Our first decade turned out to be one of the most eventful in history, with rapid economic expansion, profound technological and scientific advancements, and a growing sense of both optimism and adversity. In many ways, it felt a lot like the decade we are living through today.

While we have navigated disruption of every kind throughout our history — from the Gold Rush to the Industrial Revolution to the Digital Age — one thing has never changed: We have always been adept at helping people secure their future and protect the ones they love. That’s not just our purpose as a company; it’s been our shared purpose as a community of friends and neighbors since day one.

That shared purpose is at the heart of all we do — and lies at the center of the foundational principle we were built on: mutuality. As a mutual company, we operate for the benefit of our policyowners, members, and other customers. To us, the richest, most fulfilling life is one dedicated to helping others, in which our interests are aligned with the long-term needs of the people who rely on us.

No matter where we meet people, or what stage of life they are in, MassMutual understands there are things in life we have to plan for, and the best way to do so is together. That is how we spent 2024. And as much as our world continues to evolve, our strength in shared purpose will help us navigate and seize this moment with the same resilience, creativity, and sense of partnership that have guided us through every period of transformation in history.

Delivering Growth and Strength Amid Uncertainty

Nearly halfway through a decade which began with a debilitating global pandemic, America in 2024 was very much a tale of economic contrasts, with a wide gap between what the fundamentals said was happening and what many Americans felt at the kitchen table.

A year that started with worries of recession and slower growth found new momentum, as the United States became the only major economy where output rose above pre-pandemic levels. Positive developments — from historically low unemployment and resilient consumer spending to equity markets that hit new highs — contributed to a growing sense of strength and optimism.

Yet, stubborn inflation, while slowing, still forced many Americans into trade-offs to make ends meet. Meanwhile, higher interest rates, while welcome for savers who endured years of historically low rates, made it difficult to borrow money to buy a home, start a business, or go to college. All of this was set against a backdrop of significant global change, from the continued adoption of artificial intelligence (AI), to conflicts in Ukraine and the Middle East, to a U.S. election that perpetuated political divisions while ushering in a new administration that promised widespread economic change.

Amid these contrasts, MassMutual’s performance was clear: we delivered another year of strong results, thanks to the depth and breadth of our portfolio of protection, accumulation, and lifetime income solutions. Sales from our domestic insurance operations grew to more than $41 billion, as we maintained our position as a top provider of whole life insurance and sustained our growing market leadership in annuities. In addition, the increased preference for personalized planning and growing complexity in the financial markets drove higher demand for our wealth management solutions, as client assets with MML Investors Services, LLC (MMLIS), grew to an annual record of $274 billion. These results, coupled with sound operating fundamentals and favorable economic conditions, generated $2.8 billion of statutory operating earnings. Our customers were once again able to rely on our financial strength and flexibility, as total adjusted capital ended the year at more than $33 billion, 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 more than $2.5 billion to our eligible participating policyowners for 2025, a new record that marks the 19th year in a row that MassMutual has paid an industry-leading dividend interest rate.^{See footnote 2} Most importantly, we gave our policyowners and customers peace of mind and delivered on our commitments when they needed us most, as our life insurance protection in force surpassed $1 trillion and we paid $9.4 billion in insurance and annuity benefits, an all-time high.

These results reflect the impact of our shared purpose in action — and the incredible yet humbling responsibility that all of us share at MassMutual: delivering strength, security and stability to the more than 4 million people who rely on us. At a time when so many people feel uncertain about their future, we strive to bring clarity and confidence so they feel prepared for whatever life brings them.

In addition, we constantly look for other ways to deliver even greater value to those who rely on us. And in doing so, we’ve demonstrated foresight to unlock opportunities long before they are obvious to everyone.

That’s been our approach in managing one of our distinct competitive advantages: our broad and diverse portfolio of strategic businesses and investments. From Barings, our global institutional asset manager, to our investments in Rothesay, the largest pensions insurance specialist in the U.K., and Martello Re, a reinsurance company we back with other partners, we’ve continued to evolve and optimize our portfolio in response to market trends, delivering earnings across a broad range of conditions that have ultimately benefited our policyowners.

What propels this work — from how we reach people, to the solutions and experiences we provide, to the investments we make — is a constant desire to get better at what we do, not just to meet the rising expectations of our customers, but to raise them. We recognize that being entrusted to help people live their best lives today while preparing them for tomorrow isn’t just our shared purpose; it is a humbling responsibility. And each day, we work harder to be worthy of that trust.

What’s more, our commitment extended to our hometown of Springfield, where we donated 10 acres of land on our campus and are helping to finance the construction of a state-of-the-art health center with our longtime community partner, Baystate Health. We can’t think of a better use of this space, as it will expand access to quality healthcare and help make our local community stronger, healthier, and more secure.

Finding Strength in Shared Purpose Today and Tomorrow

In some ways, that land we donated is a full-circle moment. Just a few miles away is where MassMutual started in that one-room office with an audacious vision: that in a young and growing America where life insurance was a new and novel concept, they could pool their talents and resources to help their neighbors, friends, and communities secure their future and protect the ones they love.

In the 174 years that have passed since, that’s exactly what MassMutual has done — one member and policyowner at a time. Whether that’s the business they aspired to start, the wedding they celebrated, the graduation they experienced, or the retirement they dreamt about, MassMutual helped make those dreams come true. Those are achievements worth celebrating in any era — past, present, or future.

As we look ahead to 2025, I believe more than ever that our company proves that mutuality is the path forward for all of us — that we can still look out for one another and have each other’s backs, made stronger in shared purpose, knowing that we will accomplish much more together than we ever will alone.

Thank you for your belief in that enduring principle — and for your continued trust and confidence in MassMutual.

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 March 1, 2025, and are subject to change.
2. The dividend and dividend interest rate are determined annually, subject to change, and are not guaranteed.