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Leadership & Vision

Dear Fellow Policyowners and Customers,

When I reflect on 2022, I’m reminded of the cyclical nature of history — and the lessons we can draw from it.

As a company founded in 1851, MassMutual has seen our country face world wars, move from farms to factories, and evolve from the industrial age to the digital age — all giving us a unique window into the tumultuous times we live in today. Other eras have been defined by geopolitical tensions, rising inflation, market volatility, and disruptive technology, but they have rarely all happened at once, and never in the wake of a global pandemic.

Our history tells us that during periods of transformational change, there are timeless qualities people crave. They crave stability, which is why we embody Live Mutual — the ideal that when we look out for and support one another, we can get through anything. They crave security, which is why MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love.

And, perhaps most of all, they crave connection, which is why MassMutual is Built to Connect. Throughout our 172 years, we’ve focused on reaching people where they are — whether it was through a handshake, a telegraph, a telephone, or an app. Today, our work takes on greater urgency, as more Americans have seen just how fragile the future can be and seek solutions to build better lives for themselves and their loved ones.

As a mutual company that operates for the benefit of our participating policyowners, our ability to meet this moment defines who we are. No matter what happens, MassMutual is committed to building stronger connections with more people, and in more ways than ever before.

Excellent Financial Performance Amid Persistent Uncertainty

Nearly two years after the pandemic surfaced, a host of new pressures emerged in 2022 that impacted the global economy. Russia’s invasion of Ukraine resulted in sanctions that sent energy prices soaring, triggering a full-blown crisis in Europe. Here at home, the highest levels of inflation in 40 years roiled equity and bond markets, putting additional strain on investment portfolios and household budgets alike.

Amid these pressures, I’m proud to report that MassMutual delivered another excellent financial performance. The company reported total sales through its domestic insurance operations of $39.3 billion, a 26 percent increase over the prior year, led by steady demand for whole life insurance — where MassMutual finished 2022 as the industry’s No. 1 provider1 — as well as record annuity sales. These results — coupled with strong sales contributions from our broad portfolio of solutions and our sound business fundamentals — helped increase operating earnings to $2.2 billion.

In a year with constant uncertainty, we maintained our enduring financial strength and flexibility. Total adjusted capital grew to an annual record of $33.8 billion as we maintained ratings that are among the highest of any company in any industry.2 This enabled us to approve an estimated $1.9 billion dividend payout for 2023 to our eligible participating policyowners, the highest in our history and marking the 17th year in a row that MassMutual has paid an industry-leading dividend interest rate.3 Most importantly, we gave our policyowners and customers peace of mind and delivered on our commitments when they needed us most, as the insurance protection we provide rose to $950 billion, and we paid more than $7.1 billion in insurance and annuity benefits, both all-time highs.

These results underscore MassMutual’s position as an industry leader and demonstrate our commitment to advancing a bold vision for the future as we strive to generate lasting value for policyowners — and more broadly — financial well-being for all Americans.

A Winning Strategy for Connection in a Digital World

Our success today is the result of decisions made years ago, just as the progress we make on our strategy now positions us to thrive going forward. As more Americans seek financial protection with a renewed focus, we’ve continued to transform our business to reach more people with broader solutions and better experiences.

One of the ways we’re doing that is by enhancing and evolving how we connect with people. For us, that begins with our dedicated and passionate network of financial professionals, who have provided trusted advice and guidance to our customers from the moment we issued our first policy. That is why we’re providing the tools and solutions to strengthen those bonds — and build new ones — in the digital age, as more people view each piece of their financial puzzle not in isolation, but with integration.

To that end, we continued to enhance Advisor360°, our online platform that provides you and your financial professional with a consolidated view of your holdings to make it easier to develop a thoughtful, holistic plan for your future. We also broadened our product suite — adding more flexible options for protection and cash accumulation, additional guaranteed lifetime income solutions, and expanded wealth management capabilities — to help you achieve your goals, whether they are a year, a decade, or a generation from now.

“By constantly evolving as the world shifts, we ensure that we’re Built to Connect for both today and tomorrow.”

At the same time, we’ve expanded the ways we reach people, so you can work with us whenever and however it’s most convenient for you. From offering our products through a growing number of financial institutions and independent advisors, to making it easier to enroll for protection at your job or purchase it from your phone or tablet, we are prepared to address your needs at each stage of life, wherever you find us. Our efforts to make our solutions more accessible also serve a greater need: helping more Americans move from a future of doubt to one of confidence and financial security.

Demand for our solutions has never been higher, nor have expectations of the experience that delivers them. That’s why we continued to invest to make each connection with us simple and seamless, while enabling you to obtain life insurance protection in a fraction of the time. We also expanded our suite of self-service capabilities so that once you purchase a policy, you can manage it on your terms — anywhere, anytime, on any web or mobile device.

One reason why we can invest in our business and improve your experience is our long-time competitive differentiator: our portfolio of strategic businesses and investments that generate additional earnings to benefit our participating policyowners. Last year, we rebranded one of the latest additions to this portfolio — Great American Life Insurance Company, acquired in 2021 — to MassMutual Ascend, aligning it with the strength and reputation of our own brand as the company posted record sales and helped position MassMutual as a leader in lifetime income solutions. Other entities — both established and more recent — bolstered our efforts to generate long-term value, including Barings, our global institutional asset manager, as well as Rothesay, one of the leading specialist annuity providers in the U.K.

