MassMutual Reports Strong 2024 Financial Results

SPRINGFIELD, Mass.--(BUSINESS WIRE)--
MassMutual today reported strong financial results¹ for 2024, maintaining its position as a leading provider of protection, accumulation, and lifetime income solutions, significantly growing its wealth management business, and making meaningful progress on its long-term strategy.

Financial performance highlights for the year ended December 31, 2024 include:

• Growth in sales, client assets: Sales from MassMutual’s domestic insurance operations grew to more than $41 billion as the company maintained its position as a top provider of whole life insurance, as well as sustained its growing market leadership in annuities. In addition, increased demand for personalized planning helped the company’s wealth management business reach an annual record of $274 billion in client assets.
• Solid operating earnings: Strong contributions from the company’s broad portfolio of products and businesses – coupled with sound operating fundamentals and favorable economic conditions – generated $2.8 billion of statutory operating earnings.
• Enduring financial strength and stability: Total adjusted capital ended the year at $33.2 billion and the company maintained ratings that are among the highest in any industry.²
• Ongoing commitment to policyowners and customers: Importantly, MassMutual reached historic milestones in delivering on its long-term obligations to those who rely on the company, as life insurance protection in force surpassed $1 trillion and MassMutual paid $9.4 billion in insurance and annuity benefits, an all-time high.
• Record dividend payout: MassMutual approved an estimated dividend payout to eligible participating policyowners of more than $2.5 billion for 2025 – the highest in company history, marking the 19^th year in a row that MassMutual has paid an industry-leading dividend interest rate.³

“In a year with robust economic fundamentals and strong equity market performance, contrasted with rising costs of living and monetary and fiscal policy uncertainty, MassMutual enhanced its position as a market leader and made meaningful progress on our long-term strategy,” said Roger Crandall, Chairman, President and CEO, MassMutual. “Thanks to the incredible work of our talented employees and passionate, dedicated network of financial professionals, we navigated another year of remarkable change in our world, providing our policyowners with greater confidence, financial stability, and peace of mind.”

Strategic Progress Highlights

In 2024, MassMutual continued to make significant progress on its long-term strategy and invest in its future growth. Key highlights included:

• Meeting people where they are with the solutions they need. MassMutual continued to invest in the growth and success of its financial professionals, providing them with robust digital capabilities to better serve their clients and enhancing its portfolio of protection and wealth management solutions. What’s more, the company made strides to make its solutions more accessible, expanding and deepening its relationships with other financial institutions and independent advisors, and extending its efforts to reach more people with protection products at the worksite.
• Providing a simplified, exceptional experience. MassMutual continued its efforts to provide its policyowners and customers with a seamless experience, expanding its self-service options so they can manage their coverage and holdings anytime, anywhere and on any device. And, to help policyowners make more informed decisions about their health and well-being, MassMutual provided eligible policyowners insights into their physical and mental health through its Wellness program so they can take steps toward a happier, healthier, and longer life.
• Delivering sustained value from a portfolio of strategic businesses and investments. As one of the company’s distinct competitive advantages, this portfolio has delivered earnings across a broad range of conditions, ultimately benefiting MassMutual’s policyowners. The company received strong contributions in 2024 from Barings, the company's institutional asset manager, Rothesay, the largest specialist pension insurer in the U.K., and Martello Re, a reinsurance company backed by MassMutual and other investors.
• Supporting its employees and communities. MassMutual continued to meet employees’ changing needs in ways that are meaningful to them, making continuous investments in benefits and leave programs that support their well-being. The company also made ongoing investments in its communities – both nationally, to expand economic opportunities in low-income communities in partnership with Opportunity Finance Network, as well as locally in Massachusetts, to help families build generational wealth and expand access to quality health care.

“As we face continued uncertainty in the year ahead, MassMutual is in an excellent position to navigate it and deliver exceptional value to our policyowners and customers with our enhanced and expanded distribution, broad and diverse portfolio of holistic solutions, outstanding capital position, and long-term, diversified investment approach,” added Crandall. “In 2025, we look forward to putting all of these strengths to work to help millions more secure their future and protect the ones they love.”

MassMutual also continues to earn accolades for its leading reputation and culture. The company reached No. 102 on the FORTUNE^® 500 in 2024 and was named a FORTUNE Most Admired company for the 24th time in 2025.⁴ Additionally, the Boston Globe named MassMutual a Top Place to Work in Massachusetts for the sixth straight year.

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 continually 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250304115194/en/

Chelsea Haraty, [email protected], (413) 426-2008

Source: MassMutual