Massachusetts Mutual Life Insurance Company (MassMutual) has published its financial results for 2023, marking a period of substantial growth and achievement.
The company not only set new records in annuity sales and capital levels but also surpassed $1 trillion in life insurance protection for its policyowners.
According to MassMutual, its key financial achievements for the year include $39 billion in sales from the company’s domestic insurance operations, indicating robust demand for its extensive range of protection and accumulation products. Notably, MassMutual and subsidiary MassMutual Ascend achieved unprecedented annuity sales.
Meanwhile, a combination of strong sales across its product line-up and favorable market conditions, propelled statutory operating earnings to $2.8 billion. MassMutual’s financial health and stability were further demonstrated by a record statutory surplus of $28.9 billion and total adjusted capital reaching a new high at $34.5 billion.
Accordingly, last November, MassMutual declared an estimated 2024 dividend payout of almost $2.2 billion to eligible participating policyowners. The payout is the largest in the company’s history and represents the 18th consecutive year MassMutual has led the industry in dividend interest rates.
Roger Crandall, MassMutual chairman, president, and chief executive, reflected on the year’s challenges and accomplishments, saying: “While our economy ultimately remained resilient in 2023, it was tested by rising interest rates, geopolitical shocks, and ongoing uncertainty.
“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.
“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. In 2024, we look forward to putting these strengths to work to continue helping people secure their future and protect the ones they love.”
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