SPRINGFIELD, Mass., Nov. 2, 2020 – Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its Board of Directors has approved an estimated 2021 dividend payout of more than $1.7 billion.
While dividends are not guaranteed, MassMutual has paid them to eligible participating policyowners every year since 1869. With the 2021 estimated payout, the company will have paid nearly $22 billion of dividends over the past 15 years. Additionally, the 2021 dividend marks nearly a quarter of a century that the company has consecutively announced an estimated dividend payout exceeding $1 billion.
“Given the social and economic uncertainty in our world today, people are looking for a semblance of security and stability – the kind that MassMutual has provided since we issued our first policy in 1851,” said MassMutual Chairman, President and CEO Roger Crandall. “Our long, consistent history of dividend payments is proof of this commitment, and our highly competitive dividend for 2021 is a testament to our enduring financial strength, consistent focus on our policyowners and customers, and ability as a mutual company to take a long-term view.”
The 2021 estimated payout reflects a 6.00% dividend interest rate1, demonstrating MassMutual’s long-term commitment to providing a competitive dividend in a historically low interest rate environment while maintaining its financial strength and reaching record levels of total adjusted capital of approximately $29 billion.2 A differentiator for MassMutual continues to be earnings from non-participating insurance businesses, including strong contributions from its annuity and institutional solutions businesses, as well as the company’s ownership interests in global asset management and other strategic investments.
“Together with our dedicated and passionate financial professionals, deep product portfolio with protection and accumulation solutions for each stage of life, and personalized digital experience that we are constantly enhancing, we are well-positioned to help people navigate these challenging times, and help millions more secure their future and protect the ones they love,” added Crandall.