MassMutual and Barings: MS&AD Insurance Group Holdings takes 18% stake in Barings

MassMutual and its global asset management subsidiary Barings announced today that MassMutual has entered into an agreement in which MS&AD Insurance Group Holdings, Inc. will acquire an 18% equity stake in Barings through its subsidiary Mitsui Sumitomo Insurance Co., Ltd., a leading Japanese insurance company.

As a result of this transaction, MassMutual will gain a strategic partner that shares its deep commitment to Barings’ growth and long-term success while also receiving approximately $1.44 billion in cash proceeds, representing a compelling value for its equity. MassMutual will remain Barings’ majority owner with an 82% stake and controlling governance rights and Barings will also continue to manage the majority of MassMutual’s general investment account and remain core to the company’s asset management strategy. Barings will continue to operate as an independent subsidiary of MassMutual with no changes to its day-to-day operations, investment committees, processes, or strategy.

As part of the strategic partnership, MS&AD will provide growth capital to support Barings in achieving its long-term growth strategy. In addition, Barings will expand its existing relationship with MS&AD through the management of assets within MS&AD’s general investment account, helping to strengthen and diversify MS&AD’s investment portfolio and giving it greater access to Barings’ global public and private markets capabilities. A member of MS&AD’s leadership team will also join Barings’ Board of Managers.

“At MassMutual, one of our distinct competitive advantages to deliver sustained value to our policyowners has long been our diverse portfolio of strategic businesses and investments, of which Barings plays a key role,” said Roger Crandall, Chairman, President and CEO of MassMutual. “This investment by MS&AD creates a strategic partnership with a leading global insurance company that is also deeply committed to Barings’ long-term success. The transaction accelerates Barings’ growth and builds on our long-standing, successful optimization of the intersection of insurance and asset management, allowing us to realize even more value over time and ultimately benefiting our policyowners and customers.”

“We are excited to partner with MS&AD and believe this is a unique opportunity to accelerate Barings’ growth,” said Mike Freno, Chairman and CEO of Barings. “Building on MassMutual’s continued support, Barings will combine growth capital with our scale and expertise in public and private markets to drive our long-term strategy and deliver solutions for clients.”

“We are pleased to have the opportunity to invest in Barings. Forming a new strategic partnership with Barings—an asset manager with a strong track record and deep expertise—and with MassMutual, a leading provider of high-quality life insurance solutions, carries significant meaning for our group,” said Shinichiro Funabiki, President & CEO of MS&AD and MSI. “We are confident that supporting Barings’ sustainable, long-term growth in close collaboration with MassMutual will create lasting value for all three firms.”

As a mutual company, MassMutual operates for the benefit of its policyowners, meaning its interests are aligned with the long-term needs of the people who rely on the company. With this foundation, MassMutual has developed a distinct approach over decades that brings together deep life insurance expertise and advanced asset management capabilities. With MassMutual’s broad portfolio of protection and wealth solutions, expansive distribution – including its network of 6,500 affiliated financial professionals in the U.S., as well as MassMutual Ascend, a leading annuity provider – and robust asset origination capabilities complemented by Barings’ expertise, the company has created a powerful combination that has delivered exceptional long-term performance and enduring value to its policyowners.

Importantly, MassMutual has demonstrated a steadfast commitment to strengthening and growing its asset management capabilities over time. Twenty-five years ago, the company created a third-party institutional investment manager with $78 billion in assets under management through the combination of its internal investment management division with an acquired investment management firm. Today, Barings is a global asset management firm delivering innovative solutions to clients worldwide that has grown its assets under management to more than $470 billion.*

The transaction is expected to close after customary closing conditions and approvals have been finalized. Goldman Sachs & Co. LLC served as MassMutual’s financial advisor on the transaction, and its legal counsel was Simpson Thacher & Bartlett LLP.

About MassMutual (Massachusetts Mutual Life Insurance Company)

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

About Barings

Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of September 30, 2025