implementation of Codification. Corporate debt securities decreased to 70% of the bond portfolio at December 31, 2001 from 76% as of December 31, 2000. PDF BUILDING A FUTURETOGETHER. - MassMutual MassMutual is Where Dreams are Made. With this vision, we are dedicated to developing innovative solutions in protection, investment and retirement products and services. regulation varies. of new business will exceed the amount of premium earned in the first year of a policy, causing operating losses. primarily due to less favorable direct mortality. Many MassMutual Asia was the first financial-services organization in Hong Kong to make a major investment in a vanguard platform dedicated to its three main financial services: risk management, wealth management, and wealth preservation and distribution. (includes short-term securities). Our, and MassMutuals, Aa1 financial strength rating from Moodys Investors Service was the highest in its Excellent category. The following statutory information as of and for the years ended December 31, 2001, 2000, 1999, 1998, and 1997 has been derived from our audited statutory financial statements. The carrying value of highly liquid securities, comprised of NAIC Class 1 and 2 publicly traded bonds, was approximately $901.2 million at December 31, 2001. actively traded. massachusetts mutual life insurance company annual report 2021 During 2001, costs related to the production of new business as a percentage of premiums were higher, The information provided is not written or intended as specific tax or legal advice. More than 165 years later, that commitment remains our guiding principle. These risks may reduce the value of The percentage of our general account invested assets and Reports on Form 8-K. All other schedules are omitted because of the absence of conditions under which they are required or because the information is shown in the financial statements or notes thereto. charges assessed against withdrawals to discourage surrenders. Policyholders benefits of $11.3 million and $5.9 million was ceded to MassMutual in 2001 and 2000, respectively. PDF 2021 ANNUAL REPORT Plan, grow, protect. - MassMutual With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable . Submission of Matters to a Vote of Security The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the Sales and used as investment vehicles, while life policies are used to fulfill longer-term financial planning needs. The results for past accounting periods are not necessarily indicative of the results to be expected for any future accounting period. 91 Companies reviewed 55 Features considered 5,005 Data points analyzed We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction,. ratings: At December 31, 2001, mortgage loans represented 18% of the total investments in the general account compared to 19% at December 31, 2000. While we are not aware of any offset by an increase in net investment income, higher fees from the administration of separate investment funds and a higher tax benefit. within the industry, insurers are increasingly facing competition from non-traditional sources in the financial services industry. sales of individual life insurance, MassMutual also provides a wide range of annuity and disability products distributed primarily through career agents. Learn more. As directed by our policyholders, the majority of our assets are policyholders investments in our separate accounts. From company-wide digital upskilling and immersive diversity education to comprehensive employee benefits continually growing in equity, flexibility, and impact, were taking purposeful steps to ensure our workforce has the resources it needs to make the next leaps forward inachanging global environment. Such businesses include mutual funds, banks, securities brokerage houses, and other financial service entities. We received premiums of $295.6 million in 2001, $1,090.9 million in 2000 and $117.8 million in 1999, related to these exchange programs. capital contribution from our parent, MassMutual, in both 2001 and 2000. MassMutual reports excellent 2020 results, including strong financial We invest a significant portion of our investments in high quality publicly traded bonds in order to maintain and manage We record the assets in our separate accounts at market value, and we pass all investment risks Together always was, and always will be, a better way. career agents, registered financial planners, and brokers. The 2000 increase is primarily due to increases IMR, is primarily due to a decline in losses from investments in affiliated mutual funds. ESG Perspectives ESG Perspectives. Governance | MassMutual 2022 Annual Report Governance Board of Directors Roger W. Crandall Mark T. Bertolini Kathleen A. Corbet James H. DeGraffenreidt, Jr. Isabella D. Goren Bernard A. Harris, Jr., M.D., MBA, FACP Michelle K. Lee Jeffrey M. Leiden, M.D., Ph.D. Laura J. Sen William T. Spitz H. Todd Stitzer Executive Leadership #LifeAtMM. Net losses decreased in 2000 primarily due to a new universal life coinsurance treaty, effective January 1, 2000, resulting in increased commission and expense allowance benefits from MassMutual. MassMutual Institutional Solutions - MassMutual policyholders reserves and funds. In addition, statutes and regulations in certain states usually require the approval of policy forms and, for certain lines of insurance, the approval of rates. A full examination of our operations is conducted periodically according to the rules and practices of the National Association of Insurance Commissioners. Anyone who relies on their income is a potential candidate for disability income products., Insurance and Annuity Benefits paid in 2022. account deposits, partially offset by a $222.7 million increase in separate account withdrawals and other transfers. 2 These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. These consolidated results of Massachusetts Mutual Life Insurance Company also include its U.S.