November 14, 2013

    MassMutual Tops $3 Billion in Annuity Sales; Breaks Previous Annual Sales Record

    MassMutual Tops $3 Billion in Annuity Sales; Breaks Previous Annual Sales Record

    (Springfield, MA) – Massachusetts Mutual Life Insurance Company (MassMutual) announced today that the company has sold over $3 billion of annuities year to date, significantly exceeding prior full-year sales. This total reflects sales across MassMutual’s full suite of fixed, variable, and income annuities.

    “Reaching this milestone marks a major achievement for our company, and dedicated career agents and distribution partners,” said Mike Fanning, Executive Vice President and Head of MassMutual’s U.S. Insurance Group. “Our financial strength1 and the long-term perspective our mutual structure provides makes MassMutual a natural partner for Americans looking to finance their multi-decade retirement income needs.”

    The company has seen surging interest in its income annuity offerings and is one of the leading players in the retirement income market. A key contributor to the company’s market position is its MassMutual RetireEase ChoiceSM Flexible Premium Deferred Income Annuity, which offers a range of flexible payout and premium options and allows individuals to purchase guaranteed income streams to address future income needs.

    Another key contributor is MassMutual’s Sound Retirement Solutions (“SRS”) retirement income planning framework. Based on the company’s research into the outcomes of a range of retirement strategies—findings released in the company’s 2010 “Single Premium Immediate Annuity (SPIA) Synergy Study”—the SRS framework shows how the allocation of guaranteed income streams can be used to cover a retiree’s most critical living expenses. MassMutual’s array of annuity products enables individuals to execute efficiently on this component of their plan, freeing additional savings for liquidity needs and growth-seeking investments.

    “As millions of Americans look to retire in a time of uncertainty, our consultative approach and platform of simplified, sustainable and diversified annuities aims to provide the building blocks for growth, access and predictable income in retirement,” said Fanning. “Our continued work to deliver dependable products and planning tools are just a few examples of our commitment to helping people secure their financial future and protect the ones they love.”

    This milestone comes on the heels of another recent record announced by MassMutual. On Nov. 4, MassMutual announced that its Board of Directors approved the company’s largest dividend payout ever in the company’s history for 2014: a record payout estimated at $1.49 billion to eligible participating policyowners, reflecting an increase of more than $100 million from the 2013 estimated payout and a 7.10 percent dividend interest rate. 2 Although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s.

    1 Financial strength ratings for MassMutual and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company are as follows: A.M. Best Company, A++ (Superior); Fitch Ratings, AA+ (Very Strong); Moody's Investors Service, Aa2 (Excellent); and Standard & Poor's, AA+ (Very Strong). Ratings are as of 11/13/2013 and are subject to change.

    2 The dividend interest rate is not the rate of return on the policy. Dividends consist of an investment component, a mortality component and an expense component. Therefore, dividend interest rates should not be the sole basis for comparing insurers or policy performance. Additionally, dividends for a given policy are influenced by such factors as policy series, issue age, gender, underwriting class, policy year and policy loan rate, as well as changes in experience.

    About MassMutual
    Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

    MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.