SPRINGFIELD, Mass., Jan. 13, 2011 /PRNewswire/ -- MassMutual Retirement Services Division's 2010 sales results mark the highest in the division's 60-year history, surpassing its record-breaking sales performance of 2009. Written sales for 2010 exceeded $5.3 billion, with assets under management in retirement plans administered by MassMutual also reaching a new record of more than $50 billion at year-end 2010*, representing a 16% increase vs. year-end 2009. The division is also reporting net cash flow of approximately $2 billion for the second consecutive year.
"MassMutual's financial strength, commitment to world-class service, and strategic focus have all contributed to a record year on many levels for our retirement services business," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "Everyone at MassMutual has worked extremely hard to fulfill our promises to our customers -- retirement plan advisors, plan sponsors, TPAs and participants -- and we are thrilled that our efforts to help customers be successful with their own retirement plan goals are driving the positive momentum at MassMutual as well."
In addition to its record sales and asset levels, MassMutual earned record-high satisfaction levels in numerous 2010 industry and proprietary surveys of retirement plan advisors and plan sponsors, and the company's plan sponsor retention level of 95% reflects MassMutual's strength in serving the diverse needs of its many relationships.
According to Hugh O'Toole, senior vice president and head of sales and client management for MassMutual's Retirement Services Division, MassMutual has seen strong growth across all markets, from its core defined contribution, defined benefit and TRS segments as well as in the nonprofit, Taft-Hartley, and professional employer organization (PEO) markets. "MassMutual's belief in the value that retirement plan advisors bring to their clients, and our willingness to listen and respond with solutions for sponsors and participants, is a powerful combination," says O'Toole. "We truly value and appreciate the strong relationships we have developed with advisors and customers. Our growth is a direct result of their confidence in MassMutual," he adds.
"We are going to continue to focus on serving our advisors and customers and making it as easy as possible for them to do business with us," adds Sarsynski. "It's a great time for MassMutual -- and for MassMutual customers -- and we look forward to another record year in 2011."
For more information about MassMutual's retirement services, please call your retirement plan advisor or contact MassMutual at (888) 626-4911, www.massmutual.com/retire.
*includes First Mercantile
MassMutual's Retirement Services Division has been serving retirement plans for more than 60 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 1.2 million participants.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit massmutual.com.
Copyright © 2011 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001.
All rights reserved.
Contact: Lisa Reilly
SOURCE MassMutual Retirement Services