-domiciled, wholly owned subsidiaries: MML Bay State Life Insurance Company and C.M. But when we look around us, . In return, MassMutual pays us a stipulated expense allowance, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. respectively, of the portfolio was invested in NAIC Classes 1 and 2 securities. Throughout the company's history, Euronet has pushed the boundaries in developing industry-leading payments technologies, an expansive global network and an extensive portfolio of financial products that are now part of consumers' daily lives because they answer the demand for easier, faster, and . Massmutual Massachusetts Mutual Life Insurance Massmutual Financial Group Mass Mutual Financial Group SIC Code 64,641 NAICS Code 52,524 Show More Top Competitors of MassMutual Guardian Life Insurance Compan. SEC Filings. Net losses increased in 2001 primarily due to earnings strain associated with the continued growth of the Companys life insurance business, higher death claims, and lower expense on reinsurance ceded; partially Through MassMutual and the MassMutual Foundation, we help create vibrant neighborhoods and financially healthy futures for all Americans by fostering community connections and developing financial capabilities in Massachusetts and beyond. We consider the maturities of commercial mortgage loans to be sufficiently diversified, and carefully monitor and manage maturities in light of our liquidity needs. Variable universal life insurance provides the policyholder, within guidelines established by the terms of the policy, the ability to select and change Life Insurance Company. sophisticated asset/liability management, the adoption of efforts to improve persistency and retention levels, and. Our business mix has shifted as a result of decreasing sales of annuity products. Call us today to talk about how you can add dependability to your clients' retirement strategies at 1-855-464-3436. The increase in federal income taxes during 2000 is primarily attributable to the declining net loss from operations before federal income taxes plus the timing of the tax With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. MassMutual 2017 Annual Report The growth in the general investments The NAIC developed the Risk Based Capital (RBC) model to compare the total adjusted capital with a standard We are a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company, and as such, there is no market for our common stock. We also have a stop-loss agreement with MassMutual under which we cede claims, which, in aggregate, exceed .32% of the covered volume for any year, with maximum coverage of $25.0 million above the aggregate limit. our financial instruments, or impact future cash flows and earnings from those instruments. Together with our parent, MassMutual and its subsidiaries, we comprise a growth-oriented, diversified financial services company that seeks to provide superior value for policyholders and other customers by achieving contracts which provide for either a single or periodic premium, which may be directed to a guaranteed principal account backed by general investment account, or to one of several separate account investment options for which the investment risk is The components of fees and other income are set forth below: Fees increased in 2001 and 2000 due to increases in fees collected from the administration of separate accounts as a result of variable life and variable annuity sales. In this year's report, we spotlight the MassMutual people Who are raising the bar for interdependence. primarily because a larger portion of new business was generated through variable annuity exchange programs with MassMutual contract owners. The 2001 increase in life reserves is primarily due to new universal life products. We depend on the communities where we operate, just as they depend on us. Changes in the fair value of these contracts are recorded as realized gains and losses when contracts are closed and at each reporting date. date of the financial statements and the reported amounts of revenues and expenses during reporting periods. In 1999 we redesigned an existing variable universal life product, introduced two During 2000 costs related to the production of new business as a percentage of premiums were lower, You're not alone We attribute this increase primarily to increases in bonds, mortgage The company reported total sales through its domestic insurance operations of $39.3 billion, a 26 percent increase over the prior year, led by steady demand for whole life insurance where MassMutual finished 2022 as the In June 2001, we introduced a new tax-sheltered variable annuity product targeted for eligible employees of schools, hospitals, churches or other nonprofit organizations. The components of net investment income are set forth in the table below: Net investment income increased in 2001 primarily due to a 21% increase in average invested assets, partially offset by a decrease in the gross yield for the investment portfolio to 7.5% in 2001 from 7.8% in 2000. respectively. Accordingly, the reporting of miscellaneous temporary differences, such as reserves and policy acquisition costs, and of permanent differences such as tax credits, resulted in effective tax rates which differ Mortgage Loan Portfolio Surveillance and Under-Performing Investments. which we are authorized to do business, to various federal and state securities laws and regulations, and to regulatory agencies that administer those laws and regulations. payable are accrued as adjustments to net investment income and included in other investments on the Statutory Statements of Financial Position. While we believe that the assumptions we have made are The increase in shareholders equity at December 31, 2001 was due to: Cash and short-term investments increased $94.2 million, or 82%, during 2001 as a result of cash provided by operating and financing activities partially offset by cash used in investing activities. You can update your choices at any time in your settings. Pursuant to the requirements of the Securities Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. From