2025 financial summary
2025 financial summary
#102
on the FORTUNE 500© list1
$2.9B
in policyowner dividends2
$10.3B
insurance and annuity benefits paid in 20253
$34.4B
total adjusted capital3
$298B
total invested assets4
Assets under management5
- 2023 - $500B
- 2024 - $524B
- 2025 - $584B
Total U.S. sales6
- 2023 - $39B
- 2024 - $41B
- 2025 - $43B
Life protection in force6
- 2023 - $1.0T
- 2024 - $1.1T
- 2025 - $1.1T
Financial strength ratings7
Financial strength ratings7
| Rating Agency | Rating | Outlook |
|---|---|---|
| A.M. Best Company |
A++ |
Stable |
|
Fitch Ratings |
AA+ |
Stable |
|
Moody's Investors Service |
Aa3 |
Stable |
|
S&P Global Ratings |
AA+ |
Stable |
Financial documents
Financial documents
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Performance reports
Our long-term investment philosophy
Our long-term investment philosophy
Being able to honor our commitments to our clients is important to us. That’s why we’re proud our investment strategy helps position us to do so both now, and in the future.
Our investment strategy is built on diversification, prudent security selection and value. Because of it, we’ve been able to achieve solid long-term investment returns — even in unpredictable markets and challenging economic times.
Read our investment philosophy (PDF)1 From FORTUNE. ©2026 FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (June 2025) is a registered trademark of FORTUNE Media IP Limited and is used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of, MassMutual.
2 Massachusetts Mutual Life Insurance Company Statutory Annual Statement (Consolidated), Year-End 2025 – Summary of Financial Position – Policyowner Dividends: The liability for policyholders’ dividends includes the estimated amount of annual dividends and settlement dividends.
3 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, as well as key subsidiaries, as of December 31, 2025. Source: 2025 Consolidated Statutory Financial Statements.
4 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 as of December 31, 2025. Source: 2025 Consolidated Statutory Financial Statements.
5 Assets Under Management (AUM) include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend as of December 31, 2025.
6 These are consolidated 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, as well as key subsidiaries, as of December 31, 2025.
7 Ratings are as of 8/1/2026 and apply to Massachusetts Mutual Life Insurance Company and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings are subject to change.