Performance Review
MassMutual reported strong financial results in 2025, with solid operating earnings of $3.9 billion,See footnote 10 more than $43 billion in total sales,See footnote 9 further growth in its life insurance protection in force to nearly $1.1 trillion, and total assets under management (AUM) of more than $584 billion.See footnote 6
Our comprehensive product portfolio, strategic long-term investments, and broad distribution are foundational to our sustained success. This powerful combination enables us to assist more individuals in achieving financial security for themselves and their families. The stability of our business is reflected in our financial strength ratings, 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 S&P Global Ratings.See footnote 1
- Nearly
$1.1T
insurance in forceSee footnote 4 - $366.4B
total life company assetsSee footnote 13
Total Reported SalesSee footnote 9
(in Millions)
Record reported sales in 2025 primarily supported by strong sales growth across broad insurance, annuity, and health product offerings.
Whole Life Sales
(in Millions)
MassMutual remains an industry leader in whole life sales, with a No. 2 position as of end-2025.See footnote 14 Moderate slowdown in sales as rate environment shifted demand in favor of alternative life products.
Annuity Sales
(in Millions)
Strong fixed annuity sales via MassMutual Ascend and growth in variable annuity sales (including RILA) slightly offset by slowdown in other annuity sales amid a heightened competitive environment and following strong historical sales.
Institutional Sales
(in Millions)
Institutional witnessed robust sales growth, given stronger sales across our funding agreements, pension risk transfer, and stable value businesses — which benefit from our enduring financial strength.
Worksite, Other Life and Health Sales
(in Millions)
- Other Life and
Health Sales - Worksite
Strong growth in other life sales, particularly universal life and variable universal life, given favorable equity market environment and launch of new product enhancements.
Summary of Financial Position
(Consolidated Statutory Basis, in $ Millions)
| As of December 31, 2025 | 2025 | 2024 |
|---|---|---|
| Short-term investments and cash | 8,893 | 6,288 |
| Bonds | 173,544 | 166,513 |
| Other invested assets | 116,060 | 112,546 |
| Total invested assets | 298,497 | 285,347 |
| Other assets | 14,957 | 14,382 |
| Separate account assets | 52,947 | 55,935 |
| Total assets | 366,401 | 355,665 |
| Policyowners’ reserves and other | 215,101 | 203,137 |
| Policyowners’ dividends | 2,879 | 2,533 |
| Other liabilities | 59,916 | 60,284 |
| Asset valuation reserve | 6,410 | 6,038 |
| Separate account liabilities | 52,868 | 55,791 |
| Total liabilities | 337,174 | 327,783 |
| Surplus | 29,227 | 27,882 |
| Total liabilities and surplus | 366,401 | 355,665 |
-
5%
total invested
assets growthSee footnote 15 -
$29.2B
total surplusSee footnote 16 -
$34.4B
total adjusted capitalSee footnotes 2,3
Mary Jane Fortin, Chief Financial Officer
In 2025, MassMutual delivered strong financial results, driven by continued momentum in sales and record operating earningsSee footnote 10 as we continued to successfully execute on our strategy. We maintained our financial strength while delivering exceptional policyowner value by approving our highest-ever dividend. MassMutual’s results benefited from the company’s diversified product and investment portfolios, very strong market positions in whole life, fixed annuities, and its institutional businesses, while maintaining a healthy balance sheet, supported by disciplined asset-liability management.”
Policyowners’ DividendsSee footnote 17
(in Millions)
Our 2026 estimated policyowner dividend payout is approximately $2.9 billion, affirming our commitment to operate for the benefit of our eligible participating policyowners.
Total Life Company AssetsSee footnote 18
(in Billions)
- Total
Invested Assets - Separate Accounts
and Other Assets
Total life company assets grew 3 percent year-over-year in 2025 as we continued to conservatively grow our total invested assets, which grew at 5 percent year-over-year.
Total Adjusted CapitalSee footnote 2
(in Billions)
We continued to maintain our financial strength with total adjusted capital of $34.4 billion, amongst the highest in the life industry.See footnotes 2,3,19
Summary of Operations
(Consolidated Statutory Basis, in $ Millions)
| As of December 31, 2025 | 2025 | 2024 |
|---|---|---|
| Premium income | 21,777 | 21,288 |
| Net investment income | 13,501 | 11,637 |
| Fees and other income | 1,377 | 1,307 |
| Total revenue | 36,655 | 34,232 |
| Policyowners’ benefits | 20,169 | 17,745 |
| Change in policyowners’ reserves | 6,625 | 8,459 |
| Commissions, other expenses, and deductions | 5,962 | 5,259 |
| Total benefits and expenses | 32,756 | 31,463 |
| Net gain from operations before dividends and taxes | 3,899 | 2,769 |
| Dividends to policyownersSee footnote 20 | 2,836 | 2,501 |
| Net gain from operations before taxes | 1,063 | 268 |
| Federal income tax (benefit) expense | (57) | (284) |
| Net gain from operations | 1,120 | 552 |
| Net realized capital gain (losses) | (1,079) | (807) |
| Net income (loss) | 41 | (255) |
Operating
Earnings
Earnings (before policyowner
dividends and taxes) of almost
$3.9B
benefitting from MassMutual’s
earnings from our diversified
product and investment portfoliosSee footnote 10
Enterprise Measures
Life Insurance in ForceSee footnote 4
(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 3 percent over the prior year, due to strong sales and retention rates.
Insurance and Annuity BenefitsSee footnote 2
(in Billions)
We continued delivering on our long-term obligations, paying more than $10 billion in insurance and annuity benefits to MassMutual and MassMutual Ascend policyowners and customers in 2025.
Assets Under ManagementSee footnote 6
(in Billions)
Benefitting from the favorable external market environment, our total AUM (including assets managed by our subsidiaries) saw further growth in 2025, supported by AUM growth in our businesses and Barings, our global asset management subsidiary.
- 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.
- 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.
- Defined as Surplus + Consolidated Asset Valuation Reserve + ½ Consolidated Apportioned Policyowner Dividend Liability–Affiliated Foreign Insurance Operations.
- 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.
- Assets under management include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend, as of December 31, 2025.
- 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).
- Represents statutory net gain from operations before policyowner dividends and taxes, excluding realized capital gains and losses, as of December 31, 2025.
- 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, as of December 31, 2025. Source: 2025 Consolidated Statutory Financial Statement. Life Company Assets are inclusive of Total Invested Assets, Separate Account, and Other Assets.
- LIMRA data, Q4 2025 U.S. Retail Individual Life Insurance Sales Report.
- 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, as of December 31, 2025.
- 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, and MML Bay State Life Insurance Company, and MassMutual Ascend, as well as key subsidiaries, as of December 31, 2025. Source: 2025 Consolidated Statutory Financial Statements.
- Massachusetts Mutual Life Insurance Company Statutory Annual Statement (Consolidated), Year-End 2025 — Summary of Financial Position — Policyowners Dividends: The liability for policyholders’ dividends includes the estimated amount of annual dividends and settlement dividends.
- Total Life Company Assets is inclusive of Total Invested Assets, Separate Account, and Other Assets.
- Industry Rankings: S&P Capital IQ Pro — SNL Life Group data (as of December 31, 2025) includes parent and life subsidiaries adjusted with eliminating entries by S&P Global where relevant, as well as individual life companies that do not have an SNL Group, such as TIAA. The industry consists of around 350 groups/unaffiliated companies in the S&P Capital IQ Pro database with year-end 2025 capital and surplus greater than zero.
- 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.
