Securing Tomorrow with
Products That Protect the
Ones You Love
MassMutual is committed to the ongoing expansion and enhancement of our comprehensive protection and accumulation product portfolio.
MassMutual continues to grow and enhance our product suite to provide a broad range of holistic solutions to meet people’s protection, retirement, and investing needs. We offer:
- Life insurance, the foundation of financial security for families and their loved ones;
- Hybrid life/long-term care insurance, merging the benefits of traditional life insurance with long-term care coverage to address multiple financial needs within a single policy;
- Disability income insurance products, offering protection of income in the event of being too sick or injured to work, along with solutions for business owners;
- Worksite benefits, offering financial protection to employees at work; and
- Annuities, guaranteeing a reliable income stream throughout retirement, securing the financial futures of our clients.
Delivering Solutions for Life
We continue to enhance our portfolio of life insurance solutions, ensuring a comprehensive range of options that not only offer robust protection but also facilitate cash value growth. Whether our clients aspire to launch a business, bridge an income gap in retirement, or address long-term care needs, our products are designed to empower them in achieving their financial goals.
over the past decade.See footnotes 12,24
Whole Life Insurance as a Core Offering
In 2024, MassMutual continued to deliver strong whole life insurance sales, reaching more policyowners through diverse and innovative product offerings. For the 19th consecutive year, MassMutual delivered an industry-leading dividend interest rate.See footnote 2
In 2024, we introduced Whole Life 8-Pay, our shortest-pay product that provides guaranteed paid-up death benefit coverage after eight years. The policy builds guaranteed cash value over time, which will never decline in value due to market conditions and is eligible to receive dividend payments. The cash value may be used for supplemental retirement income,See footnote 26 business planning, or for any other reason.
Expanding Our Life Insurance Offerings
As we look to the future, we are committed to expanding our life insurance portfolio beyond traditional whole life products to include innovative solutions that meet the evolving needs of our policyowners.
In 2024, we introduced Apex® Variable Universal Life, a permanent life insurance product with more than 60 investment options that not only provides death benefit protection but also access to cash values for any reason,See footnote 26 such as to help policyowners supplement their retirement income.
Ensuring Stability Beyond Social Security Through Annuities
In MassMutual’s 2024 Social Security Retirement Benefits Quiz, we learned that 40 percent of near-retirees believe that Social Security will be their biggest source of income. However, an alarming 78 percent of respondents failed or barely passed the quiz when asked questions about benefits eligibility, taxation, and retirement age. This signals that Americans are largely unprepared for a future in which Social Security is their predominant form of income, and that other solutions will be needed to build a stable and stress-free life after retirement.
As a top-tier annuities provider with broad distribution, MassMutual fills this need by providing guaranteed sources of retirement income beyond Social Security. MassMutual has expanded our annuities business over the past year, reaching more and more consumers with our products and helping a broader range of people prepare for retirement.
Inflation and increases in interest rates have also helped to drive annuity sales to record highs, growing our business and generating meaningful returns to our clients and their families. MassMutual is the #3 provider of annuities today,See footnote 27 jumping from #14 in annuity sales over the past three years, due in part to the ownership of MassMutual Ascend, which rounds out our suite of products and increases distribution. Together, MassMutual and MassMutual Ascend provide a wide array of annuities designed to provide clients growth, income, or a combination of both.
MassMutual
was named
the best annuity
company overall
by Forbes in 2024.See footnote 28
MassMutual was also named by Forbes as the best annuity company overall for our availability in all 50 states, high scores from ratings agencies, and low customer complaint score.See footnote 28
Offering Dependability and Growth with Annuities
In 2024, MassMutual broadened the reach of our fixed and variable annuity products. Our fixed product offerings include features such as flexibility around guarantee terms and rate bands, depending on the amount of deposit, along with a range of higher issue ages and annuitization ages.
