MassMutual Announces Strategic Reinsurance Agreement with Nationwide
May 28th, 2026
SPRINGFIELD, MA — MassMutual has entered into an agreement with Nationwide for the reinsurance of a block of fixed Universal Life with Secondary Guarantees (ULSG) policies representing nearly $6 billion of statutory reserves. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approval requirements.
“This transaction creates capital and other economic benefits that support our continued investment in long-term growth as we deliver value to our policyowners and seek to help even more people secure their future and protect the ones they love,” said Mary Jane Fortin, Chief Financial Officer of MassMutual. “We’re very pleased to have reached this mutually beneficial agreement with Nationwide as a strategic partner.”
MassMutual continues to offer a range of life insurance solutions, including Universal Life policies, and will continue to administer the policies in this block, ensuring policyowners have a consistent experience and benefit from the company’s customer service and support.
Nationwide has appointed global alternative asset management firm Barings, which is a subsidiary of MassMutual, as one of their investment managers for this block. Barings will also manage additional general account assets for Nationwide.
Wells Fargo served as MassMutual’s exclusive financial advisor on the transaction, Skadden, Arps, Slate, Meagher & Flom LLP served as its legal counsel, and Oliver Wyman served as its actuarial advisor.
Update as of June 9, 2026: The previously announced transaction closed today.
About MassMutual (Massachusetts Mutual Life Insurance Company)
For 175 years, MassMutual has stood beside generations through life’s defining moments, guided by a clear, enduring purpose: We help people secure their future and protect the ones they love. What began in 1851 as a bold idea rooted in neighbors helping neighbors has grown into one of America’s largest mutual life insurance companies, serving more than four million customers1 with over $1 trillion in life insurance in force1 and $584 billion in assets under management, 2 all built on a foundation of more than $34 billion in capital strength. 3
MassMutual offers a broad range of products and services across protection, accumulation, wealth management, and retirement income, including annuities through our leading annuity provider, MassMutual Ascend. These solutions reach people through our expansive distribution, which is anchored by our dedicated network of affiliated financial professionals. For nearly two centuries, our offerings have helped people build, protect, and pass on what means the most to them. Through eras of extraordinary change, we have honored our commitments, paying upwards of $70 billion in insurance and annuity benefits over the past decade. 4
MassMutual is strengthened by a diversified portfolio of strategic businesses and investments – including Barings, our global alternative asset management subsidiary – which enables us to deliver greater long-term value to our policyowners. MassMutual has a longstanding, successful approach to bringing together deep life insurance expertise and advanced asset management capabilities, which put us at the forefront of this trend and helped pioneer growth beyond traditional industry boundaries. Through Barings, we have robust asset origination capabilities that have helped us achieve exceptional long-term performance for our policyowners.
Through it all, our scale provides strength; our mutuality provides alignment; and our purpose ensures we do not lose sight of who we serve. To learn more, visit massmutual.com.
1 As of December 31, 2025
2 Assets Under Management (AUM) include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend, as of December 31, 2025
3 Capital strength refers to the company’s Total Adjusted Capital, as of December 31, 2025, as reported in statutory filings. Please refer to MassMutual’s Annual Report, https://www.massmutual.com/global/media/shared/doc/financial-documents/annual-reports/2025_annual_report.pdf
4 2016-2025