Massachusetts Mutual Life Insurance Company
| Massachusetts Mutual Life Insurance Company
|
|
|---|---|
 |
|
| legal form | Mutual |
| founding | May 15, 1851 |
| Seat |
Springfield , United States
|
| management | Roger W. Crandall |
| Number of employees | 9,844 (2018) |
| sales | 39.3 billion US dollars (2018) |
| Website | www.massmutual.com |
The Massachusetts Mutual Life Insurance Company , and MassMutual , is an American insurance company that serves five million customers worldwide. The company is headquartered in Springfield ( Massachusetts ) employed in the United States more than 7,000 worldwide and approximately 10,000 employees. It was founded in 1851 and is one of the largest and most traditional insurance companies in the country.
It was ranked 84th in the Fortune 500 list of America's top-selling companies in 2019, with sales of $ 39.267 billion and profits of $ 398 million. Total assets were $ 265.812 billion.
MassMutual's financial and insurance products include life insurance, long-term care insurance, disability insurance, retirement benefits and annuity insurance.
history
The company was founded in 1851 by George W. Rice in Springfield with a capital of $ 100,000. MassMutual was first active in Massachusetts and expanded throughout the United States over the course of the century. The company employed 400 people when the insured first exceeded $ 1 billion in 1924. MassMutual was needing a last resort for people financial aid, as the global economic crisis , the US hit the 1929th While the global economic crisis represented an economic decline for the country, MassMutual was able to develop new products and services.
In the late 1960s, the business model began to change again when the company began investing in money market funds. In 1969 total assets exceeded $ 4 billion for the first time. MassMutual first introduced Universal Life insurance in 1981 , two years after they first appeared in the insurance industry. In 1983 the company was divided into four areas: individual products, life and health insurance, pension insurance and capital investments.
In the 1990s, the company began to diversify and strengthened the investment business. In 1990, the company acquired Oppenheimer Management as part of its fund management diversification strategy. In 1993, the company formed a subsidiary, Concert Capital Management , to manage pension fund and trust assets of $ 52 million. To consolidate its position in the increasingly competitive industry, MassMutual agreed to merge with Connecticut Mutual Life Insurance in 1995 . The transaction closed the following year and created the fifth largest life insurance company in the United States.
The Tremont Group Holdings , a subsidiary of MassMutual, lost in the fraud scandal involving Bernard Madoff in 2008 more than 3 billion USD.
Individual evidence
- ↑ Janet Hunt: Review of Mass Mutual Insurance. Retrieved July 4, 2019 .
- ^ Massachusetts Mutual Life Insurance. Retrieved July 4, 2019 .
- ↑ Allen Wastler: Our history of Live Mutual | MassMutual. Retrieved July 4, 2019 .
- ^ History of Massachusetts Mutual Life Insurance Company - FundingUniverse. Retrieved July 4, 2019 .
- ↑ Madoff's Victim List - The Wall Street Journal. Retrieved July 4, 2019 .