The Massachusetts Mutual Life Insurance Company of Springfield, MA has announced its dividend payout for 2013. Massmutual plans to pay a company record setting $1.39 billion in policy holder dividends.
The 2013 dividend interest rate will be unchanged at 7%. Massmutual also announced some very impressive financial results for 2012.
- Massmutual has a surplus position of $12.7 billion.
- Whole life sales were up 27% for the year through the 3rd quarter of 2012.
- Total adjusted capital is $14.4 billion.
Roger Crandall, President and CEO of Massmutual made the following comments about these results:
“Approving a record estimated dividend payout amid continued challenging economic conditions is further proof of the soundness of our business strategy and the value we deliver as a mutual company that is run for the benefit of our members and participating policyowners. Our inherent focus on doing what is right for our customers – coupled with our continued financial strength and strong business fundamentals – has enabled us to pay dividends consistently since the 1860s, and allowed us to reach this milestone of which we are extremely proud. At a time when all Americans need to take greater responsibility for their financial future, we stand by our commitment to be there for our policyowners during the challenges and opportunities life brings as we continue to successfully execute our strategy to provide financial strength, outstanding service and high dividends.”
We've now entered into dividend announcement season for the bid mutuals. We'll be sure to report on the other well known mutual life insurers and any other updates concerning Massmutual.