A 170th Year to Remember

When I look back on 2021, there will be a lot to remember—from the continued challenges and uncertainty of the pandemic to significant company milestones, like marking our 170th year of doing business. But one thing that will always stand out in my memory is the way our employees and financial professionals came through for our customers, as seen through our exceptional year-end results.  

In 2021, we recorded one of the best years in our history, while expanding the ways we reach people, improving our customer experience, and strengthening our communities.

The pandemic prompted more people to seek out financial security for themselves and their loved ones, and our people heard the call. We grew sales of whole life insurance and total individual life insurance to record levels, bringing the total amount of insurance protection we provide to $895 billion. We also delivered on our commitments, paying $7 billion in insurance and annuity benefits to our customers at the time when they needed us most.  

And during a period of ongoing uncertainty, we maintained our excellent financial strength and flexibility, as total adjusted capital grew to nearly $33 billion for the first time and we maintained ratings that are among the highest of any company in any industry.¹ This enabled us to approve an estimated $1.85 billion dividend payout for 2022 to our eligible participating policyowners – the largest payout in our history.²  

Our remarkable performance was the result of progress we made on reaching more people while improving our overall experience. We launched Advisor360°, an online platform that gives clients and their financial professional integrated access to their financial holdings so they can develop a thoughtful plan, and broadened our suite of solutions that help people leave a legacy, protect their ability to earn an income, or better manage their wealth.

We made it faster and easier to work with us in other ways, such as simplifying the insurance enrollment process at the worksite and making more of our offerings available from other financial institutions, and even from your phone or tablet. We can also issue coverage more quickly through our end-to-end digital platform, and customers have more online and mobile tools that allow them to manage their coverage whenever and wherever they want.

Our work isn’t done—we know we can reach even more people in the years to come. With our acquisition last year of Great American Life Insurance Company, we are positioned to reach a growing number of baby boomers with a broader suite of lifetime income solutions. In 2021, Great American Life’s record annuity sales helped drive MassMutual’s total annuity sales to more than $13 billion,³ positioning MassMutual to become one of the leading individual annuity providers in the U.S. What’s more, Great American Life strengthens our portfolio of strategic businesses and investments, one of our most distinct competitive advantages that generates greater earnings and helps with our goal to pay a competitive dividend.

Another distinct competitive advantage is our people. In 2021, we continued to provide our employees with extra time off and wellness programs to help manage through the challenges of the pandemic, while introducing a work approach that balances personal flexibility with in-person teamwork. We also opened a new office building in Boston’s thriving Seaport District, a space designed to foster innovation and embrace the future of collaborative work.

After all, we’re a company that leans into the future while learning from our long history. We know our approach to doing business needs to be sustainable to endure, which is why we are embedding a comprehensive approach to environmental, social, and governance (ESG) topics throughout our operations and building upon years of work to address climate change. We made net-zero commitments for MassMutual’s operations and investment portfolio, and have made a strategic investment in Low Carbon, a U.K.-based renewable energy investor and asset manager. To help advance social progress, we found new ways to deepen our commitment to diversity, equity, and inclusion – from publicly disclosing our employee demographics, to pledging $150 million to partner with underrepresented diverse businesses in our procurement operation, to launching the $50 million MM Catalyst Fund to invest in diverse, overlooked entrepreneurs in Massachusetts.

Looking ahead, I’ve never been more confident in the course MassMutual has charted or our ability to endure challenges. By making investments that serve our communities, our company, and our policyowners and customers – we’re able to thrive while improving our world along the way. That’s our enduring commitment to mutuality in action – and one that will illuminate our path ahead.

After a remarkable 170th year, we’re just getting started – and I can’t wait to see what we do next.

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 February 1, 2022 and are subject to change.

 ² Dividends are determined annually, subject to change, and are not guaranteed.

³ Annuity sales include Great American Life Insurance Company annuity sales of $2.4 billion from the first 5 months of 2021, before MassMutual acquired it.