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Leadership and Vision

Dear Fellow Policyowners and Customers,

Throughout MassMutual’s history, we’ve known that the world is better when we all look out for each other. We call that mindset Live Mutual — and as I reflect on our 170th year in 2021, it’s clear how important that is today.

After all, the events of 2021 brought continued challenges as we entered our second year of a global pandemic that was filled with disruption, uncertainty, progress, and hope. We saw one of the most significant vaccination campaigns in history tempered by new COVID-19 variants. All-time market highs were offset by rising consumer prices and supply shortages that brought inflation to a nearly 40-year high. Meanwhile, historically low interest rates continued to put pressure on institutional and individual savers alike.

Amid all of this, we were each called upon to maintain a sense of urgency and aspiration — to help our neighbors, to adapt to accelerating trends, and to be there for each other, no matter what. At MassMutual, we did all of that and more. If 2020 was about rising to meet the moment, 2021 was about raising our ambitions even further. I’m proud to say that we recorded one of the best years in our history while expanding the ways we reach people, improving our customer experience, and strengthening our communities.

As always, this success also reflects our deep commitment as a mutual company that operates for the benefit of our participating policyowners and members. That means we are able to invest in our business for the long term so we can meet you throughout your life, wherever you are, with the solutions you need. Today, whether you’re working with us in person, at your job, from your kitchen table, or anywhere else, our purpose is the same: to help you secure your future and protect the ones you love.

As always, this success also reflects our deep commitment as a mutual company that operates for the benefit of our participating policyowners and members. That means we are able to invest in our business for the long term so we can meet you throughout your life, wherever you are, with the solutions you need. Today, whether you’re working with us in person, at your job, from your kitchen table, or anywhere else, our purpose is the same: to help you secure your future and protect the ones you love.

Record Performance in an Uncertain Recovery

We made significant strides toward that purpose in 2021, despite the year’s many fits and starts. With the pandemic prompting more people to seek out financial security for themselves and their loved ones, our company saw increased demand for its protection and planning solutions, solidifying our position as a top life insurance provider. We posted record sales of whole life insurance and total individual life insurance, bringing the total amount of insurance protection the company provides to $895 billion. These results — along with strong sales contributions from our broader portfolio of products and businesses, the excellent performance of the markets, and sound business and expense management — helped drive operating earnings to $2.1 billion.

And during a period of ongoing uncertainty, we maintained our excellent financial strength and flexibility, as total adjusted capital grew to nearly $33 billion for the first time, and we maintained ratings that are among the highest of any company in any industry.1 These results — coupled with strong earnings contributions — enabled us to approve an estimated $1.85 billion dividend payout for 2022 to our eligible participating policyowners, the largest payout in our history.2 Most importantly, we delivered on our commitments, paying $7 billion in insurance and annuity benefits to our customers at the time they needed us most.

To us, these results aren’t just numbers on a ledger. They represent the many individuals, families, and businesses we’ve helped, and the peace of mind we’ve provided. We’re proud that we have the chance to touch so many lives — and this exceptional year positions us to help even more people in the future.

Helping More People with Better Solutions, Experiences

Our performance last year was the result of years of strategic decisions to meet and exceed our customers’ ever-shifting needs and expectations. And in 2021, we advanced this strategy by developing better ways to reach people while enhancing our overall experience.

MassMutual has long believed in the power of personal connections, and much of our work last year centered around strengthening them. We launched Advisor360°, an online platform that gives you and your financial professional integrated access to your financial holdings so you can work together to develop a thoughtful plan for your future. We also broadened our suite of solutions to help meet your needs in that plan — from enhanced products to help you leave a legacy or protect your ability to earn an income, to new investment management capabilities that enable you to better manage your wealth.

At the same time, to help close our nation’s financial protection and planning gaps, we launched a renewed effort to offer our solutions through other financial institutions, bringing our strength, stability, and extensive product suite to a wider range of consumers. We also made it faster and easier for customers to work with us in other ways, such as simplifying the insurance enrollment process at the worksite, as well as making more of our offerings available for purchase from your phone or tablet.

