Performance Review
MassMutual reported strong financial results in 2024, with solid operating earnings of $2.8 billion, more than $41 billion in total sales,See footnote 6 further growth in its life insurance protection in force to nearly $1.1 trillionSee footnote 4 and record total assets under management (AUM) of more than $524 billion.See footnote 7
Our comprehensive product portfolio, strategic long-term investments, and broad distribution are foundational to our sustained success. These factors enable us to assist more individuals in achieving financial stability for themselves and their families. The stability of our business is reflected in 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 S&P Global Rating.
Nearly $1.1T Insurance in Force
$355.7B Total LifeCompany AssetsSee footnote 3
$9.4B Highest Benefits Payoutin Our History
$33.2B Total AdjustedCapitalSee footnote 3
$2.5B Highest EstimatedDividend Payout
in Our HistorySee footnote 2
Summary of Financial Position
(Consolidated statutory basis, in $ Millions)
| As of December 31, 2024 | 2024 | 2023 |
|---|---|---|
| Short-term investments and cash | 6,288 | 11,941 |
| Bonds | 166,513 | 147,300 |
| Other invested assets | 112,546 | 103,953 |
| Total invested assets | 285,347 | 263,193 |
| Other assets | 14,382 | 13,134 |
| Separate account assets | 55,935 | 58,997 |
| Total assets | 355,665 | 335,324 |
| Policyowners’ reserves and other | 203,136 | 191,015 |
| Policyowners’ dividends | 2,533 | 2,150 |
| Other liabilities | 60,284 | 48,353 |
| Asset valuation reserve | 6,038 | 6,071 |
| Separate account liabilities | 55,791 | 58,859 |
| Total liabilities | 327,783 | 306,447 |
| Surplus | 27,882 | 28,877 |
| Total liabilities and surplus | 355,665 | 335,324 |
In 2024, MassMutual produced strong financial results and maintained its financial strength while approving the highest dividend payout in the company’s history. MassMutual’s results benefitted from strong contributions from the company’s broad portfolio of products and businesses as we made meaningful progress on our long-term strategy and maintained our very strong market positions in life insurance and annuities.”
Mary Jane Fortin
Chief Financial Officer
Summary of Operations
(Consolidated statutory basis, in $ Millions)
| As of December 31, 2024 | 2024 | 2023 |
|---|---|---|
| Premium income | 21,288 | 25,608 |
| Net investment income | 11,637 | 11,249 |
| Fees and other income | 1,307 | 1,097 |
| Total revenue | 34,232 | 37,954 |
| Policyowners’ benefits | 17,745 | 18,344 |
| Change in policyowners’ reserves | 8,459 | 11,580 |
| Commissions, other expenses, and deductions | 5,259 | 5,272 |
| Total benefits and expenses | 31,463 | 35,197 |
| Net gain from operations before dividends and taxes | 2,769 | 2,757 |
| Dividends to policyownersSee footnote 13 | 2,501 | 2,131 |
| Net gain from operations before taxes | 268 | 626 |
| Federal income tax (benefit) expense | (284) | 123 |
| Net gain from operations | 552 | 503 |
| Net realized capital gain (losses) | (807) | (505) |
| Net income (loss) | (255) | (2) |
Enterprise Measures
- 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.
- The dividend and dividend interest rate are determined annually, subject to change, and are not guaranteed.
- 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, and MassMutual Ascend as well as key subsidiaries (not included in Total Life Company Assets), as of December 31, 2024. Source: 2024 Consolidated Statutory Financial Statements.
- 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, 2024.
- This is a consolidated sales number for MassMutual and MassMutual Ascend.
- AUM includes assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend.
- Total Reported Sales includes full year sales of MassMutual Ascend in 2021, 2022, 2023 and 2024.
- LIMRA Q4 2024 Individual Life Insurance Sales Report
- Massachusetts Mutual Life Insurance Company Statutory Annual Statement (Consolidated), Year-End 2024 — 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.
- 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 2021-2024 only), and key subsidiaries, as of December 31, 2024. Source: 2024 Consolidated Statutory Financial Statements.
- 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.
- AUM includes 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 2020 ($191 billion) as those businesses have been sold.
Operating Earnings
2025 Dividend
