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MassMutual Reports Higher 2001 Net Income

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NU Online News Service, March 11, 11:34 a.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., is reporting $791 million in net income for 2001 on $21 billion in premium and desposit revenue, up from $741 million in net income on $14 billion in revenue for 2000.

MassMutual, a policyholder-owned mutual does not follow the same reporting conventions as publicly traded, shareholder-owned insurers and did not break out separate results for the fourth quarter.

MassMutual sells life insurance and retirement products, and it is also the parent company of the OppenheimerFunds mutual fund operation.

Revenue from insurance revenue increased 14%, to $3.3 billion, and from retirement and financial products, 31%, to $4.6 billion.

The OppenheimerFunds unit also had a strong year, in spite of the recent volatility in the stock market and the fact that the unit’s headquarters were destroyed in the Sept. 11, 2001, attack on the World Trade Center in New York, MassMutual says.

Total investment management revenue increased 16%, to $26 billion.