Regardless of how you work with us, our goal is to constantly improve the customer experience, ensuring each touchpoint is seamless and consistent. To that end, we’ve enhanced our digital end-to-end platform so we can introduce new products and provide protection more quickly, while also beginning to migrate existing policies onto the platform, so whether you joined us two days or two decades ago, you still benefit from the same speed and efficiency. And with our new self-service capabilities, including the ability to check the status of your service request on our mobile app and submit disability claims online, we’ve added even more flexibility to manage your coverage whenever and wherever you want.

And along with meeting your needs today, we used our financial strength and flexibility to help ensure we can meet them tomorrow. To reach a growing number of baby boomers approaching retirement, we acquired Great American Life Insurance Company to grow our suite of lifetime income solutions. In 2021, Great American Life’s record annuity sales helped drive MassMutual’s total annuity sales to more than $13 billion3, positioning MassMutual to become one of the leading individual annuity providers in the U.S. The company also strengthens MassMutual’s portfolio of strategic businesses and investments — building upon one of our most distinct competitive advantages that generates earnings to help us with our goal to pay a competitive dividend. From Barings, our global institutional asset manager, to our ownership interests in companies such as Invesco, a leading global investment firm, and Rothesay, one of the largest annuity specialist providers in the U.K., these businesses are well-positioned in their respective markets and poised to deliver long-term value to our policyowners for years to come.

As our progress demonstrates, we are dedicated to pursuing our purpose with passion, exceeding your expectations, and delivering on our commitments. It’s this dedication that continues to drive our success, no matter the challenges and uncertainty we face.

Investing in Our People and Communities

Of course, our achievements aren’t just a reflection of the investments we make in the solutions we provide, but also in our many stakeholders. Simply put, for us to succeed, we must ensure those around us can, too.

That starts with our people. In 2021, we continued to provide our employees with extra time off and wellness programs to help manage through COVID-19, while introducing a new approach to daily work which balances personal flexibility with in-person teamwork. And to help maximize those connections, we opened a new office building in Boston’s thriving Seaport District, immersing ourselves in one of the leading centers for innovation in the U.S. With spaces that embrace the future of collaborative work while recognizing our long history in our home city of Springfield, we’re fueling our growth by tapping into the best of both ends of the Commonwealth.

As we pursue this growth strategy, we’re equally focused on doing so responsibly and sustainably. That’s why we’re embedding a comprehensive approach on environmental, social, and governance (ESG) topics throughout our operations, building upon years of work to address climate change. We’ve made net-zero commitments for MassMutual’s operations and investment portfolio, and have made a strategic investment in Low Carbon, a U.K.-based renewable energy investor and asset manager, to leverage proven technologies that advance renewable energy at scale. This builds a foundation for our work in the coming years to help build a stronger, more sustainable world for future generations.

And of course, environmental factors are just one part of that future. We must accelerate social progress as well by advocating for greater equity and opportunity for all. Over the past decade, MassMutual has deepened our commitment to this important work by building an organization that is more diverse, equitable, and inclusive, while holding ourselves accountable for our progress. Last year, we began publicly sharing our employee demographics, achieving a new level of transparency on our journey. Our Board of Directors continues to be one of the most diverse among FORTUNE® 500 companies4, as its members draw from a broad range of backgrounds and perspectives to strengthen our governance and foster inclusive decision making. And we’ve expanded our efforts to ensure greater belonging and fairness while embarking on new ones — from increasing employee learning opportunities on allyship and anti-racism, to pledging $150 million to partner with underrepresented diverse businesses in our procurement operation.

