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What’s behind MassMutual’s financial strength

Kelly Kowalski, Cliff Noreen, and Bronwyn Shinnick

Posted on March 13, 2024

Our executives and experts team up to write educational articles, covering a variety of financial topics such as life planning, college savings, and retirement.
MassMutual’s financial strength
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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 one of the largest financial services firms in the United States.

Our business model has allowed us to deliver superior results while maintaining financial strength ratings that are among the highest in our 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 grew to record levels in 2023. Our surplus increased to $28.9 billion, an annual record. Total adjusted capital increased to $34.5 billion, also an annual record. This underscores our enduring financial strength and gives us 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. 104 on the 2023 FORTUNE® 500 list ranking the largest U.S. corporations by total revenue.1
  • MassMutual has paid dividends to eligible participating policyowners every year since 1869. We approved an estimated dividend payout to eligible participating policyowners of nearly $2.2 billion for 2024, setting a new record for the company for the third year in a row. And it marks the 18th year in a row that MassMutual has paid an industry leading dividend.2 (Related: Understanding life insurance dividends)
  • Our well-diversified 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.3 (Related: Understanding financial strength ratings


A.M. Best Company:

 A++ (Superior)

Fitch Ratings:

 AA+ (Very Strong)

Moody’s Investors Service:

 Aa3 (High Quality)

Standard & Poor’s:

 AA+ (Very Strong)


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.

Discover more from MassMutual …

MassMutual and the Great Depression

4 key moments in the history of Live Mutual

MassMutual and the flood of 1936


1 FORTUNE and FORTUNE 500 are registered trademarks of Time Inc. and are used under license. From FORTUNE. ©2022 FORTUNE Media IP Limited. All rights reserved. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of MassMutual.

2 The dividend and dividend interest rate (DIR) are determined annually, subject to change and are not guaranteed.

2 Financial strength ratings are for MassMutual and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings are as of March 1, 2024, and are subject to change.

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The information provided is not written or intended as specific tax or legal advice. MassMutual and its subsidiaries, its employees, and representatives are not authorized to give tax or legal advice. You are encouraged to seek advice from your own tax or legal counsel. Opinions expressed by those interviewed are their own and do not necessarily represent the views of MassMutual.