Our investment philosophy How we can earn your confidence
TABLE OF CONTENTS 1 In times like these 3 Investment philosophy 5 Portfolio management 9 Portfolio construction 10 Sector overview: Putting it all together 18 Earning your confidence
In times like these confidence matters most Built on more than a century-and-a-half of financial strength and customer service, Massachusetts Mutual Life Insurance Company (MassMutual) is a leading mutual life insurance company headquartered in Springfield, MA. We operate for the benefit of our members and participating policyowners* and offer a range of quality financial products and solutions, including life insurance, disability income insurance, long-term care insurance, annuities, and retirement/401(k) plan services. Strength and stability Our continued financial strength supports the value of our products and services. Our clients trust us with their long-term financial protection, and effective investment management is an essential factor supporting that trust. As recent history has confirmed, investment markets can be volatile, and it is reassuring for our policyowners and clients to know that they can depend on MassMutual products to help provide for their financial security. Mutuality As a mutual life insurance company, we do not have shareholders. We operate for the benefit of our members and participating policyowners. We are able to take a long-term view when investing and focus less on short-term fluctuations in asset values. We are long-term investors concerned with meeting commitments that stretch far into the future. * A participating policyowner is typically an owner of an individual policy issued by MassMutual who benefits from the company s mutual status by being eligible to share in any annual dividends, if declared. Dividends are not guaranteed. 1
Diversity Our investment management expertise, which is integral to the success of our company and our products, is drawn from our investment subsidiaries: Barings, a fixed income,equity, and real estate manager with global investment expertise and reach; and OppenheimerFunds, Inc., one of the largest asset management companies in the United States. RATING MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARY COMPANIES We have financial strength ratings that are among the highest in the industry. A.M. Best Company Fitch Ratings A++ (Superior) AA+ (Very Strong) You should be confident that the company providing you with financial services is strong and will be there to help you, not just now but well into the future. MassMutual offers that confidence so you can worry less about the future and spend more time enjoying the present. A key reason you can trust MassMutual is our approach to investing. Moody s Investors Service Standard & Poor s Aa2 (Excellent) AA+ (Very Strong) Ratings are for Massachusetts Mutual Life Insurance Company and its subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings as of 07/01/17. Ratings are subject to change. 2
Investment philosophy MassMutual and Barings, the primary investment adviser for MassMutual s General Investment Account (GIA), share the same philosophy relative to the investment of policyowner assets. This philosophy provides the framework for GIA portfolio construction and investment decision-making. The following are the keys to our approach. In our pursuit of consistent long-term returns, we use a two-pronged approach to manage the GIA. A top-down process, where we work to identify the global economic and market factors that will drive returns across asset classes and seek to optimize the portfolio allocation across these classes A bottom-up approach, where our investment professionals identify individual investments that offer the appropriate level of risk/reward relative to alternatives Through the regular application of this approach, we seek to position the portfolio to capture evolving opportunities, while remaining invested across a variety of asset classes to incorporate a significant level of risk diversification. We believe that one cannot consistently predict the level or direction of markets. As a result, diversification is a prudent, appropriate response to managing risks through market fluctuations. We seek to generate long-term, stable investment performance to support MassMutual s financial strength and ability to meet its financial commitment to policyowners. Diversification within and across asset classes increases the opportunity to capture positive returns across issuers and sectors while minimizing the impact of underperformance. Other components of our approach include: Through rigorous analysis, our investment professionals use a relative value approach to security selection, seeking to buy undervalued securities and sectors, while selling those more fully valued. A regular assessment of value allows us to capitalize on market inefficiencies in the valuation of securities, sectors, and asset classes 3
