SPRINGFIELD — Insurance company MassMutual said Thursday that total sales through its domestic insurance operations were $39.3 billion last year, a 26% increase over the prior year.
That was driven by steady demand for whole life insurance and MassMutual finished 2022 as the industry’s number one provider, according to an industry report.
MassMutual also had record annuity sales.
Other highlights from the company’s release:
- MassMutual said its sales results helped increase operating earnings to $2.2 billion.
- Statutory surplus grew to $27.9 billion and total adjusted capital rose to $33.8 billion, both annual records.
- MassMutual increased the insurance protection it provides to $950 billion, while paying more than $7.1 billion in insurance and annuity benefits.
- MassMutual approved an estimated $1.9 billion dividend payout for 2023 to eligible participating policyowners — the highest in company history, marking the 17th year in a row that MassMutual has paid an industry-leading dividend interest rate, the company said.
“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 of MassMutual.
MassMutual’s financial year ended on Dec. 31.
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