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MassMutual Reports Higher 2002 Net Income

By Staff Writer

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NU Online News Service, Feb. 24, 4:46 p.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., is reporting $1.4 billion in net income for 2002 on $18 billion in premiums and other deposits, compared with $791 million in net income on $21 billion in premiums and other deposits for 2001.

Total premiums increased 5%, to $15 billion, but “premiums and other deposits” fell because the company decided against selling institutional products aggressively in such a turbulent investment environment, the company says.