Mass Mutual Insurance

Massachusetts Mutual Insurance, commonly referred to as Mass Mutual Insurance company was founded in 1851.  With more than 150 years in business Mass Mutual knows the life insurance business like no other company.  Mass Mutual was founded on the premise of providing peace of mind to its valued policy holders and Mass Mutual has

maintained a strong financial position throughout the years and has never missed a dividend payment to its policyholders since its founding. 

 

Although Life Insurance is Mass Mutuals core line of business, it also sells disability income life insurance as well as Long Term care insurance.  Mass Mutual Financial group is the formal business name that represents all the business lines includings Babson Capital Management and First Mercantile Trust Company. 

 

Massachusetts Mutual Life Insurance Company referred to often as - MassMutual - has undergone change slowly over the 150 + years it has been in operation from strictly a personal insurer to a financial powerhouse with almost a quarter of a trillion in assets under management. 

 

Today Mass Mutual Insurance Company serves more than ten million clients and provides them with a variety of services including Mass Mutual Mutual funds, money management, trust services, retirement planning products, life insurance, annuities, disability income insurance, and LTC I insurance.

 

MassMutual Financial Group operates over 1,200 offices in the United States, Hong Kong, Japan, Taiwan, Argentina China, Macao, Chile, Bermuda, and Luxembourg.

 

 

The history of Mass Mutual is a long and successful story: 

 

As the postwar economy boomed, MassMutual Insurance continued its rapid growth. By 1951, assets totaled $1.4 billion and the company had more than $3 billion of insurance in force. The home-office staff numbered over 1,300, serving a client base of more than 700,000 customers. There were 87 general agencies and 110 district agencies in 44 states. This decentralization was a key factor to Mass Mutuals  success.

 

Massachusetts Life Insurance Company hired general agents who in turn hired and trained local groups of agents. Successful Mass Mutual Insurance agents were often promoted to the Springfield home office. To further develop the strength of field agents, MassMutual instituted a training program for field reps and encouraged its workers to complete the American College's Chartered Life Underwriter program. The training paid off well.  Between the years of 1948 and 1957, the total life insurance in force doubled, from $2.7 billion to $5.4 billion.

 

During the late 1960s, James Martin, who was named Mass Mutual president in 1968, steered the company in several public-oriented initiatives, investing $75 million in a Springfield office, retail enterprise, a hotel, as well as supporting downtown mortgage-financing pools to rejuvenate urban development in medium-sized cities like Springfield.

 

In 1969, Mass Mutuals Insurance assets topped $4 billion.

 

Mass Mutual continued its rapid growth during the economic downturn of the early 1970s, installing new computer information technology and making changes to its work culture.  During the late 1970s, as a result of inflation and the ensuing recession: investors began investing in high-yield money market accounts. Mass Mutual Life Insurance had to borrow money at expensive interest rates to cover the loans since the bulk of Mass Mutuals assets were in low-yield securities.  Mass Mutual continued to offer excellent Life and Health Insurance products during this challenging period.

 

 

In 1981, MassMutual introduced universal life Insurance policies- Just 2 years after they first appeared in the insurance marketplace. These Mass Mutual policies offered flexibility in paying premiums and became very popular.

 

Mass Mutual Insurance Company was reorganized in 1983 into four divisions: Individual Insurance products, group life and health, group pensions, and investments.

 

In 2000,  Mass Mutual Ins had a record year as total sales increased by 31 percent, revenues by 23 percent, and total assets under management grew from $206.6 billion secured in 1999 to $213.1 billion.

 

Today Mass Mutal is a truly global financial giant that continues to grow and thrive in

today complex marketplace.