Corporate Governance

As an organization, we have a responsibility to our policyowners and customers to do business ethically and in compliance with all laws and regulations. This philosophy has guided us from the beginning, and it’s a fundamental part of our success.

Board of Directors

Roger W. Crandall

Chairman, President and Chief Executive Officer
Massachusetts Mutual Life Insurance Company,
Springfield, Massachusetts
Board Committees: Executive (Chair), Investment and Technology & Governance

Karen Bechtel

Managing Director, Retired
The Carlyle Group, New York, New York
Board Committees: Audit and Investment

Mark T. Bertollini

Chairman and Chief Executive Officer
Aetna Inc., Hartford, Connecticut
Board Committees: Executive, Human Resources (Chair) and Technology & Governance

Kathleen A. Corbet

Founder and Principal
Cross Ridge Capital, LLC, New Canaan, Connecticut
Former President
Standard & Poor’s, New York, New York
Board Committees: Audit and Investment

James H. DeGraffenreidt, Jr.

Chairman and Chief Executive Officer, Retired
WGL Holdings, Inc., Washington, D.C.
Board Committees: Human Resources and Technology & Governance

H. Todd Stitzer

Lead Director
Massachusetts Mutual Life Insurance Company
Springfield. Massachusetts
Former Chief Executive Officer
Cadbury PLC, London, United Kingdom
Board Committees: Audit, Executive and Investment

Isabella D. Goren

Former Chief Financial Officer
American Airlines, Inc. and AMR Corporation, Fort Worth, Texas
Board Committees: Audit (Chair), Executive, and Investment

Jeffery M. Leiden, M.D., Ph.D.

Chairman, President and Chief Executive Officer
Vertex Pharmaceuticals Incorporated, Boston, Massachusetts
Board Committees: Executive, Investment and Technology & Governance (Chair)

Marc F. Racicot

Former Governor of Montana
Former President
American Insurance Association, Washington, D.C.
Board Committees: Human Resources and Technology & Governance

Laura J. Sen

Former Non-Executive Chairman and Former Chief Executive Officer
BJ’s Wholesale Club, Inc., Westborough, Massachusetts
Board Committees: Audit and Human Resources

William T. Spitz

Principal, Co-Founder and Director
Diversified Trust Company, Nashville, Tennessee
Vice Chancellor for Investments Emeritus
Vanderbilt University, Nashville, Tennessee
Board Committee: Executive, Investment (Chair) and Technology & Governance


Executive Leadership

Roger Crandall

Chairman, President and Chief Executive Officer

Susan Cicco

Chief Human Resources & Communications Officer

Timothy Corbett

Chief Investment Officer

Michael Fanning

Head of MassMutual U.S.

Pia Flanagan

Corporate Secretary and Chief of Staff

Geoffrey Craddock

Chief Risk Officer

Michael O'Connor

General Counsel

Mark Roellig

Chief Technology and Administrative Officer

Gareth Ross

Chief Digital and Customer Experience Officer

Elizabeth Ward

Chief Financial Officer and Chief Actuary

Eddie Ahmed

Chairman and Cheif Executive Officer, MassMutual International

Tom Finke

Chairman and Cheif Executive Officer, Barings LLC

Art Steinmetz

Chairman, President and Chief Executive Officer, OppenheimerFunds


Governance and Ethics

Governance Structure

At MassMutual, our standard for ethics and integrity starts with our leaders and Board of Directors. Every year, directors are nominated for re-election by the Board's Corporate Governance Committee based on character, judgment, business acumen and experience. They stand for election at the Annual Meeting in April where members of the company vote to re-elect the nominees. Our Corporate Governance Guidelines mandate that at least 75 percent of the Board members must be independent directors.

All directors, as well as officers of the company, are expected to reveal any material conflicts between their own interests and those of the company. They’re also expected to recuse themselves from discussing or voting on matters that might involve those interests. All identified conflicts of interest are reviewed by our legal officers to ensure compliance with conflict-of-interest statutes. Each of our subsidiary companies also has a board of directors that is responsible for managing company affairs for the benefit of their shareholders. MassMutual’s Board of Directors maintains oversight of its subsidiaries through a carefully structured reporting system.

Ethics

Trust is at the core of our business. By doing business ethically, we work to maintain the trust our policyowners and customers have in us. Preserving that trust begins with the MassMutual Code of Conduct. It’s the cornerstone of our decision-making and sets the standard for our actions. The Code of Conduct is part of an extensive employee education program that helps ensure ethics and compliance in all aspects of our business. Through this program, we help employees identify compliance or ethics issues and report any concerns through the appropriate channels.