We rely on experienced teams of specialists focused on a range of sectors to help manage the GIA. Our common goal is the success of the overall enterprise rather than the success of specific sectors, resulting in a collaborative approach where objective analysis produces optimal long-term investment performance We regularly assess the risk and return potential of developing asset classes to identify opportunities to enhance the long-term performance of the GIA In assessing investment opportunities, we distill the numerous factors that can impact value down to basic, understandable concepts to facilitate comparison. It pays to be skeptical of opportunities that are unrealistic or not credible Ultimately, our objective is to profitably grow the GIA for the benefit of the policyowners. The continual review, refinement, and application of our investment process support that objective TOTAL GIA ASSETS* $167 billion as of December 31, 2016 33% Public Bonds 1 20% Private Bonds 1% Equity 2 13% Mortgage Loans 3 8% Policy Loans 1% Real Estate Equities 4 4% Partnerships and LLCs 5 2% Short Terms and Cash 14% Other Invested Assets 6 4% Other GIA Assets 1 Includes Rule 144A registered securities 2 Equity includes unaffiliated preferred and common equity 3 Includes $1,922 million of residential mortgage pools 4 Includes $158 million of properties exclusively occupied by the Company 5 Schedule BA securities 6 Includes common stock of subsidiaries and affiliates, derivatives, and receivables for securities *The figures represented are consolidated financial information for Massachusetts Life Insurance Company, C.M. Life Insurance Company, and MML Bay State Life Insurance Company. 4
Portfolio management Overview The GIA consists primarily of assets that support our insurance and retirement income products. We organize the assets into smaller portfolios to better manage the assets relative to the liabilities. The nature of the product liabilities serves as the foundation for the investment policies that are developed for each portfolio. An investment policy provides the general framework for how a portfolio is constructed and managed by specifying acceptable levels of exposure to issuers, asset sectors, asset classes, and other dimensions of diversification. Put another way, investment policies integrate the liabilities return objectives, sensitivities to changing economic conditions, expected cash flows, risk tolerances, and other factors to help determine portfolio composition. We use both quantitative and qualitative approaches to analyze the liabilities in normal and stressed environments. By developing a deeper understanding of the liabilities and their behavior in different environments we are better able to develop an appropriate investment policy and strategy. The asset portfolios are constructed and managed within these allowable ranges to support the return objectives of the liabilities. Asset/liability management (ALM) ALM is a key component of our approach to managing the GIA and involves the analysis of cash flows and maturities of the liabilities and their corresponding assets. These cash flows can differ based on their sensitivity to various economic conditions. Duration is the sensitivity of a security s price to changes in interest rates. We project liability cash flows under various economic and behavioral scenarios for the products supported by each portfolio. We then construct asset portfolios with duration profiles similar to those of the liabilities. By closely managing the duration of the assets relative to that of the liabilities, we strive to mitigate the impact that changes in interest rates will have on our ability to meet policyowner needs. Derivatives are an integral component of our ALM and portfolio management processes. Derivatives are instruments whose returns are based on, or derived from, the performance of other securities or market indices. They include such widely used financial tools as swaps, futures, and options. Derivatives may offset asset or liability risks, provide additional return, or both. Some derivatives are particularly useful for managing interest rate risk and MassMutual uses derivatives extensively for this purpose. Some derivatives may be combined with other investments to capture incremental returns or to mirror the economics of conventional bonds while gaining exposure to issuers or security types that might otherwise be unavailable. It is important to remember that most derivatives are collateralized, either directly with the trade counterparty or indirectly through a clearing house. Either way, this means that the market value of a contract is backed by cash or high quality securities held in trust. Finally, MassMutual does not use derivatives for speculative purposes. 5
