MassMutual Reports Strong 2024 Financial Results
SPRINGFIELD, Mass.--(BUSINESS WIRE)--March 04, 2025--
MassMutual today reported strong financial results(1) for 2024,
maintaining its position as a leading provider of protection,
accumulation, and lifetime income solutions, significantly growing its
wealth management business, and making meaningful progress on its
long-term strategy.
Financial performance highlights for the year ended December 31, 2024
include:
-- Growth in sales, client assets: Sales from MassMutual's domestic
insurance operations grew to more than $41 billion as the company
maintained its position as a top provider of whole life insurance, as
well as sustained its growing market leadership in annuities. In addition,
increased demand for personalized planning helped the company's wealth
management business reach an annual record of $274 billion in client
assets.
-- Solid operating earnings: Strong contributions from the company's broad
portfolio of products and businesses -- coupled with sound operating
fundamentals and favorable economic conditions -- generated $2.8 billion
of statutory operating earnings.
-- Enduring financial strength and stability: Total adjusted capital ended
the year at $33.2 billion and the company maintained ratings that are
among the highest in any industry.2
-- Ongoing commitment to policyowners and customers: Importantly, MassMutual
reached historic milestones in delivering on its long-term obligations to
those who rely on the company, as life insurance protection in force
surpassed $1 trillion and MassMutual paid $9.4 billion in insurance and
annuity benefits, an all-time high.
-- Record dividend payout: MassMutual approved an estimated dividend payout
to eligible participating policyowners of more than $2.5 billion for 2025
-- the highest in company history, marking the 19th year in a row that
MassMutual has paid an industry-leading dividend interest rate.3
"In a year with robust economic fundamentals and strong equity market
performance, contrasted with rising costs of living and monetary and
fiscal policy uncertainty, MassMutual enhanced its position as a market
leader and made meaningful progress on our long-term strategy," said
Roger Crandall, Chairman, President and CEO, MassMutual. "Thanks to the
incredible work of our talented employees and passionate, dedicated
network of financial professionals, we navigated another year of
remarkable change in our world, providing our policyowners with greater
confidence, financial stability, and peace of mind."
Strategic Progress Highlights
In 2024, MassMutual continued to make significant progress on its
long-term strategy and invest in its future growth. Key highlights
included:
-- Meeting people where they are with the solutions they need. MassMutual
continued to invest in the growth and success of its financial
professionals, providing them with robust digital capabilities to better
serve their clients and enhancing its portfolio of protection and wealth
management solutions. What's more, the company made strides to make its
solutions more accessible, expanding and deepening its relationships with
other financial institutions and independent advisors, and extending its
efforts to reach more people with protection products at the worksite.
-- Providing a simplified, exceptional experience. MassMutual continued its
efforts to provide its policyowners and customers with a seamless
experience, expanding its self-service options so they can manage their
coverage and holdings anytime, anywhere and on any device. And, to help
policyowners make more informed decisions about their health and
well-being, MassMutual provided eligible policyowners insights into their
physical and mental health through its Wellness program so they can take
steps toward a happier, healthier, and longer life.
-- Delivering sustained value from a portfolio of strategic businesses and
investments. As one of the company's distinct competitive advantages,
this portfolio has delivered earnings across a broad range of conditions,
ultimately benefiting MassMutual's policyowners. The company received
strong contributions in 2024 from Barings, the company's institutional
asset manager, Rothesay, the largest specialist pension insurer in the
U.K., and Martello Re, a reinsurance company backed by MassMutual and
other investors.
-- Supporting its employees and communities. MassMutual continued to meet
employees' changing needs in ways that are meaningful to them, making
continuous investments in benefits and leave programs that support their
well-being. The company also made ongoing investments in its communities
-- both nationally, to expand economic opportunities in low-income
communities in partnership with Opportunity Finance Network, as well as
locally in Massachusetts, to help families build generational wealth and
expand access to quality health care.
"As we face continued uncertainty in the year ahead, MassMutual is in an
excellent position to navigate it and deliver exceptional value to our
policyowners and customers with our enhanced and expanded distribution,
broad and diverse portfolio of holistic solutions, outstanding capital
position, and long-term, diversified investment approach," added
Crandall. "In 2025, we look forward to putting all of these strengths to
work to help millions more secure their future and protect the ones they
love."
MassMutual also continues to earn accolades for its leading reputation
and culture. The company reached No. 102 on the FORTUNE$(R)$ 500 in 2024
and was named a FORTUNE Most Admired company for the 24th time in
2025.(4) Additionally, the Boston Globe named MassMutual a Top Place to
Work in Massachusetts for the sixth straight year.
(1) 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.
(2) 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, 2025 and are subject to change.
(3) The dividend and dividend interest rate are determined annually, subject
to change and are not guaranteed.
(4) From FORTUNE(c) . FORTUNE Media IP Limited. All rights reserved. FORTUNE
500 (June 2024) and FORTUNE World's Most Admired Company (February 2025) are
registered trademarks 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250304115194/en/
CONTACT:
Chelsea Haraty, chelseaharaty@massmutual.com, (413) 426-2008
(END) Dow Jones Newswires
March 04, 2025 11:01 ET (16:01 GMT)