Performance

Performance Review

Despite a year marked by financial challenges, including a regional banking crisis, MassMutual experienced solid underlying earnings, reporting $39 billion in total sales in 2023,See footnote 6 reaching a milestone of more than $1 trillion of life insurance protection in force. Our broad product portfolio, diversified, long-term investment strategy, and a multi-channel distribution approach underpin our company’s track record of success. And the breadth of our product offering provides enormous opportunity for us to help even more people build financial security for themselves and their families. The stability of our business is borne out by our financial strength ratings,See footnote 1 including: A++ Superior by A.M. Best Company, AA+ Very Strong by Fitch Ratings, Aa3 High Quality by Moody’s Investors Service, and AA+ Very Strong by Standard & Poor’s.

  • $1.0T Insurance in Force
  • $335.3B Total Life Company Assets
  • $9.1B Benefits Payout
  •   $34.5B Total Adjusted Capital
  • Nearly $2.2B A Record High Estimated
    Dividend Payout for 2024See footnote 2

U.S. Insurance and Annuity Sales (in Millions)

United States Insurance and Annuity Sales bar chart from 2019 to 2023

MassMutual sales growth supported by solid life sales as well as record annuity contributions, given our 2021 acquisition of MassMutual Ascend, our expanded distribution, and strong demand given the higher rate environment.

U.S. Whole Life Sales (in Millions)

United States Whole Life Sales bar chart from 2019 to 2023

MassMutual remains an industry leader in whole life sales, with a No. 2 position as of year-end 2023.

Annuity Sales (in Millions)

Annuity Sales bar chart from 2019 to 2023

Annuity sales grew to a new record high, primarily driven by stronger fixed income annuity sales across our distribution channels.

Institutional Sales (in Millions)

Institutional Sales bar chart from 2019 to 2023

In 2023, pension risk transfer and funding agreement-backed notes witnessed solid sales results. We also maintained our strong market rankings across all the institutional markets.

Institutional sales include bank-owned life insurance, corporate-owned life insurance, pension risk transfer, stable value, and funding agreements.

Worksite Sales (in Millions)

Worksite Sales bar chart from 2019 to 2023

Worksite sales growth was primarily driven by stronger whole life sales.

Summary of Financial Position (Consolidated statutory basis, in $ Millions)

As of December 31, 2023: 2023 2022
Short-term investments and cash 11,941 5,737
Bonds 147,300 140,394
Other invested assets 103,953 105,826
Total invested assets 263,193 251,958
Other assets 13,134 10,085
Separate account assets 58,997 59,537
Total assets 335,324 321,579
Policyowners’ reserves and other 191,015 175,935
Policyowners’ dividends 2,150 1,927
Other liabilities 48,353 50,594
Asset valuation reserve 6,071 5,774
Separate account liabilities 58,859 59,407
Total liabilities 306,447 293,638
Surplus 28,877 27,941
Total liabilities and surplus 335,324 321,579
  • Total invested assets growth 4.5%
  • Increase in total adjusted capital 1.8%
  • Increase in surplus 3.3%

Policyowners’ DividendsSee footnote 7 (in Millions)

Policyowners’ Dividends bar chart from 2019 to 2023

Our 2023 policyowners’ dividends exceeded $2.1 billion, a new record, affirming our commitment to operate for the benefit of our eligible participating policyowners.

Total Adjusted CapitalSee footnote 3 (in Billions)

Total Adjusted Capital bar chart from 2019 to 2023

Total adjusted capital grew to a record $34.5 billion, continuing to underscore our enduring financial strength.

Total Life Company Assets (in Billions)

Total Life Company Assets bar chart from 2019 to 2023

Total life company assets grew by more than 4% year-over-year in 2023, to an all-time high, as we continued to conservatively grow our portfolio.

“In 2023, MassMutual produced strong financial results, continued financial strength, and announced the highest dividend payout in company history, despite heightened geopolitical turmoil and rising rates, as we continued to benefit from diverse earnings sources, strong investment returns and asset/liability management, and the successful execution of our strategy. Broadening our distribution and product offerings has contributed to our very strong market positions in whole life as well as annuities.” Elizabeth Ward, Chief Financial Officer

Summary of Operations (Consolidated statutory basis, in $ Millions)

  • Total revenue growth Total revenue increased 10.5% year-over-year, benefitting from MassMutual’s diversified product and investment portfolios.
  • Dividends and Policyowners MassMutual has announced that it will deliver a leading dividend interest rate among our peers for the 18th consecutive year, paying a nearly $2.2B estimated dividend payout in 2024.See footnote 2
As of December 31, 2023: 2023 2022
Premium income 25,608 23,749
Net investment income 11,249 9,396
Fees and other income 1,097 1,195
Total revenue 37,954 34,340
Policyowners’ benefits 18,344 17,644
Change in policyowners’ reserves 11,580 9,899
Commissions, other expenses, and deductions 5,272 4,581
Total benefits and expenses 35,197 32,123
Net gain from operations before dividends and taxes 2,757 2,217
Dividends to policyownersSee footnote 11 2,131 1,906
Net gain from operations before taxes 626 311
Federal income tax (benefit) expense 123 (45)
Net gain from operations 503 356
Net realized capital gain (losses) (505) 342
Net income (loss) (2) 698

Enterprise Measures

Life Insurance in ForceSee footnote 3 (in Billions)

Life Insurance in Force bar chart from 2019 to 2023

Life insurance in force represents the amount of protection the company has issued and remains outstanding. This measure continues to grow, with an increase of more than 5 percent over the prior year, due to strong sales and retention rates.

