MassMutual reaches $1 trillion in life insurance protection

MassMutual announced that it has reached a major milestone – topping $1 trillion of protection for its life insurance policyowners.

The life insurer added that during 2023, sales from its domestic insurance operations totaled $39 billion, reflecting strong demand for its broad portfolio of protection and accumulation solutions.

Sales contributions from the company’s broader portfolio of products and businesses – as well as favorable market conditions and “sound operating fundamentals” – helped drive statutory operating earnings to $2.8 billion.

“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.” – Roger Crandall, Chairman, President and CEO, MassMutual.