A.M. Best Comments on Credit Ratings of Massachusetts Mutual Life Insurance Company Following Announced Sale of Japan Affiliate

OLDWICK, N.J.--()--A.M. Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT) remain unchanged following the announcement of the sale of its subsidiary, MassMutual Japan to Nippon Life Insurance Company.

MassMutual agreed to sell 85.1% of its ownership interest in its wholly owned life insurance and wealth management affiliate to Nippon Life at a sales price of $935 million (at an assumed closing exchange rate), with MassMutual retaining a 14.9% interest. MassMutual will recognize a write-down with no material impact to risk-adjusted capitalization. A.M. Best notes that the joint ownership with Nippon Life may lead to future strategic opportunities between MassMutual and Nippon Life. The transaction is pending regulatory approval and is expected to close in the first half of 2018. MassMutual intends to use the proceeds to reinvest into existing and new business growth initiatives.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Frank Walko, CPA
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com
or
Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Contacts

A.M. Best
Frank Walko, CPA
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com
or
Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com