MassMutual and Barings Announce Closing of MS&AD Insurance Group Holdings’ 18% Stake in Barings

SPRINGFIELD, Mass. & CHARLOTTE, N.C.--(BUSINESS WIRE)--MassMutual and its global alternative asset management subsidiary Barings today announced that MS&AD Insurance Group Holdings, Inc. (“MS&AD”) has completed the acquisition of an 18% equity stake in Barings through its subsidiary, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company.

With the successful closing of this transaction, Barings and MassMutual welcome a long-term strategic partner committed to accelerating Barings’ growth through additional capital and assets. Barings will manage an increased share of MS&AD’s general investment account and help strengthen the insurance company’s investment portfolio through its capabilities across credit, real assets, capital solutions and emerging markets.

“We are pleased to welcome MS&AD as an owner alongside MassMutual and believe our aligned ownership model is a key strategic advantage,” said Mike Freno, Chairman and CEO of Barings. “Our structure, combined with long-duration investment capital, gives us the scale and stability to invest across market cycles, expand our capabilities, and deliver solutions for clients.”

As part of the strategic partnership, MSI will appoint one director to the Board at Barings and several MS&AD team members will be seconded to Barings teams across the firm.

“We have long admired Barings’ global investment capabilities and solutions-oriented approach, and we are excited to help advance Barings’ long-term objectives with MassMutual,” said Shinichiro Funabiki, Representative Director, President & CEO of MS&AD. “We also look forward to collaborating closely with MassMutual and Barings to invest in new and existing strategies to evolve our portfolio and to meet our needs as a global insurance company.”

“The successful close of this transaction marks an important milestone for MassMutual and Barings,” said Roger Crandall, Chairman, President and CEO of MassMutual. “Welcoming MS&AD as a long-term strategic partner reinforces the strength of Barings and our conviction in its continued growth, while also building on MassMutual’s longstanding, successful approach to integrating insurance and asset management, giving us a powerful combination that enhances our ability to deliver enduring value to our policyowners.”

MassMutual retains an 82% stake and controlling governance rights in Barings. Barings will continue to manage the majority of MassMutual’s general investment account and operate as an independent subsidiary of MassMutual, with no changes to its day-to-day operations, investment processes, committees, or strategy.

About Barings

Barings is a $481 billion* global alternative asset manager that partners with institutional, insurance, and wealth clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of March 31, 2026

About MassMutual (Massachusetts Mutual Life Insurance Company)

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit www.massmutual.com.

About MS&AD Insurance Group Holdings

MS&AD Insurance Group is one of Japan’s leading insurance groups, with operations across non-life insurance, life insurance, and financial services.

Since its foundation over 130 years ago, the Group has established a solid presence in the Japanese market and developed a global network covering 48 countries and regions.

Guided by its mission, vision and values, MS&AD Group is committed to achieving sustainable growth, enhanced corporate value, and a more vibrant and sustainable society.