC) Foundation, marking the tenth year that MassMutual has earned the top score. And, most recently, the company was named a FORTUNE® Most Admired Company for the 23rd time in 2024,4 ranking top for innovation in the life and health insurance industry.

    These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company and MassMutual Ascend Life Insurance Company.

    Financial strength ratings for MassMutual and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, are as follows: A.M. Best Company, A++ (Superior); Fitch Ratings, AA+ (Very Strong); Moody’s Investors Service, Aa3 (High Quality); and S&P Global Ratings, AA+ (Very Strong). Ratings are current as of March 1, 2024 and are subject to change.

    The dividend and dividend interest rate are determined annually, subject to change and are not guaranteed.

    4 From FORTUNE. ©2024. FORTUNE Media IP Limited. All rights reserved. FORTUNE World’s Most Admired Company is a registered trademark of FORTUNE Media IP Limited and is used under license. FORTUNE is not affiliated with, and does not endorse products or services of, MassMutual.

    About MassMutual (Massachusetts Mutual Life Insurance Company)

    MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.

    Contacts

    Chelsea Haraty, chelseaharaty@massmutual.com, (413) 426-2008

    Originally Posted at Business Wire on March 4, 2024 by MassMutual.

    Categories: Industry Articles
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