MassMutual reported Friday that sales for 2010 in the insurer's Retirement Services Division were over $5.3 billion, the "highest in the division's 60-year history."
Assets under management in retirement plans administered by MassMutual, including those from First Mercantile, a subsidiary of MassMutual, increased 16% over year-end 2009 to over $50 billion at the end of 2010, another new record according to the company. Additionally, for the second consecutive year, the retirement services division is reporting net cash flow of $2 billion.
"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," Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC, said in a press release.
She added that the MassMutual would continue to focus on serving advisors and customers and "making it as easy as possible for them to do business with" the insurer.
The company also reported it had a plan sponsor retention level of 95%.
"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," Hugh O'Toole, senior vice president and head of sales and client management for the Retirement Services Division, said in a release.