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Market Rebound, Life Sales Boost MassMutual

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NU Online News Service, Feb. 23, 2004, 10:02 p.m. EST – The stock market rebound and strong domestic life sales helped Massachusetts Mutual Life Insurance Company, Springfield, Mass., increase its statutory profits 3.8% in 2003.[@@]

MassMutual is reporting $580 million in pretax net gain for 2003 on $20.1 billion in premiums and deposits, up from $559 million in pretax net gain on $17.7 billion in premium and deposits for 2002.

Retirement and financial products sales dropped 11%, to $4.6 billion. But a 14% increase in domestic life sales pushed total life sales up 7%, to $4.6 billion, and total assets increased 19%, to $285 billion.