MassMutual Achieves Record-Breaking Year

Massachusetts Mutual Life Insurance Company (MassMutual) has announced its financial results for the year 2023, showcasing impressive growth and achievements. The company set new records in both annuity sales and capital levels, while also surpassing $1 trillion in life insurance protection for its policyholders. MassMutual's success can be attributed to its $39 billion in sales from domestic insurance operations, signifying a strong demand for its protection and accumulation products.

The company also experienced remarkable annuity sales through its subsidiary, MassMutual Ascend. Thanks to robust sales and favorable market conditions, statutory operating earnings reached $2.8 billion.

MassMutual's financial stability was further demonstrated by a record statutory surplus of $28.9 billion and total adjusted capital reaching $34.5 billion.

In a significant announcement in November, MassMutual revealed an estimated 2024 dividend payout of almost $2.2 billion to eligible policyholders, marking the largest dividend payout in the company's history. This is also the 18th consecutive year that MassMutual has led the industry in dividend interest rates.

Roger Crandall, the chairman, president, and chief executive of MassMutual, recognized the challenges encountered in 2023 and emphasized the company's resilience and dedication to its policyholders. He highlighted MassMutual's ability to navigate unexpected circumstances and fulfill promises to policyholders. Crandall expressed confidence in MassMutual's strategy, talented workforce, and mutual company approach in serving policyholders.

He looks forward to leveraging the company's strengths in 2024 to continue providing financial security and protection to individuals and families.