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Profits at MassMutual soared 830% year-over-year in 2019—the eighth-biggest jump among Fortune 500 firms—driven by growth in its life insurance, annuities, and customized business services offerings. On top of that, its total assets jumped 10% to $280 billion, which the insurer credits to its diverse product offerings and investment approach. MassMutual is leveraging its strong financial position to pay the premiums for $3 billion worth of life insurance benefits for health care workers in Massachusetts and Connecticut on the front lines of the coronavirus pandemic, effectively insuring them for free.
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