March 2nd, 2023
SPRINGFIELD, Mass., March 2, 2023 – Massachusetts Mutual Life Insurance Company (MassMutual) today reported excellent financial results1 for 2022. Despite a challenging and uncertain economic environment, the company delivered strong sales and operating earnings as well as record levels of capital while making significant progress on its long-term strategy.
Financial performance highlights for the year ended December 31, 2022 include:
“In a year marked by geopolitical tensions, rising inflation, and market volatility, MassMutual continued to do what we’ve done through similarly challenging periods over our history: provide financial security, stability and value to our policyowners while delivering another excellent financial performance,” said Roger Crandall, Chairman, President and CEO, MassMutual.
“The work MassMutual does each day – whether it’s the protection we provide, the experience we deliver, or the commitments we make – advances our goal to help people plan for their future with more confidence and hope,” continued Crandall. “Thanks to the extraordinary work of our talented employees and dedicated network of financial professionals, we were able to do just that, and help even more people secure their future and protect the ones they love. As we look ahead to 2023, MassMutual is well positioned to build upon our strong foundation – one that has stood the test of time for nearly 172 years and will continue to be there for generations to come.”
Strategic Progress Highlights
In 2022, MassMutual continued to transform its business to reach more people with broader solutions and better experiences. Key highlights included:
In addition to MassMutual’s successful financial results in 2022, the company earned notable accolades for its support of the community, excellent reputation, and commitment to foster an inclusive and innovative workplace. Points of Light, the world’s largest nonprofit dedicated to accelerating people-powered change, recognized MassMutual among The Civic 50’s most community-minded companies. For the sixth year in a row, MassMutual was named a Disability Equality Index® (DEI) Best Place to Work for Disability Inclusion. And, most recently, the company was named a FORTUNE® Most Admired company for the 22nd time in 2023,5 ranking top for innovation in the life and health insurance industry.
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.
1 These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company and MassMutual Ascend Life Insurance Company.
2According to preliminary results for LIMRA’s Fourth Quarter 2022 U.S. Retail Individual Life Insurance Sales Report.
3 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, Aa3 (High Quality); and S&P Global Ratings, AA+ (Very Strong). Ratings are current as of March 1, 2023 and are subject to change.
4The dividend and dividend interest rate are determined annually, subject to change and are not guaranteed.
5From FORTUNE. ©2023 FORTUNE Media IP Limited. All rights reserved. FORTUNE World’s Most Admired Company (February 2023) is a registered trademark of FORTUNE Media IP Limited and is used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of, MassMutual.