SPRINGFIELD, Mass., March 22, 2017 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) has capped a year of exceptional growth by earning a range of third-party distinctions that underscore the company's industry leadership and commitment to providing lifelong financial protection to people across America.
"I am proud that MassMutual is being recognized by renowned organizations for the strong results we deliver for the long-term benefit of our policyowners and, equally important, with respect to how we manage our business," said Roger Crandall, MassMutual Chairman, President and CEO. "We have made great strides in reaching more people who need what we offer, and the accolades we have received are a testament to our work helping millions of Americans achieve the financial well-being needed to help secure their future and protect the ones they love."
A Leader in Protecting Americans with Permanent Life Insurance
For the first time in its history, MassMutual has topped the list for placing the most whole life insurance business in the industry, according to the worldwide research and consulting firm LIMRA.1 MassMutual experienced a 34 percent growth rate in 2016, compared to an industry average of 9 percent, marking more than a decade of industry-leading of growth for MassMutual's whole life insurance offerings.
This momentum has been fueled by the company's record 9,500-strong financial advisor network resulting from the company's acquisition of the MetLife Premier Client Group last summer, as well as the introduction of new and digital channels, which represented nearly 30 percent of new policies last year, including whole life insurance. Over the past decade, MassMutual has added more than 880,000 new policies and more than $490 billion in new insurance protection for its customers, demonstrating its ability to address the vast financial unpreparedness in our country, where more than 37 million households have no life insurance protection.2
Further exemplifying the company's focus on closing this gap and delivering on its commitments, MassMutual increased total coverage across all customers – or total life insurance in force – to more than $560 billion while delivering nearly $5 billion, in total insurance and annuity benefits by year-end 2016.
A World's Most Admired – and Most Innovative -- Company
MassMutual has been named a FORTUNE3 World's Most Admired Company – a distinction held 18 out of the last 20 years (ranking 5th among the Most Admired companies in its industry in 2017). Importantly, in 2017 the company was recognized by FORTUNE as the leading company in the reputational category of innovation, honoring MassMutual's creativity and cutting-edge use of technology to better connect with and serve a broader population of policyowners.
This important acknowledgement, with respect to innovation, also reflects MassMutual's leadership in exploring transformative ideas and approaches. From numerous investments in startups by MassMutual Ventures, to using data science to build business-changing models, to appealing to younger generations through Haven Life and the Society of Grownups, and facilitating improved access to potentially lifesaving information provided by individual genome sequencing, MassMutual has demonstrated progressive methods to reach and protect a widening consumer base.
A World's Most Ethical Company
MassMutual marked the fourth consecutive year as a World's Most Ethical Company and remains the only mutual company named Most Ethical by The Ethisphere Institute4 in the life insurance industry category. The World's Most Ethical Company distinction underscores a company's commitment to leading ethical business standards and practices, and recognizes their role in society to influence and drive positive change, consider the impact of their actions on their employees, investors, customers and other key stakeholders and use their values and culture as an underpinning to the decisions they make every day. At MassMutual, this prestigious accolade further validates the high value the company places on ethical business standards, practices and governance.
"These distinctions signal that the great strides we have made in reaching more people in more ways is truly making a difference by helping one individual, family and business owner at a time," added Crandall. "Additionally, these honors are a testament to our commitment to making financial security accessible to all Americans, as reflected by more than 5 million people today who place their trust in MassMutual."
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
1LIMRA's Fourth Quarter (2016) U.S. Retail Life Insurance Sales Summary Report (March 2017)
2LIMRA 2016 Trends in Life Insurance Ownership study (September 2016)
3FORTUNE Magazine (March 2017)
4Ethisphere Institute (March 2017)