November 6th, 2023
Springfield, MA, November 6, 2023 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced that its 2024 dividend payout, estimated at nearly $2.2 billion, is the largest in the company’s history. The company has paid dividends to eligible participating policyowners every year since 1869.
“Our 2024 payout reflects the ongoing successful execution of MassMutual’s strategy that is rooted in our mutual foundation and puts our policyowners at the center of everything we do,” said Roger Crandall, chairman, president and CEO, MassMutual. “The decisions we continue to make as a company – amid periods of global turmoil, economic uncertainty, and equity market and interest rate volatility – have fueled our ability to pay a highly competitive dividend and help generations of individuals and families live better lives with financial security and peace of mind.”
Reflecting the company’s commitment to providing a strong dividend while maintaining among the highest financial strength ratings1 of any company in any industry, a 6.1% dividend interest rate2 has been set for the 2024 payout. This comes at a time when the company’s total adjusted capital is nearly $33 billion3 and its protection in force is nearly $980 billion4. A key contributor to the company’s ability to pay a highly competitive dividend continues to be its strong operating fundamentals and its portfolio of strategic businesses and investments that have generated strong earnings in a range of economic conditions.
“Above all, our 2024 dividend payout reflects the soundness of our long-term approach and ability to deliver value to our policyowners,” added Crandall. “While plenty of questions remain about our external environment, what’s not in question is MassMutual’s excellent operating fundamentals, our enduring financial strength and stability and, most of all, our ongoing commitment to help millions more secure their future and protect the ones they love.”
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, Aa3 (High Quality); and S&P Global Ratings, AA+ (Very Strong). Ratings are current as of November 5, 2023, and are subject to change.
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.
3 Total adjusted capital is as of June 30, 2023 These are interim consolidated statutory unaudited results for 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, as well as key investment subsidiaries and operations
4 Insurance protection in force is as of June 30, 2023 and includes consolidated results of MassMutual, and its subsidiaries C. M. Life Insurance Company, MML Bay State Life Insurance Company, and MassMutual Ascend from July 1, 2021, to June 30, 2023.
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.