MassMutual’s Retirement Services Division achieved record sales in 2011, topping the unit’s 2010 performance, the company disclosed on Tuesday.
The Retirement Services Division, a unit of MassMutual Financial Group, Springfield, Mass., says its written sales for 2011 exceeded $6 billion, a 13% increase over 2010.
Assets under management in retirement plans administered by MassMutual also reached a new record: $55 billion at year-end 2011, a 7% increase over the same period last year. The division also enjoyed a net cash flow in 2011, surpassing $3.5 billion for the first time in the division’s history, the company says.
“MassMutual’s strong sponsor retention rate of 95% along with the sustained sales momentum in the company’s retirement plan business have directly contributed to our 2011 record results,” says Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC. “In addition to growing our core retirement plan business in the corporate segment, MassMutual’s success in the nonprofit market was exceptional with a 29% increase in sales vs. 2010.
“MassMutual’s stable value/investment-only and professional employer organization (PEO) markets also enjoyed strong growth,” adds Sarsynski.
MassMutual was awarded more than $700 million in new defined benefit retirement plan business in 2011, representing a 450% increase in this result over last year, the company says.