November 1st, 2022
Springfield, Mass. - Nov. 1, 2022 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced that its 2023 dividend payout, estimated at $1.9 billion, will set a new record for the company for the third year in a row. The company has paid dividends to eligible participating policyowners every year since 1869.
“This year has brought no shortage of instability and uncertainty – from geopolitical shocks, to rising inflation and supply chain shortages, to volatility in the equity and bond markets – that have led to a global economic slowdown,” said Roger Crandall, chairman, president and CEO, MassMutual. “Yet at MassMutual, persevering through pressures like these is what we’ve done since our founding in 1851. Our record dividend payout for 2023 is a testament to our financial strength and stability, long-term investment approach, and pledge to deliver ongoing value to our policyowners.”
MassMutual’s overall operating fundamentals and portfolio of strategic businesses and investments continue to be a distinct competitive advantage that have generated strong earnings in a range of economic conditions. Today, the company’s total adjusted capital is over $33 billion1 and its protection in force is $918 billion1. Reflecting its long-term commitment to delivering a competitive dividend while maintaining the company’s financial strength, MassMutual has maintained a 6.00% dividend interest rate2 for its 2023 payout.
While dividends are not guaranteed, MassMutual’s participating products, including whole life and disability income insurance policies, are eligible to receive dividends. Generally, whole life policy dividends can be applied to add to a policy’s coverage and cash value, reduce premiums or policy loans, or taken as cash. Currently, three in four MassMutual policyowners elect to apply their dividends to add to a policy’s coverage and over the long term, dividends can be a very strong contributor to the growth of a policy’s cash value and death benefit.
“Together with our employees and network of financial professionals, our broad portfolio of solutions for each stage of life, and a 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.
1 As of June 30, 2022.
2 The dividend and dividend interest rate (DIR) are determined annually, subject to change and are not guaranteed. Dividends for eligible participating life insurance policies primarily consist of investment, mortality and expense components. The DIR is used to determine the investment component of the dividend. It is not the rate of return on the policy and should not be the sole basis for comparing insurers or policy performance.
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.