As vital as these actions are, true progress depends on increasing opportunities where historic disparities exist, whether it is access to capital or education. That’s why we launched the $50 million MM Catalyst Fund, which invests in both Black-owned businesses in Massachusetts as well as technology and sustainability companies outside of Boston. Our efforts to expand opportunity in the Commonwealth have also included million-dollar grants to the Springfield public schools and the King Boston Center for Economic Justice. Meanwhile, we’ve continued to lend our leadership and talent to the CEO Action for Racial Equity, where we’re advocating for policies that strengthen early childhood education and close the digital divide.

While any societal change won’t happen overnight, looking out for our communities is core to who we are as a company. Year after year, we define success by ensuring our actions advance a greater good — and help forge a better future for all.

Evolving for the Long Term

Looking ahead, I’ve never been more confident in the course we’ve charted or our ability to endure challenges along the way. We know that times of transition don’t map cleanly to calendar years, and the future will bring continued uncertainty. But as we’ve shown in 2021, MassMutual is undeterred by the unknown.

By making investments that serve our communities, our company, and you — our policyowners and customers — we’re able to thrive while improving our world along the way. That’s our enduring commitment to mutuality in action, and one that will illuminate our path ahead.

After a remarkable 170th year, we’re just getting started. Thank you for being a part of this journey.


Roger W. Crandall
Chairman, President and Chief Executive Officer

  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 February 1, 2022 and are subject to change. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.
  2. Dividends are determined annually, subject to change, and are not guaranteed.
  3. Sales include Great American Life Insurance Company annuity sales of $2.4 billion from the first five months of 2021, before MassMutual acquired the company.
  4. From FORTUNE. ©2021 FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (June 2021) and FORTUNE World’s Most Admired Company (February 2022) are registered trademarks of FORTUNE Media IP Limited and are used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of MassMutual.

Why MassMutual?


Policyowners pay insurance premiums that MassMutual uses to:

  • Provide protection
  • Meet current benefit obligations
  • Invest to pay future benefits and generate ongoing value

Diversified Investment Strategy

With long-term investment performance in mind, MassMutual makes disciplined investments in:

  • A variety of asset classes to help meet policyowner commitments
  • Strategic acquisitions that complement our capabilities and generate strong returns

Financial Strength and Dividends

Our earnings help:

  • Pay dividends to eligible participating policyowners
  • Contribute to capital and surplus
  • Support business reinvestment

While dividends are not guaranteed, MassMutual has paid them to eligible participating policyowners every year since 1869.

The Result

A framework focused on delivering:

  • Long-term customer value
  • Competitive risk-adjusted returns
  • Diversified product offerings
  • Industry leadership in financial strength
  • Quality service

Our Purpose

MassMutual was founded in 1851 in Springfield, Massachusetts, by a small group of investors who pooled $100,000 to start writing policies for their friends and neighbors. Our founders knew that creating shared value would require discipline, commitment, and a sense of purpose. Now, 170 years later, throughout unimaginable change, we remain guided by that same purpose: to help people secure their future and protect the ones they love.

In service of our purpose, we operate as a mutual company, promoting strength through interdependence and helping one another. We thrive when our customers and communities do well. We grow by following our vision to provide financial well-being for all Americans with comprehensive solutions, education, and guidance.

Celebrating the Opening
of Our Boston Building

For more than 170 years, MassMutual has been proud to call Massachusetts, and more specifically, the city of Springfield, home.

By tapping into the best of both ends of the Commonwealth, we're building on this commitment and helping to connect the great talent and resources that span our state.

In 2021, we celebrated the opening of our new location at 10 Fan Pier in Boston’s Seaport neighborhood, which serves as a central hub for access to the city’s thriving financial market, startup community and workforce, as well as a vibrant neighborhood for employees to enjoy.

This building and our investment in Massachusetts reflect our strong belief that the Commonwealth provides everything we need to continue to grow and succeed over the long term: a highly skilled workforce, including a rich pipeline of talent from the state’s best-in-class network of higher education institutions; robust local economies; convenient access to transportation; and a rich diversity of communities, including the best of both metropolitan and suburban locations.

