What’s behind MassMutual’s financial strength

This article will ... Note that MassMutual has a long history of stability and performance for policyowners. Provide key measures of MassMutual’s financial strength. Review MassMutual’s financial strength ratings, which are among the highest of any company in any industry.

Since 1851, MassMutual has provided financial security and enduring value to our policyowners.

We continue to be a mutual life insurance company that operates primarily for the benefit of these policyowners and is one of the largest financial services firms in the United States.

Our business model has allowed us to deliver excellent results while maintaining financial strength ratings¹ that are among the highest in any industry.

We have weathered two world wars, the Great Depression, the 2008 financial crisis, pandemics, and numerous other events that impacted the U.S. financial system.

We continue to have exceptional financial strength. The following summarizes some key measures of the financial strength that backs our commitments to our policyowners:

• Surplus and capital remained strong in 2024. Our surplus totaled $27.9 billion.² Total adjusted capital stands at $33.2 billion.³ These underscore our enduring financial strength and help provide us with the flexibility to make long-term financial decisions that benefit the company and our policyowners. You can find out more about our sales and earnings results here.
• MassMutual is ranked No. 102 on the 2024 FORTUNE® 500 list ranking the largest U.S. corporations by total revenue.⁴
• MassMutual has paid dividends to eligible participating policyowners every year since 1869. We approved an estimated dividend payout to eligible participating policyowners of more than $2.5 billion for 2025. It is the highest in company history and marks the 19th year in a row that MassMutual has paid an industry-leading dividend interest rate.⁵ (Related: Understanding life insurance dividends)
• Our well-diversified⁶ General Investment Account remains focused on high-quality core assets. Our goal is to generate competitive long-term results, while maintaining the ability to weather downturns in financial markets. Our focus on long-term, risk-adjusted returns and the consistent application of our investment strategy has resulted in a portfolio that has performed well for the company and our policyowners. Like most insurance companies, MassMutual invests in relatively conservative assets — primarily investment grade bonds and commercial mortgages.
• We also have a long history of investing in strategically aligned non-participating insurance and financial service businesses. Over a period of many years, we have acquired and built a diverse mix of high-performing businesses and investments. These include our institutional and worksite operations, non-participating insurance and annuity operations and ownership interests in global asset management companies. These investments and businesses have added diversity to our portfolio and enhanced our product offerings, while delivering very attractive long-term investment results.
• Independent rating agencies assess a company’s financial strength and capacity to meet its obligations to policyowners and other customers. MassMutual’s financial strength ratings are among the highest in any industry.¹ (Related: Understanding financial strength ratings)

Finally, we manage the company with a focus on the long-term interests of our policyowners and are not subject to the expectations of Wall Street analysts or stockholders. Our focus on the long-term has helped us provide financial and retirement security to millions of people, even in the worst of times.

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