Position as No. 1 in whole life insurance sales industry-wide, record capital, and strategic progress underscore company’s growth and commitment to generate long-term value for policyowners

Massachusetts Mutual Life Insurance Company (MassMutual) today reported excellent financial results¹ for 2022. Despite a challenging and uncertain economic environment, the company delivered strong sales and operating earnings as well as record levels of capital while making significant progress on its long-term strategy.

Financial performance highlights for the year ended December 31, 2022 include:

• Double-digit sales growth: MassMutual helped more people achieve financial security through its broad portfolio of protection and planning solutions. The company reported total sales through its domestic insurance operations of $39.3 billion, a 26 percent increase over the prior year, led by steady demand for whole life insurance – where the company finished 2022 as the industry’s No. 1 provider² – as well as record annuity sales.
• Solid operating earnings: The company’s sales results – along with its sound business fundamentals and diversified investment approach – helped increase operating earnings to $2.2 billion.
• Enduring financial strength and flexibility: MassMutual maintained its excellent financial position and flexibility, ensuring that the company could continue to withstand economic pressures while investing in its future growth. Statutory surplus grew to $27.9 billion and total adjusted capital rose to $33.8 billion, both annual records. The company also continued to hold ratings that are among the highest of any company in any industry.³
• Providing financial security to a growing number of people: Importantly, MassMutual increased the insurance protection it provides to $950 billion, while delivering on its commitments to policyowners and customers in times when they need it most, paying more than $7.1 billion in insurance and annuity benefits.
• Driving policyowner value: MassMutual approved an estimated $1.9 billion dividend payout for 2023 to eligible participating policyowners – the highest in company history, marking the 17^th year in a row that MassMutual has paid an industry-leading dividend interest rate.⁴

“In a year marked by geopolitical tensions, rising inflation, and market volatility, MassMutual continued to do what we’ve done through similarly challenging periods over our history: provide financial security, stability and value to our policyowners while delivering another excellent financial performance,” said Roger Crandall, Chairman, President and CEO, MassMutual.

“The work MassMutual does each day – whether it’s the protection we provide, the experience we deliver, or the commitments we make – advances our goal to help people plan for their future with more confidence and hope,” continued Crandall. “Thanks to the extraordinary work of our talented employees and dedicated network of financial professionals, we were able to do just that, and help even more people secure their future and protect the ones they love. As we look ahead to 2023, MassMutual is well positioned to build upon our strong foundation – one that has stood the test of time for nearly 172 years and will continue to be there for generations to come.”

Strategic Progress Highlights

In 2022, MassMutual continued to transform its business to reach more people with broader solutions and better experiences. Key highlights included:

• Enhancing and expanding customer experiences and solutions through its network of financial professionals. MassMutual continued to enhance its online platform that provides clients and their financial professionals with a consolidated view of clients’ portfolios to assist them in developing a holistic financial plan. The company also broadened its product suite, adding more flexible options for protection and cash accumulation, additional guaranteed lifetime income solutions, and expanded wealth management capabilities.
• Reaching more people on their terms. MassMutual also took steps to reach more people to provide them with the financial solutions they need. This included expanding the number of financial institutions that offer the company’s products, making it easier for customers to enroll for insurance protection at their jobs, and providing people with the option to buy directly through Haven Life, MassMutual’s online insurance agency, in a fast, simplified, and affordable way.
• Growing its portfolio of key businesses and investments to deliver sustained value to its policyowners. MassMutual rebranded one of the latest additions to this portfolio – Great American Life Insurance Company, which it acquired in 2021 – to MassMutual Ascend, as the company posted record sales and helped position MassMutual as a leading annuity provider in the U.S. Additionally, in 2022, Martello Re, a reinsurance company, was established with the backing of MassMutual and other investors, helping MassMutual more efficiently manage risk and deliver on its long-term commitments.
• Supporting employee well-being and driving social progress. As MassMutual continues to foster a culture of trust and accountability while recognizing the varying and evolving needs of employees, the company recently enhanced and expanded its benefit offerings – quadrupling caregiver leave, expanding access to mental health solutions, and directly providing funds to employees to manage their overall well-being as they see fit. The company also increased its total impact investing commitment to $200 million through its First Fund Initiative and MM Catalyst Fund, which focus on investing capital in funds and companies that are overlooked due to systemic barriers. MassMutual’s efforts also extended to helping its communities both near and far – from funding efforts to make the dream of home ownership a reality for families in its home city of Springfield, to reaching more than 3 million students in the U.S. through the MassMutual Foundation’s FutureSmart program.

In addition to MassMutual’s successful financial results in 2022, the company earned notable accolades for its support of the community, excellent reputation, and commitment to foster an inclusive and innovative workplace. Points of Light, the world’s largest nonprofit dedicated to accelerating people-powered change, recognized MassMutual among The Civic 50’s most community-minded companies. For the sixth year in a row, MassMutual was named a Disability Equality Index^® (DEI) Best Place to Work for Disability Inclusion. And, most recently, the company was named a FORTUNE^® Most Admired company for the 22^nd time in 2023,⁵ ranking top for innovation in the life and health insurance industry.

¹ 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 Life Insurance Company.

²According to preliminary results for LIMRA’s Fourth Quarter 2022 U.S. Retail Individual Life Insurance Sales Report.

³ 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, 2023 and are subject to change.

⁴ The dividend and dividend interest rate are determined annually, subject to change and are not guaranteed.

⁵From FORTUNE. ©2023 FORTUNE Media IP Limited. All rights reserved. FORTUNE World’s Most Admired Company (February 2023) is a registered trademark of FORTUNE Media IP Limited and is used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of, MassMutual.

About MassMutual

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.

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