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March 03, 2009 at 07:00 PM
Massachusetts Mutual Life Insurance Company says 2008 financial results were mixed.
MassMutual, Springfield, Mass., is reporting a $1.1 billion net loss in terms of statutory accounting for 2008 on $19 billion in revenue, compared with $201 million in net income on $19 billion in revenue for 2007.
The net loss was primarily the result of investment market turmoil, MassMutual says.
Net gain from operations before dividends and taxes fell to $1.3 billion, from $2.2 billion.
Premium revenue increased 4%, to about $14 billion, and surplus increased 6%, to $8.5 billion, the company says.
The amount of cash and cash equivalents on hand increased 15%, to $3 billion.
Investment management sales fell 28%, but long term care insurance sales rose 6%, retirement sales rose 13%, and individual disability income sales rose 19%.
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