Taking Financial Futures Above and Beyond with MassMutual Ascend
As a leading provider of annuities, MassMutual Ascend offers a diversified portfolio that meets people where they are with solutions that support their financial goals. In 2024, Ascend expanded its fixed-indexed and registered index-linked annuity strategy offerings as well as enhanced its guaranteed income rider. MassMutual Ascend maintained an A++ rating by AM Best and issued more than 53,000 new annuity contracts in 2024 with gross annuity premiums totaling $58 billion over the past decade. Premiums more than doubled from the previous decade, demonstrating MassMutual’s broader commitment to helping people achieve their long-term goals.
Meeting the Needs of Many Through MassMutual Strategic Distributors (MMSD)
To help expand our reach and support as many people as possible in planning for their futures, MMSD broadens our distribution of solutions through partnerships across the financial services industry. We have developed relationships with intermediaries, brokerages, and financial institutions — along with the financial professionals who work for them — to meet customers where they are with the financial solutions and experience they need.
Through this channel, we continue to expand MassMutual’s reach and impact by strengthening existing relationships and forging new ones with experienced financial firms. These relationships bring financial professionals and their clients the value of MassMutual’s broad portfolio of products, including life insurance; disability income insurance; hybrid life/long-term care insurance; fixed, income, and variable annuities; all backed by MassMutual’s time-tested strength, security, and stability.
Trusted to Make Institutions Stronger
In today’s uncertain economic environment, institutions need the expertise and financial strength of trusted partners to help them meet the needs of their investors, employees, customers, and communities.
MassMutual Institutional Solutions (IS), with over $108 billion in AUM as of year-end 2024,See footnote 29 delivers innovative protection, investment, accumulation, and de-risking solutions to a growing number of diverse corporate and institutional clients.
We offer deep expertise in institutional markets, along with a keen focus on evolving customer needs, achieving leading positions in several markets, including:
- Pension Risk Transfer: Pension plan de-risking solutions, supported by our enduring financial strength and annuity solutions expertise, paying close to $2.2 billion in benefits annually.
- Stable Value Investments: Capital preservation solutions, including 401(k)s, college savings plans, and more, with over $36 billion in stable value AUM.See footnote 29
- Funding Agreements: High-quality, unique, and customized investment solutions for institutional investors, backed by MassMutual. Our Funding Agreement Backed Notes (FABN) deal in a multitude of currencies.
- Institutional Insurance: Bank-Owned Life Insurance (BOLI) and Corporate-Owned Life Insurance (COLI), reaching more than 3,600 institutional clients with 95,000 Institutional Life policies in force.
In 2024, the IS businesses saw many successes, expanding our offerings and enhancing value delivery to our clients.
Our funding agreements team issued our largest-ever FABN deal of over $1 billion in issuance. We expanded our presence in the stable value advisor marketplace, expanding our product solutions to meet industry needs. We also continued to grow our COLI business, hosting our third annual COLI Advisor Study Group with a 60 percent increase in attendance.
Regardless of market or economic environment, MassMutual IS continues to serve institutional businesses by earning our clients’ trust and delivering long-term, customized solutions to meet their unique financial needs.
Securing Americans’ Futures Through MassMutual Worksite
MassMutual is committed to finding innovative ways to address financial gaps and changing needs for working Americans. Through our Worksite business, we offer group life, group critical illness, group accident, and disability income insurance products to help companies provide their employees with the foundation to meet their financial goals and feel more confident about their ability to manage the unexpected. Financial uncertainty remains a key concern for many working Americans, and with voluntary benefits in place, employers can help their employees achieve financial well-being.
- As of June 30, 2024. In addition to MassMutual and its subsidiaries C. M. Life Insurance Company, MML Bay State Life Insurance Company, it includes MassMutual Ascend beginning in 2021.
- 2024 Insurance Barometer Study, LIMRA and Life Happens
- Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
- LIMRA Q4 2024 Individual Annuity Sales Report
- Forbes, 10 Best Annuity Companies (as of November 2024)
- As of December 31, 2024. Numbers have been rounded to one decimal place. These assets under management are included in MassMutual’s overall AUM.