Insurance and Annuity BenefitsSee footnote 3 (in Billions)

Insurance and Annuity Benefits bar chart from 2019 to 2023

We continued delivering long-term value, paying more than $9 billion in insurance and annuity benefits to policyowners and other customers in 2023.

Assets Under ManagementSee footnote 12 (in Billions)

Assets Under Management bar chart from 2019 to 2023

Despite some external headwinds, our total assets under management (including assets managed by our subsidiaries) saw favorable growth in 2023, including from our life, annuity, and wealth management businesses as well as Barings.

  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, 2024, and are subject to change.
  2. The dividend and dividend interest rate are determined annually, subject to change, and are not guaranteed.
  3. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company, as well as MassMutual Ascend (included for 2021-2023 only), as of December 31, 2023.
  4. This is a consolidated sales number for MassMutual and MassMutual Ascend (it includes sales from distribution channels: MMFA, MMSD, Worksite, Institutional, MM Ascend, Direct to Consumer, MM Funds and Flourish).
  5. Policyowners’ dividends include the estimated amount of annual dividends and settlement dividends. Dividends are determined annually, subject to change, and not guaranteed.
  6. Total Assets
  7. Separate Account and Other Assets
  8. Total Invested Assets
  9. Source: Massachusetts Mutual Life Insurance Company Statutory Annual Statement, Year-End — Summary of Operations — Dividends to Policyowners: These numbers reflect incurred dividends to policyowners. Incurred dividends equal amounts paid to eligible participating policyowners plus any change in liabilities.
  10. Assets Under Management (AUM) include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend. AUM from MassMutual International, OppenheimerFunds, Inc., and the retirement plan business is excluded from 2019 ($172 billion) and 2020 ($191 billion) as those businesses have been sold.

U.S. Insurance and Annuity Sales (in Millions)

MassMutual sales growth supported by solid life sales as well as record annuity contributions, given our 2021 acquisition of MassMutual Ascend, our expanded distribution, and strong demand given the higher rate environment.

U.S. Whole Life Sales (in Millions)

MassMutual remains an industry leader in whole life sales, with a No. 2 position as of year-end 2023.

Annuity Sales (in Millions)

Annuity sales grew to a new record high, primarily driven by stronger fixed income annuity sales across our distribution channels.

Institutional Sales (in Millions)

In 2023, pension risk transfer and funding agreement-backed notes witnessed solid sales results. We also maintained our strong market rankings across all the institutional markets.

Institutional sales include bank-owned life insurance, corporate-owned life insurance, pension risk transfer, stable value, and funding agreements.

Worksite Sales (in Millions)

Worksite sales growth was primarily driven by stronger whole life sales.

Policyowners’ DividendsSee footnote 7 (in Millions)

Our 2023 policyowners’ dividends exceeded $2.1 billion, a new record, affirming our commitment to operate for the benefit of our eligible participating policyowners.

Footnote 7. Policyowners’ dividends include the estimated amount of annual dividends and settlement dividends. Dividends are determined annually, subject to change, and not guaranteed.

Total Adjusted CapitalSee footnote 3 (in Billions)

Total adjusted capital grew to a record $34.5 billion, continuing to underscore our enduring financial strength.

Footnote 3. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company, as well as MassMutual Ascend (included for 2021-2023 only), as of December 31, 2023.

Total Life Company Assets (in Billions)

Total life company assets grew by more than 4% year-over-year in 2023, to an all-time high, as we continued to conservatively grow our portfolio.

  1. Total Assets
  2. Separate Account and Other Assets
  3. Total Invested Assets

Life Insurance in ForceSee footnote 3 (in Billions)

Life insurance in force represents the amount of protection the company has issued and remains outstanding. This measure continues to grow, with an increase of more than 5 percent over the prior year, due to strong sales and retention rates.

Footnote 3. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company, as well as MassMutual Ascend (included for 2021-2023 only), as of December 31, 2023.

Insurance and Annuity BenefitsSee footnote 3 (in Billions)

We continued delivering long-term value, paying more than $9 billion in insurance and annuity benefits to policyowners and other customers in 2023.

Footnote 3. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company, as well as MassMutual Ascend (included for 2021-2023 only), as of December 31, 2023.

Assets Under ManagementSee footnote 12 (in Billions)

Despite some external headwinds, our total assets under management (including assets managed by our subsidiaries) saw favorable growth in 2023, including from our life, annuity, and wealth management businesses as well as Barings.

Footnote 12.Assets Under Management (AUM) include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend. AUM from MassMutual International, OppenheimerFunds, Inc., and the retirement plan business is excluded from 2019 ($172 billion) and 2020 ($191 billion) as those businesses have been sold.