Related Information

Compensation Statement

MassMutual named a 2018 World's Most Ethical Company


Risk Management

If not managed properly, both financial and nonfinancial risks can be a threat — to us and our policyowners. We take a broad approach to identifying and proactively managing risks, including analyzing business trends, studying key performance metrics, and measuring the capabilities of key competitors.

MassMutual’s goal is to help our policyowners and customers protect the ones they love, and we do that by assuring them we’ll be here when they need us most, whether that’s tomorrow or 50 years from now.

Learn More


Financial Strength

At MassMutual, we’ve followed a prudent investment strategy for over 160 years. This approach has given our policyowners confidence that we’ll deliver on our long-term commitments to them. And, this strategy has enabled us to consistently earn some of the highest financial strength ratings of any company in the industry.

Our strength and stability helps demonstrate that we’re helping people achieve their goals and protect the people who matter most.

  • A.M. Best Company: A++ (Superior; top category of 15)
  • Fitch Ratings: AA+ (Very Strong; second category of 21)
  • Moody's Investors Service: Aa2 (Excellent; third category of 21)
  • Standard & Poor's: AA+ (Very Strong, second category of 21)

Ratings apply to Massachusetts Mutual Life Insurance Company and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings are as of 10/11/2017 and are subject to change.

Experience the 2017 Annual & Corporate Responsibility Report

Our Long-Term Investment Philosophy

Being able to honor our commitments to our customers and policyowners is important to us. That’s why we’re proud our investment strategy helps position us to do so both now, and in the future.

Our investment strategy is built on diversification, prudent security selection and value. Because of it, we’ve been able to achieve solid long-term investment returns — even in unpredictable markets and challenging economic times.

Related Information

Our Investment Philosophy (PDF)

Our Mutual Structure

Through the most prosperous and turbulent of financial times, our mutual ownership structure has been the foundation of our business strategy. As a mutual company, MassMutual doesn’t have shareholders. We do business with the long-term interests of our customers and policyowners in mind, and we work every day to make decisions in order to meet their needs in the future. Because we’re a mutual company, our eligible participating policyowners have the opportunity to share in any dividends we declare. Although dividends are not guaranteed, we’ve paid dividends to our eligible participating policyowners consistently since the 1860s.

Related Information

Quality & Performance (PDF)


Financial Documents

Statutory quarterly and annual statements (PDF)
Massachusetts Mutual Life Insurance Company
     2018 Q1 Q2
     2017 Q1 Q2 Q3 Year End
     2016 Q1 Q2 Q3 Year End
     2015 Q1 Q2 Q3 Year End
     2014 Q1 Q2 Q3 Year End
     2013 Q1 Q2 Q3 Year End
     2012 Q1 Q2 Q3 Year End

C.M. Life Insurance Company
     2018 Q1 Q2
     2017 Q1 Q2 Q3 Year End
     2016 Q1 Q2 Q3 Year End
     2015 Q1 Q2 Q3 Year End
     2014 Q1 Q2 Q3 Year End
     2013 Q1 Q2 Q3 Year End
     2012 Q1 Q2 Q3 Year End

MML Bay State Life Insurance Company
     2018 Q1 Q2
     2017 Q1 Q2 Q3 Year End
     2016 Q1 Q2 Q3 Year End
     2015 Q1 Q2 Q3 Year End
     2014 Q1 Q2 Q3 Year End
     2013 Q1 Q2 Q3 Year End
     2012 Q1 Q2 Q3 Year End

Annual and Corporate Responsibility Reports (PDF)
     2016  2015 

Statutory financial statements (PDF)
Massachusetts Mutual Life Insurance Company
and Subsidiaries
     2018 Q1 Q2
     2017 Q1 Q2 Q3 Year End
     2016 Q1 Q2 Q3 Year End
     2015 Q1 Q2 Q3 Year End
     2014 Q1 Q2 Q3 Year End
     2013 Q1 Q2 Q3 Year End
     2012 Q1 Q2 Q3 Year End

Separate account statements (PDF)
Massachusetts Mutual Life Insurance Company
     2017 2016 2015 2014 2013 2012 

C.M. Life Insurance Company
     2017 2016 2015 2014 2013 2012

MML Bay State Life Insurance Company
     2017 2016 2015 2014 2013 2012

Internal Control Certification (PDF)
      2017 2016  2015 2014  2013 2012