With hundreds of collaborative spaces and variety of amenities, the new office is designed to foster teamwork and innovation. It was also constructed with sustainability in mind, operating with 70 percent fewer natural resources than the average regional office building.

MassMutual commemorated the grand opening of 10 Fan Pier with a $1 million grant from the MassMutual Foundation to King Boston, an organization that works to drive civic engagement and advance economic justice. This is in addition to the donation of a floor to MassChallenge, deepening our partnership with the accelerator and support of the regional innovation ecosystem.

Board of Directors

Select photo to see titles.

Roger W. Crandall

Chairman, President and Chief
Executive Officer
Massachusetts Mutual Life Insurance
Company, Springfield, MA
Board Committees: Executive (Chair),
Investment and Technology
and Governance

Karen Bechtel

Managing Director, Retired
The Carlyle Group, New York, NY
Board Committees:
Audit and Investment

Mark T. Bertolini

Co-Chief Executive Officer
Bridgewater Associates, Westport, CT
Former Chairman and Chief
Executive Officer
Aetna Inc., Hartford, CT
Board Committees:
Executive, Human Resources (Chair)
and Technology and Governance

Kathleen A. Corbet

Founder and Principal
Cross Ridge Capital, LLC,
New Canaan, CT
Former President
Standard & Poor’s, New York, NY
Board Committees:
Executive, Investment (Chair)
and Technology and Governance

James H. DeGraffenreidt, Jr.

Chairman and Chief
Executive Officer, Retired
WGL Holdings, Inc., Washington, D.C.
Board Committees:
Audit and Human Resources

Isabella D. Goren

Former Chief Financial Officer
American Airlines, Inc. and AMR
Corporation, Fort Worth, TX
Board Committees:
Audit (Chair), Executive
and Investment

Bernard A. Harris, Jr., M.D., MBA, FACP

CEO and Managing Partner
Vesalius Ventures, Inc., Houston, TX
Retired NASA Astronaut, Houston, TX
Board Committees:
Audit and Investment

Michelle K. Lee

Former Vice President
Machine Learning Solutions Lab and
Computer Vision, Amazon Web Services,
Palo Alto, CA
Board Committees:
Human Resources and Technology
and Governance

Jeffrey M. Leiden, M.D., Ph.D.

Executive Chairman, Former
President and Chief Executive Officer
Vertex Pharmaceuticals Incorporated,
Boston, MA
Board Committees:
Executive, Human Resources and
Technology and Governance (Chair)

Laura J. Sen

Former Non-Executive Chairman
and Former Chief Executive Officer
BJ’s Wholesale Club, Inc.,
Westborough, MA
Board Committees:
Human Resources and Technology
and Governance

William T. Spitz

Lead Director
Massachusetts Mutual Life Insurance
Company Springfield, MA
Principal and Co-Founder
Diversified Trust Company, Nashville, TN
Vice Chancellor for Investments Emeritus,
Vanderbilt University, Nashville, TN
Board Committees: Audit,
Executive and Investment

H. Todd Stitzer

Former Chief Executive Officer
Cadbury PLC, London, UK
Board Committees:
Audit and Investment

Executive Leadership

Roger W. Crandall
Chairman, President and
Chief Executive Officer
Susan Cicco
Head of Human Resources
and Employee Experience
Tim Corbett
Chief Investment Officer
Geoffrey Craddock
Chief Risk Officer
Michael Fanning
Head of MassMutual U.S.
Pia Flanagan
Chief Operating Officer of
CEO Action for Racial Equity
Michael O’Connor
General Counsel
Gareth Ross
Head of Enterprise
Technology and Experience
Elizabeth Ward
Chief Financial Officer

Subsidiary Leadership

Eddie Ahmed
Chairman, CEO and President
MassMutual International
Mike Freno
Chairman, CEO and President
Barings LLC