MassMutual approves estimated 2022 policyowner dividend payout of nearly $1.85 billion
SPRINGFIELD, Mass.--(BUSINESS WIRE)--Nov 1, 2021--
Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its Board of Directors has approved an estimated 2022 dividend payout of nearly $1.85 billion – the highest payout in the company’s 170-year history.
“In a rapidly changing world that continues to be filled with doubt and uncertainty, there are few things that people can count on from one day to the next,” said MassMutual Chairman, President and CEO Roger Crandall. “For our policyowners, one of them is MassMutual’s enduring commitment to their financial security and well-being. Our record dividend payout for 2022 reflects that pledge, as well as our ability to weather short-term challenges to deliver long-term value.”
While dividends are not guaranteed, MassMutual has paid them to eligible participating policyowners every year since 1869. The estimated 2022 payout reflects a sustained 6.00% dividend interest rate 1, demonstrating MassMutual’s long-term commitment to providing a competitive dividend while enhancing the company’s financial strength, with total adjusted capital reaching an all-time high of more than $31 billion 2.
An important differentiator for MassMutual continues to be earnings from non-participating insurance businesses – including strong contributions from the company’s annuity and institutional solutions businesses – as well as its ownership interests in global asset management and other strategic investments. In addition, MassMutual is an established leader in wealth management with a broad range of offerings and investment solutions, having recently surpassed $250 billion in client assets 3.
“At a time when more people are seeking to provide financial protection for themselves and their families, MassMutual continues to demonstrate the value of doing business with a mutual company,” said Crandall. “Through our products, our people, our experience, and our dedicated focus on working for the benefit of our policyowners, we are strongly positioned to help millions more secure their future and protect the ones they love.”
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.
1 The dividend and dividend interest rate (DIR) are determined annually, subject to change and are not guaranteed. Dividends for eligible participating life insurance policies primarily consist of investment, mortality and expense components. The DIR is used to determine the investment component of the dividend. It is not the rate of return on the policy and should not be the sole basis for comparing insurers or policy performance.
2 Estimated results as of Sept. 30, 2021 for Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.
3 As of Sept. 30, 2021.
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PUB: 11/01/2021 02:00 PM/DISC: 11/01/2021 02:02 PM