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2019 Annual & Corporate
Responsibility Report


Investment Philosophy & Strategy

Total Invested Assets December 31, 2019 (In Millions)

Total Invested Assets

* Policy loans are loans taken by policyowners against the cash surrender value of their policies and, as such, are secured by the cash surrender value of those policies.

Bonds December 31, 2019 (In Millions)


* Residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS)

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We diversify the composition of the General Investment Account (GIA) by investing in a variety of asset classes in order to reduce the impact of negative events on our portfolio. MassMutual further diversifies by investing in strategic partnerships in international insurance and asset management businesses.

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Prudent Security Selection

Our investment professionals conduct regular, thorough reviews of both current and potential holdings to ensure that they meet our criteria for inclusion in the GIA.

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Relative Value

A relative value assessment of risk versus return informs our decision-making process as we consider various opportunities and their prospective impacts on GIA performance.

Total Invested Assets December 31, 2019 (In Millions)
Bonds $106,023
Mortgage Loans $ 28,408
Common & Preferred Stocks $ 17,198
Policy Loans $ 14,973
Derivatives & Other Assets $ 14,950
Partnerships & LLCs $  9,172
Short-Term & Cash $  4,317
Real Estate $    358
Total Invested Assets $195,399
Bonds December 31, 2019 (In Millions)
Private Corporate $ 41,896
Public Corporate $ 30,798
CMBS & Other ABS $ 17,329
Municipal & Sovereign $  6,238
U.S. Treasury & Agency $  6,169
Other $  1,770
Non-Agency RMBS $  1,230
Agency RMBS $    593
Total Bonds $106,023