Springfield insurer Massachusetts Mutual Life Insurance Co., which has extensive Hartford area operations, returned to black in 2014, driven by record sales of life policies and retirement plans.
For the 12 months ended Dec. 31, MassMutual said Thursday it netted $799 million, reversing a year-earlier loss of $113 million tied to its purchase of the retirement plans business from Hartford Financial Services Group Inc.
Owned by policyholders, MassMutual is not a publicly traded company, so it does not report per-share earnings. MassMutual also owns Babson Capital Management, and Hartford real estate-asset manager advisor Cornerstone Real Estate Advisors.
Revenues were $26.4 billion in 2014 vs. $27.6 billion a year earlier.
The insurer said its 2014 whole life insurance sales were $418 million, up 20 percent from 2013.
Retirement plan sales climbed 23 percent, to $9.1 billion.
The company’s said its statutory surplus was $14.2 billion, up 14 percent from 2013, while total adjusted capital was $16.4 billion, a 13 percent increase over 2013. MassMutual said both are all-time highs.