Record Sales and Capital, Strategic Advancements Drive MassMutual’s Outstanding Growth and Performance in 2021

SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced strong financial results¹ for 2021 – including record sales and capital levels that have reached an all-time high and strong operating income – while making significant progress on its long-term strategy and providing financial security to more Americans .

With the pandemic prompting more people to seek financial security for themselves and their loved ones, MassMutual has seen increased demand for its protection and planning solutions, strengthening the company’s position as a leading insurance provider. life. For the year ended December 31, 2021, sales of its core protection product, whole life insurance², rose 25% to a record $767 million. Total individual life insurance sales rose 23% to $851 million, also an all-time high, bringing the total amount of insurance protection provided by the company to $895 billion.

These results, together with strong sales contributions from the company’s expanded product and business portfolio, strong market performance and sound business and expense management, helped drive operating profit at $2.1 billion. MassMutual also maintained its excellent financial strength and flexibility, with statutory surplus increasing 11% to $27 billion and total adjusted capital increasing 15% to $32.8 billion – both record highs. year-end – as the company continued to hold some of the highest ratings. any business in any industry.³

This enduring financial strength has enabled MassMutual to continue to deliver long-term value, paying out $7 billion in insurance and annuity benefits to its policyholders and customers. The company also approved an estimated record dividend payout of nearly $1.85 billion to eligible participating policyowners in 2022. This payout reflects a dividend interest rate of 6.00% and is the 16^and consecutive year, MassMutual has paid a leading rate among its peer mutual companies.⁴

« 170 from MassMutual^and It was one of the best years in our history as we delivered outstanding financial performance and made significant progress on our long-term growth strategy through another challenging year while helping more Americans achieve financial stability and security,” said Roger Crandall, Chairman of the Board. and CEO, MassMutual. “Our 2021 results reflect our financial strength and flexibility, our broad portfolio of holistic solutions, our ability to meet the needs and expectations of our customers, and most importantly, the hard work, dedication and resilience of our employees and professionals. of finance who are committed to helping more people secure their future and protect those they love.

Alongside strong 2021 results, MassMutual continued to take steps to grow and strengthen its key businesses and investments, one of the company’s most distinct competitive advantages that contributes to its goal of paying a competitive dividend. Especially, MassMutual acquired Great American Life Insurance Company to help expand its banking relationships and grow its range of lifetime income solutions. In 2021, Great American Life’s record annuity sales helped bring MassMutual’s total annuity sales to over $13 billion,⁵ position MassMutual to become one of the leading providers of individual annuities in the United States

MassMutual also continued to invest in solutions to improve the overall experience for customers and financial professionals, while evolving its culture with a focus on sustainability, inclusion and flexibility:

• MassMutual continued to enhance its overall digital experience with the launch of Advisor360°, providing its finance professionals and their clients with instant, integrated access to client portfolios to aid in their financial planning. The company has also enhanced its end-to-end digital platform that allows it to introduce new products and issue insurance protection faster.

• To create a stronger and more sustainable world for future generations, MassMutual net zero commitments established for its operations and its investment portfolio, while announcing a strategic investment in Low Carbona UK-based renewable energy investor and asset manager, to leverage proven technologies that are advancing renewable energy at scale.

• Demonstrating its unwavering commitment to building a diverse, equitable, and inclusive organization and community, MassMutual began publicly sharing employee demographics and launched the MM Catalyst Funda $50 million fund to invest in various neglected Massachusetts entrepreneurs.

• MassMutual continued to provide employees with additional time off and wellness programs to help manage COVID-19, and also introduced a new approach to day-to-day work that balances personal flexibility with in-person teamwork . And to provide employees with spaces that embrace the future of collaborative working, MassMutual has opened a new office building in Boston’s thriving Seaport district, allowing the company to tap into the best talent and resources from both ends. of the Commonwealth.

“Our outstanding performance in 2021 underscores MassMutual’s enduring financial strength and strong operating fundamentals, as well as the successful and continued execution of our strategy,” said Betsy Ward, Chief Financial Officer of MassMutual. “As we look to 2022, we remain focused on ensuring the business is well positioned to deliver long-term value to our policyholders – guided by our financial flexibility and stability, our term, our wide range of products and our commitment to mutuality.”

Capping MassMutual’s strong financial results in 2021, the company received several accolades for its strong reputation and continued commitment to fostering an inclusive and innovative workplace. MassMutual scored a perfect 100% on the Human Rights Campaign’s Business Equality Index as well as the Disability Equality Index,^® earned the company the honor of being a Best Workplaces for LGBTQ+ Equality for the ninth consecutive year and Best Workplaces for Disability Inclusion for the fifth year. The company also ranked #123 on FORTUNE^® 500 in 2021 and most recently was named FORTUNE’s Most Admired Company for the 21^st weather in 2022,⁶ at the forefront of innovation in the life and health insurance industry.

For more information on MassMutual’s consolidated statutory financial results, visit: MassMutual Financial Summary Page.

¹ These are the consolidated statutory results of Massachusetts Mutual Life Insurance Company and its US-domiciled life insurance subsidiaries: CM Life Insurance Company, MML Bay State Life Insurance Company and Great American Life Insurance Company.

² Sales are classified as weighted sales, which are based on a weighted annualized new premium, with single premium payments weighted at 10%.

³ The financial strength ratings of MassMutual and its subsidiaries, CM Life Insurance Company and MML Bay State Life Insurance Company, are as follows: AM 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 February 1, 2022 and are subject to change.

⁴ The dividend and dividend interest rate (DIR) are determined annually, subject to change and are not guaranteed. Dividends paid on qualifying participating life insurance policies consist primarily of investment, mortality and expense components. The DIR is used to determine the investment component of the dividend. It is not the rate of return of the policy and should not be the sole basis for comparison of insurers or policy performance.

⁵Annuity sales include Great American Life Insurance Company’s annuity sales of $2.4 billion in the first 5 months of 2021, before MassMutual acquired it.

⁶ Of Fortune. ©2021 FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (June 2021) and FORTUNE World’s Most Admired Company (February 2022) are trademarks of FORTUNE Media IP Limited and are used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with and do not endorse MassMutual’s products or services.

About MassMutual

MassMutual is a leading mutual life insurance company that is managed for the benefit of its members and participating policyholders. Founded in 1851, the company has always been driven by one constant goal: we help people secure their future and protect those they love. With a focus on long-term value creation, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com