Profits Rise At MassMutual

Asset growth helped results at Massachusetts Mutual Life Insurance Company in 2005.

MassMutual, Springfield, Mass., is reporting $753 million in statutory net income for 2005 on $25 billion in premiums and deposits, up from $335 million in statutory net income on $23 billion in premiums and deposits for 2004.

Worldwide insurance sales fell 11%, to $4.3 billion, and retirement and financial products sales fell 15%, to $5 billion. But domestic investment management sales soared 53%, to $56 billion, and assets under management increased 22%, to $396 billion, MassMutual says.