At MassMutual, we recognize that when it comes to working with you, the stakes couldn’t be higher. That’s because what we offer is so much more than a product; it’s a pledge to be there when you need us most. And by constantly evolving as the world shifts, we ensure that we’re Built to Connect for both today and tomorrow.

A Commitment to Culture, Communities

Of course, a successful business isn’t just the product of a sound strategy, but also an engaged and thriving community. At MassMutual, we’ve always found that we operate at our best when our people can, too.

That commitment starts with our employees, who hold themselves to the highest standards and share a passion for serving you each day. And just like you, their needs and expectations have evolved with today’s ever-changing norms and demands. To create a meaningful experience for our people and enable them to better meet your needs, we’ve fostered a culture of personal accountability and choice while creating a flexible, collaborative environment where they can learn, grow, and succeed. And to help our people better care for themselves and those who matter most to them, we’ve enhanced our benefit offerings by quadrupling our caregiver leave, expanding access to mental health solutions, and providing funds to employees so they can manage their well-being as they see fit.

We also recognize that as a company which has served generations, MassMutual has a responsibility to help build a better world for future ones. That’s why we are committed to creating a more sustainable future, as well as fostering a workplace that reflects a greater sense of inclusion and belonging. We continue to set annual goals to grow the diversity of our workforce while sharing our progress along the way, and our Board of Directors remains one of the most diverse among FORTUNE® 500 companies as our governance benefits from the breadth and depth of their insights and experiences.4 We also worked to enhance the economic power of diverse communities, increasing our total impact investing commitment to $200 million through our First Fund Initiative and MM Catalyst Fund.

MassMutual’s efforts to unlock potential also extend to our communities both near and far. From funding efforts to make the dream of homeownership a reality for families in our home city of Springfield, to reaching more than 3 million students in the U.S. through our financial literacy curriculum, we have long been committed to the places where we live and work. And while 2022 saw us continue our longstanding community investments, we also built new alliances with partners that align with our values. Starting this year, we will proudly begin a 10-year signature partnership with another venerable Massachusetts institution, the Boston Red Sox. This will give us the opportunity to reach more people through expanded visibility with one of the world’s most iconic brands in sports, while supporting our communities through initiatives committed to youth, education, and inclusion.

At its core, insurance is all about connecting people’s futures together to help ensure everyone has the opportunity to prosper. And at MassMutual, we’ve always extended that principle beyond our business. For us, investing in the potential of our people and communities isn’t just a lofty ideal; it’s a necessity, year in and year out.

A Foundation to Build Upon

The work MassMutual does each day — whether it’s the advice we offer, the protection we provide, or the commitments we make — advances our goal to help people meet the future with more confidence and hope.

While the new year will undoubtedly introduce new challenges, I’ve never been more optimistic about the future. It’s a view that has everything to do with the groundwork we’ve laid and how each plank of our foundation can be built upon to deepen our connections to the people we serve.

For nearly 172 years, that foundation has stood the test of time, providing security in a world that offers so little of it. It has been there for generations of policyowners and their loved ones, and it will continue to be there for generations to come. That’s what it means to be Built to Connect.

Thank you for continuing to be part of the MassMutual community. I can’t wait to see what we accomplish in 2023 and beyond, and we look forward to taking that journey with you.


Roger Crandall
Chairman, President & CEO

Why MassMutual?

We Are Building a Future Based on Connection

This year we are proud to highlight results that delivered long-term value and stimulated growth.

MassMutual continued to differentiate ourselves through:

Our financial strength

  • Thrived despite a challenging global economic environment
  • Maintained financial strength ratings that are among the highest of any company in any industry2
  • Record total adjusted capital and surplus of $33.8 billion and $27.9 billion, respectively
  • Paid $7.1 billion in insurance and annuity benefits in 2022

Our legacy of mutuality

  • Operated our business with a long-term perspective that enables us to serve generations
  • Approved an estimated $1.9 billion dividend payout — the highest payout in the company’s 172-year history — in 2023. This payout reflects a 6 percent dividend interest rate, the 17th consecutive year we have paid an industry-leading rate among our mutual peer companies5
  • Activated connections with the community through MassMutual Foundation’s work to build financial capability and help families thrive

Our financial professionals

  • Helped provide invaluable, personalized guidance, support, and peace of mind
  • Built strong relationships that enabled customized financial solutions
  • Helped clients take meaningful steps toward their financial goals

Our strategic approach

  • Focused on connecting people and institutions with holistic, innovative financial solutions
  • Delivered on our commitments and generated long-term customer value
  • Fostered a sustainable, inclusive, and flexible culture

Our Purpose

We Help People Secure Their Future and Protect the Ones They Love

MassMutual was founded in 1851 in Springfield, Massachusetts, by a small group of investors who pooled $100,000 to start writing policies on their friends and neighbors. Thus, our long history began with the notion that we all do better when we look out for one another.

For more than 170 years, over varying economic conditions, MassMutual has continued to meet its financial commitments to policyowners and other customers. The company has paid dividends to eligible participating policyowners every year since 1869.

  1. According to LIMRA’s Fourth Quarter 2022 U.S. Retail Individual Life Insurance Sales Report.
  2. 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, 2023, and are subject to change.
  3. The dividend and dividend interest rate are determined annually, subject to change, and are not guaranteed.
  4. From FORTUNE. ©2022 FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (May 2022) 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.
  5. 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.