Massachusetts Mutual Life Insurance Co.'s retirement plan business posted a record year in 2014, as sales rose 23 percent to $9.1 billion, the company announced.
MassMutual's overall 2014 income was $799 million, compared to a net loss of $113 million in 2013, which was largely explained by the Springfield, Massachusetts-based company's acquisition of The Hartford Retirement Plans, completed in 2013, for $400 million.
That purchase pushed assets under management in MassMutual's Retirement Services Division to nearly $120 billion, nearly double what they were prior to the deal, and added 1.5 million participants in more than 33,000 plans. Today, MassMutual's retirement division serves about 2.8 million participants, according to a statement.
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Along with a strong year for its retirement business, sales in whole life insurance also set a record, for the ninth consecutive year, reaching $418 million, up 20 percent from 2013.
"By delivering record results, outpacing growth in our industry and increasing our financial strength, we performed favorably against the backdrop of a U.S. economy that continued a slow but steady rebound in 2014," MassMutual President and CEO Roger Crandall said in a statement.
This week, Kimberly-Clark announced a pension de-risking agreement with MassMutual and The Prudential Insurance Company of America, affecting about 21,000 retirees and reducing the company's pension liabilities by about $2.5 billion.
MassMutual's total revenue in 2014 was $26.4 billion, down from $27.6 billion the prior year.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
