Massachusetts Mutual Life Insurance Company (MassMutual) has reported a net income of $459m for the full year of 2011, compared to $594m for the same period in 2010.
Revenue for the full year of 2011 increased 16% to $19.7bn, compared to $17bn for the same period a year ago.
For the full year of 2011, the company’s assets under management decreased 1% to $443bn, compared to $448bn for the same period in the prior year.
Worldwide insurance in force was $503.7bn, up 3%, compared to $490.4bn for the ame period in the last year.
MassMutual executive vice president and CFO Michael Rollings said that the company’s economy and its industry were tested in 2011 by volatile market conditions, a sluggish economy, and continued low interest rates.
"While these conditions presented challenges, the strong operating fundamentals of our core businesses and our financial strength allowed us to remain focused on providing high dividends, trusted financial guidance and excellent service to our policyholders," Rollings said.