Position as a top provider of whole life insurance, record operating earnings, growth of wealth management business, and historic dividend reflect company’s enduring strength, commitment to policyowner value

MassMutual today reported excellent financial results¹ for 2025, driven by strong sales, record operating earnings, and growth of its wealth management business. The company also maintained its position as a top provider of whole life insurance and continued to deliver exceptional policyowner value by approving its highest-ever policyowner dividend, while also making meaningful progress on its long-term strategy.

Financial performance highlights for the year ended December 31, 2025 include:

• Increased sales and client assets: Sales from MassMutual’s domestic insurance operations topped $43 billion, underscoring the depth of the company’s distribution and broad portfolio of holistic solutions that help people protect their assets and grow their wealth. Along with maintaining its position as a top provider of whole life insurance, MassMutual saw increased demand for its wealth management solutions as client assets grew to a record $312 billion.²
• Record operating earnings: Increased sales across the company’s extensive portfolio of products – together with sound operating fundamentals and favorable market conditions – grew statutory operating earnings to nearly $3.9 billion, an all-time high.³
• Long-standing foundation of financial strength and stability: Total adjusted capital grew from the prior year to $34.4 billion and all four major rating agencies affirmed MassMutual’s ratings, which are among the highest in any industry.⁴
• Providing financial security to more people: MassMutual increased the life insurance protection it provides to nearly $1.1 trillion and paid $10.3 billion in insurance and annuity benefits, an all-time high, delivering on its long-term obligations to policyowners and customers during times they need it most.
• Historic dividend payout: MassMutual approved an estimated dividend payout to eligible participating policyowners of $2.9 billion for 2026 – the highest in company history, marking two decades of delivering an industry-leading dividend interest rate.⁵

“In an economic landscape that brought both ongoing uncertainty and surprising resilience, MassMutual delivered another exceptional year in 2025,” said Roger Crandall, Chairman, President and CEO, MassMutual. “Rooted in mutuality and our long-term approach and led by our talented, passionate, and dedicated employees and financial professionals, we reached more people, achieved new records, and delivered strength, stability and solutions to the more than four million policyowners and customers who place their trust in us.”

Strategic Progress Highlights

In 2025, MassMutual continued to make significant progress on its long-term strategy and invest in its future growth. Key highlights included:

• Meeting people where they are with the solutions they need. MassMutual empowered its financial professionals by enabling them to provide more personalized advice, enhanced digital tools, and a broader suite of solutions to help individuals protect and grow their wealth. The company also continued to build relationships with other financial institutions, independent advisors and at the worksite.
• Providing a simplified, seamless experience. MassMutual continued its efforts to provide its policyowners and customers with a better and easier experience, whether it’s simplifying how the company issues protection so people can get it faster, providing enhanced self-service tools to help them manage their coverage, or successfully implementing AI to enhance processes and create greater value for customers. Additionally, MassMutual offered policyowners access to prevention-based wellness benefits, helping them make better decisions about their health and lead a longer, healthier life.
• Driving long‑term value through a diversified portfolio of strategic businesses and investments. This portfolio continues to deliver sustained value to MassMutual’s policyowners as the company received strong contributions in 2025 from its Institutional Solutions business, as well as Barings, MassMutual’s global asset management subsidiary, and through its ownership interest in Rothesay, one of the U.K.’s largest pensions insurance specialists. Notably, in 2025, MassMutual announced a new strategic partner to invest in Barings’ long-term growth and success, building on MassMutual’s long-standing asset management strategy.
• Investing in the well-being of employees and giving back to the community. MassMutual continued to invest in its people by offering a full spectrum of programs and resources to support employees’ physical, mental, and financial well-being, pursue professional growth opportunities, and care for the ones they love. The company also supported its communities by investing in early childhood programs, addressing food insecurity in Massachusetts, and expanding economic opportunities in low-income areas, while also continuing its partnership with the Boston Red Sox with programs that lift education, youth, and families.

“With MassMutual celebrating its 175^th anniversary in 2026, we are not only honoring our legacy; we are strengthening it,” added Crandall. “From the moment we issued our first policy in 1851, MassMutual has stood behind people as they’ve faced challenges and pursued possibilities. We remain incredibly proud and humbled by the enormous responsibility people place in us, and we look forward to honoring their trust by building a company that will grow, endure, and help future generations secure their future and protect the ones they love.”

Capping MassMutual's successful financial results in 2025, the company continues to be recognized for its strong reputation and purpose-driven culture. The company reached No. 102 on the FORTUNE^® 500 in 2025 and most recently, was named a FORTUNE Most Admired company for the 25^th time.⁶ Additionally, the Boston Globe named MassMutual a Top Place to Work in Massachusetts for the seventh straight year.

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.

² Includes total client assets for MML Investors Services, LLC and MassMutual Private Wealth & Trust as of 12/31/25.

³ Represents statutory net gain from operations before dividends and taxes, excluding realized gains and losses, as of 12/31/25.

⁴ 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 3/1/26 and are subject to change.

⁵ The dividend and dividend interest rate are determined annually, subject to change and are not guaranteed.

⁶ From FORTUNE^©. FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (June 2025) and FORTUNE World’s Most Admired Company (February 2026) are registered trademarks of FORTUNE Media IP Limited and is used under license. FORTUNE is not affiliated with and does not endorse products or services of MassMutual.

About MassMutual (Massachusetts Mutual Life Insurance Company)

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 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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