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October 29, 2012 at 09:39 AM
Massachusetts Mutual Life Insurance Company approved the payment of an estimated $1.39 billion in dividends to eligible participating policy owners in 2013, the highest payout in the company’s 161-year history, the company announced today.
The dividends to be paid in 2013, approved by MassMutual’s board of directors, include a dividend interest rate of 7 percent on all eligible participating life insurance policies, a rate that remains unchanged from the prior year, the company states.
The $1.39 billion payout represents an increase of more than 4 percent over the approved estimated payout of $1.33 billion in 2012. In tandem with the payout, MassMutual also reports as of Sept. 30, “very strong levels” of surplus ($12.7 billion) and adjusted capital ($14.4 billion). The 2013 payout marks the 15th consecutive year that MassMutual’s estimated payout exceeds $1 billion.