FORTUNE. Founded in 1851, the company has been continually guided by one consistent purpose: We help people secure their future and protect the ones they love. In addition, we invest a significant portion of our investment funds in high financial statements have been audited by Deloitte & Touche LLP, independent auditors. There are more than 1,500 life insurance companies in the United States, many of which offer insurance products similar to those we market. Back Submit. We expect that a certain level of losses may continue in conjunction with future growth. level of inflation results in changes in interest rates. Mass Mutual 2018 Annual & Corporate Responsibility Report Costs related to the production of new business include commissions and other variable producer compensation, management fees assessed by MassMutual and business issuance and processing costs, which include policy In 2000, we redesigned an existing variable universal life product. Our financial professionals are there for our policyowners, guiding them with the help of new technologies that enhance, enrich, and expand our human connections. Our continuing efforts to control expenses may reduce the impact of inflation on operating expenses. actions or allegations which should reasonably give rise to any material adverse effect, the outcome of litigation cannot be foreseen with certainty. Offer your clients fixed and income annuities that are backed by MassMutual's 150 years of financial strength. http://spr.ly/6048PHczI Assets and related reserves for payment of future benefits on the ceded policies are retained by us. Taking cash off the table: Life insurance, annuity alternatives . At December 31, 2001 and 2000, 91% and 90%, position by matching our exposure to cash demands with adequate sources of cash and other liquid assets. could cause a material difference from the forward-looking statements. been rated by the NAIC, we use an internal rating system. We cede a portion of our life insurance business to MassMutual and other insurers in the normal course of business. Generous time off, creative benefits. Copyright 2019, YF Life Insurance International Ltd. All rights reserved. Gretchen Boyd's Post - LinkedIn We apply net premiums, as instructed by the policyholder, to a guaranteed principal 4 MassMutual 2013 ANNUAL AND CORPORATE RESPONSIBILITY REPORT Above all, we delivered on our commitments, paying $2.7 billion in insurance and annuity benefits, helping more than 24,000 people, families and busi-nesses. mortgage loans at amortized cost, net of valuation reserves. Statutory surplus grew to $27.9 billion and total adjusted capital rose to $33.8 billion, both annual records. Research Fellow, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School. We had We are exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Report. (includes short-term securities), Privately Placed Bond Credit Quality In 2000 commissions and expense allowances on reinsurance ceded increased primarily due to a new We've paid over. The decrease in 2000 realized capital losses, after transfers to the We believe that we are well positioned to meet We had outstanding swaps with notional amounts of $594.9 million at December 31, 2001, and $315.0 Each rating Premium income of $47.4 million and $47.3 million was ceded to MassMutual in 2001 Barings LLC - Wikipedia primarily because a lower portion of new business was generated through variable annuity exchange programs with MassMutual contract owners. Registrant. with the exchange of these contracts. We actively monitor, manage and directly service our commercial mortgage loan portfolio. The Commissioners agents have the right at all times to review of our competitors provide alternative investment and savings vehicles for consumers. Our business is built based on our partner needs, to drive growth and mutual success. The following discussion focuses on the general investment account portfolio, which does not include our separate account assets. Our total adjusted capital, Certain 2000 and 1999 balances have been reclassified to conform to current year presentation. Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MassMutual employees rate the overall . investments balances over the prior year. Performance Review - MassMutual We believe that we are in compliance, in all material respects, with all applicable regulations. Variable Universal Life. We have an agreement with MassMutual whereby, for a fee, MassMutual furnishes us, as required, operating facilities, human resources, computer software development and managerial services. Market for Registrant's Common Equity and protection against prepayment risk. Our principal office is located at 140 Garden Street, Hartford, Connecticut. MassMutual - 2020 Annual and Corporate Responsibility Report Item 12. annuity and life insurance businesses, partially offset by improved mortality and higher fees received from separate accounts. Management fees charged by MassMutual include increases in agency allowances and other expenses MassMutual is an industry leader in whole life sales, exceeding $1 billion for the fifth consecutive year. short-term investments at amortized cost. basis and derivative financial instruments are not designated as a hedge with respect to a specific risk; therefore, the criteria for hedge accounting is not met. The increase in gross investment income from cash and short-term investments in 2000 is primarily due to an increase in average invested cash and short-term investments balances over the prior year. beyond our control. $0.5 million for properties in the process of foreclosure and for other anticipated losses. The internal watch list is comprised of bonds that have the following NAIC MassMutual reports $39.3 billion in insurance sales Our liquid assets include U.S. Treasury bond holdings, short-term money market investments, stocks, and marketable long-term fixed income securities. Mentoring colleagues, educating our youth, with Class 1 securities being the highest quality and Class 6 securities being the lowest quality.