Mass Mutual Insurance
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UPDATED: Feb 15, 2021
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2006 Premiums: $26.2 Billion (parent)2006 Assets: $455 BillionS&P rating: AAA (extremely strong)Moody’s rating: Aa1 (excellent)Fitch rating: AAA (exceptionally strong)
- C.M. Life Insurance Co.
- MML Bay State Life Insurance Co.
Company History: Founded 1851, MassMutual ranks No. 90 in the 2007 Fortune 500.The Massachusetts Mutual Life Insurance Company, founded in 1851, is the lead company in a group of financial companies known collectively as the Massachusetts Mutual Financial Group. The group services more than 13 million clients by providing insurance products, asset accumulation and income management products and services. These include life insurance (traditional whole life, term, universal life, variable life, bank owned and corporate owned life insurance), annuities, disability income insurance, long term care insurance, retirement planning products, and income management products and services for individuals, business owners and corporations and institutions. Individual life insurance products and mutual funds are sold through a career agency force of about 3,700 agents. Alternative distribution channels include banks, broker-dealers, and third party distribution channels which account for a small but growing percentage of Mass Mutual’s business. Mass Mutual ranks among the top 10 providers of ordinary life insurance in the U.S. A subsidiary company (C.M. Life) markets primarily individual variable and universal life products and fixed and variable annuities. Another subsidiary (MML Bay State Life) markets variable and universal life products to large corporate clients. Massachusetts Mutual Life accounts for about 90% of the group’s insurance assets with whole life insurance being its primary product. Increasingly, non-insurance products such as mutual funds are contributing to the group’s growth. Primary markets targeted by Mass Mutual are insurance and asset accumulation for individuals and small to medium size businesses. Products and services (such as record keeping, and investment services) for defined benefit and defined contribution pension plans are available especially to medium and large sized plans. College savings (529) plans are also offered. Retirement products are sold through brokers, benefit consultants, career agents and direct selling. Oppenheimer Funds, Inc. is one of Mass Mutual’s several companies that provide investment vehicles (equities, real estate, etc.) and trust related services for clients. Other financial products include traditional Guaranteed Investment Contracts (GICs) and various funding agreements and (through MassMutual Trust Company, FSB) estate planning, wealth transfer, trust and charitable giving services. The average life insurance policy issued in 2005 was for about $515,000 of insurance. The states that accounted for the most direct premium in 2005 were New York (12.5%), California (7.3%), New Jersey (6.6%), Massachusetts (6.1%) and Illinois (5.6%).
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Principle Sales Methods: Career agents
Life Annuity Business: MassMutual sells Term and Permanent Life and Annuity policies.
Health Business: MassMutual sells Disability and Long Term Care insurance.
Special Business: MassMutual sells Private Client Group (wealth management) insurance coverage.