Delivering Exceptional Results in an Era That Defies Predictability

There are some years when the U.S. economy can be defined by a single story. Then, there are years like 2025 that balance two narratives at the same time: While our economy defied expectations and showed surprising resilience on Wall Street, it was also a year of deep unpredictability and low confidence on Main Street.

While equity markets hit records fueled by ongoing investments in artificial intelligence (AI), concerns persisted about sky-high valuations and a possible bubble. Unemployment was low by historic standards, though ongoing weakness in the labor markets prompted the Fed to cut interest rates to curb the threat of a slowdown. While prices for some household items began to come down, many families continued to struggle with high living costs and depleted savings. Meanwhile, our national debt made history of its own as it surged to new highs, and geopolitical conflicts persisted, disrupting global commerce and adding another layer of uncertainty for savers and investors alike.

While 2025 was marked by contrasts and questions, MassMutual’s performance was definitive and resolute, as we turned in another year of excellent results. Sales from our domestic insurance operations grew to more than $43 billion,^{See footnote 9} reflecting the depth of our distribution and our broad, competitive portfolio of offerings. Along with maintaining our position as a top provider of whole life insurance, growing consumer need for personalized planning drove higher demand for our wealth management solutions as wealth client assets under management (AUM) grew to a record $312 billion.^{See footnote 7} These results — coupled with the company’s sound operating fundamentals and strong market conditions — increased statutory operating earnings to nearly $3.9 billion, a new record.^{See footnote 10}

In addition, our customers were once again able to rely on MassMutual’s financial strength and flexibility, as total adjusted capital ended the year at more than $34 billion,^{See footnotes 2,3} and we maintained ratings that are among the highest in any industry.^{See footnote 1} This enabled us to approve an estimated dividend payout of $2.9 billion to our eligible participating policyowners for 2026, an all-time high that marked two decades of MassMutual delivering an industry‑leading dividend interest rate.^{See footnote 8} Most importantly, we gave our policyowners and customers peace of mind and delivered on our commitments when they needed us most, as we paid more than $10 billion in insurance and annuity benefits^{See footnote 2} for the first time while our life insurance protection in force reached nearly $1.1 trillion.^{See footnote 4}

Those results didn’t happen by accident; they happened by design. Just as we’ve helped people make it through times when we thought uncertainty would never end, we know by focusing on the long term, we can help deliver security and stability for our policyowners, no matter where they find themselves in life.

Providing Solutions That Embrace Possibility, Build Security

From the first policy we wrote to the ones we issue today, how we help people has been the same: We start by listening deeply, asking the questions that uncover what really matters, and helping people see where they are today and where they want to be tomorrow.

This approach has always been at the heart of MassMutual, carried forward by our passionate, dedicated network of financial professionals. Each day, they do the important work of helping you prepare for life’s defining moments and standing beside you through triumphs and trials. In 2025, we strengthened their ability to do that by enhancing what they bring to the table: personalized advice and guidance to navigate opportunities and challenges, digital capabilities that make planning a true partnership, and a broadened set of solutions to help protect the wealth you’ve built and help it grow. What’s more, their support doesn’t end after a single decision; it endures and adapts as goals change and life unfolds, offering clarity and guidance along the way.

$2.9B estimated
dividend payout^{See footnote 11}

Nearly $1.1T life insurance
protection in force^{See footnote 4}

What’s more, we recognize the need to meet people where they are and where it’s most convenient for them, including their own financial institution or bank, an independent advisor, or their workplace. This has allowed us to reach more Americans who want to protect their loved ones from the death of a family provider, accumulate assets for retirement, or fill a lifetime income gap. And regardless of how you connect with us, we work hard to make every interaction with us better, easier, and filled with insights, whether it’s simplifying how we issue protection so you can get it faster, providing enhanced self-service tools to help you manage your coverage, or using AI and data analytics to give you a fuller picture of your health, empowering better decisions that can lead to a longer, healthier, more vibrant life.

These examples illustrate our relentless efforts to deliver more than what’s expected of us. Another way we do that is by identifying opportunities early and acting with urgency, discipline, and imagination. This guides us in how we manage one of our most important, long-standing competitive advantages: our diverse portfolio of strategic businesses and investments.

This portfolio includes Barings, our global asset management firm that continues to position us strongly for growing opportunities at the intersection of insurance and asset management, a place where MassMutual has long been ahead of the curve. It also includes our investment offerings for institutional clients that are supported by our exceptional financial strength and credit quality, as well as our ownership interest in Rothesay, one of the U.K.’s largest pensions insurance specialists. Across this portfolio, the results are measured in resilience: consistent earnings delivered across a broad range of market conditions that have ultimately benefited our policyowners.

Making the World “A Little Better” for 175 Years

While Springfield, Massachusetts, was a thriving community in 1851, it wasn’t yet considered to be a city — and MassMutual itself occupied just one room. On the wall of our very first office were two portraits: one of George Washington; the other of a famous orator who spent much of his life in a different Springfield, in Illinois: Abraham Lincoln. What’s most interesting about the Lincoln portrait is that he was young and beardless, as it was nearly a decade before he’d be elected President of the United States.

That’s the thing about MassMutual: We’ve always seen greatness and unlimited potential in other people so they can realize their future. From our earliest days, we’ve sought to bring life to the words that a young Lincoln once wrote to a friend: “I have an irrepressible desire to live till I can be assured that the world is a little better for my having lived in it.”

For 175 years, that has been MassMutual’s aspiration: To make the world “a little better” one person, one family, and one moment at a time. In a world of rapid change and growing complexity, people need institutions they can trust; ones that make commitments meant to last decades and that measure success not just in dollars but in lives protected and futures secured. That is the mindset which has built us, lifted us, and sustained us, and will point us forward for generations to come.

Thank you for your continued belief and confidence in our approach — and for being part of MassMutual’s story as we begin our next 175 years.

Sincerely,

Roger Crandall
Chairman, President & CEO

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 April 1, 2026, and are subject to change.
2. These are consolidated statutory results of Massachusetts Mutual Life Insurance Company (MassMutual) and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company, and MassMutual Ascend (included for 2021-2025 only), as well as key subsidiaries (not included in Total Life Company Assets), as of December 31, 2025. Source: 2025 Consolidated Statutory Financial Statements.
3. Defined as Surplus + Consolidated Asset Valuation Reserve + ½ Consolidated Apportioned Policyowner Dividend Liability–Affiliated Foreign Insurance Operations.
4. These are consolidated 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, and MassMutual Ascend, as well as key subsidiaries, as of December 31, 2025.
7. Total client assets represents assets for both MML Investors Services, LLC and MassMutual Private Wealth & Trust, as of December 31, 2025.
8. Dividends and the Dividend Interest Rate (DIR) are determined annually, subject to change, and 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. The DIR is net of investment expenses. The way companies quote and apply the DIR varies. It is not the rate of return on the policy and should not be the sole basis for comparing insurers or policy performance.
9. This is a consolidated sales number for MassMutual and MassMutual Ascend (it includes sales from distribution channels: MassMutual Financial Advisors (MMFA), MassMutual Strategic Distributors (MMSD), Worksite, Institutional, MM Ascend, and MM Funds).
10. Represents statutory net gain from operations before policyowner dividends and taxes, excluding realized capital gains and losses, as of December 31, 2025.
11. Dividends are determined annually, subject to change, and are not guaranteed.