Liquidity management Liquidity management works in conjunction with ALM to ensure MassMutual has the ability to meet policyowner needs while not forcing the sales of assets at inopportune times. Cash flow and liquidity needs are routinely addressed as part of the investment management process. We also perform periodic liquidity stress testing to review both potential needs and the sources of these needs. This analysis of possible demands on portfolio liquidity under adverse scenarios confirms that the Company continues to have a strong liquidity position. The GIA maintains a large share of its assets in high-quality public bonds and short-term investments that can be sold quickly and easily to satisfy policyowner and client needs if necessary. However, such sales are unlikely as the Company has historically enjoyed strong positive cash flow. Moreover, MassMutual has a $1 billion commercial paper program which permits it to borrow on a short-term basis for various corporate needs. While we do not rely on the ability to issue commercial paper in liquidity planning, it adds to our financial flexibility. Risk management Portfolio, ALM, and liquidity analysis help to monitor and manage the investment risks of a portfolio. Investment risks exist in different forms, including but not limited to the following: Interest rate risk, or a change in interest rates, can change the fair value of debt securities Credit risk, or the risk of a rating change, can impact the value of a bond Default risk can impact the value of a bond, even in the event of eventual repayment 6
Prepayment risk, or the risk of changes in the timing of cash flows from a security, can impact the duration management of the portfolio Liquidity risk is the risk that you can t sell a security at a fair value Working within these risk parameters, the goal of prudent portfolio management is to structure the risk/reward profile of the investment portfolio in an optimal manner relative to the liabilities. Sophisticated quantitative techniques and systems are used to measure and monitor exposures to the investment risks. Various strategies are employed to protect our portfolios from adverse consequences which might arise from significant changes in the economic environment. Our value-driven investment approach leads us to consider a broad range of investments for potential purchase. Riskier investments may be purchased when we are compensated for the risks involved. However, there are issuer and overall quality limits for each portfolio and for the entire GIA. RATING DISTRIBUTION OF FIXED INCOME SECURITIES $88 Billion as of December 31, 2016 NAIC Rating Category Equivalent Rating Agency Designation % of Bond Holdings % of Total Assets 1 AAA, AA, A 56.6% 30.0% 2 BBB 34.8 18.4 3 BB 4.0 2.1 4 B 2.9 1.5 5 Lower Quality 1.3 0.7 6 In or Near Default 0.4 0.2 100.0% 52.9% 7
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Portfolio construction We employ a disciplined approach to portfolio construction. Beginning with the potential universe of securities as defined in the investment policy, potential and current investments are viewed through risk/reward and economic frameworks. The former incorporates relative value and risk perspectives, while the latter considers the sensitivities to economic variables. Diversification across these perspectives increases the likelihood of achieving the investment objectives with reduced volatility, while limiting the impact of a potential loss from any one security, issuer, or event. Prudent portfolio construction dictates that we focus on both the return of and return on principal. Principal losses on investments require that the remaining assets generate higher returns on principal to maintain expected portfolio returns. Reflecting the conservative approach that best helps us provide value to our policyowners, the core of our GIA is comprised of bond holdings, or debt instruments issued by governments, corporations, and other entities. The conditions and expectations related to the debt of specific issuers determine the relative value and expected performance of a security. Industries and security classes differ as to their sensitivity to economic cycles, the impact of future conditions and events, and idiosyncratic risk factors, leading us to regularly monitor market conditions as we assess relative value. A by-product of this monitoring is our ability to regularly invest in attractive opportunities while limiting or reducing our exposure to fully valued sectors. This consistent approach translates into holding investments across vintage, sector, and maturity spectrums, allowing us to harvest the gains from some while providing others with more time to develop. By always being in the market for opportunities, we believe we increase our awareness of and access to attractive opportunities. Finally, the regular cash flow of a debt security helps provide the funds we use to pay policyowner benefits and enables us to be steady asset buyers in all market environments. Consistent market participation across asset classes promotes market intelligence. Other asset classes in which we invest can provide returns in the form of price appreciation, dividends, earnings, or other distributions that may, unlike the required coupon of a debt security, fluctuate in value. 9
Sector overview: Putting it all together Our general approach to security selection begins with analyzing issuers and then determining the appropriate way to invest in them. The issuer provides diversification, while the security provides a method to assess relative value. Government debt U.S. government and agency debt have appeal for their typically lower relative credit risk, high level of liquidity, and extensive range of maturities. As a result, these issues are important components of our liquidity management and ALM processes. Corporate debt Corporate debt provides an opportunity to invest in a range of companies, industries, credit ratings, and maturities that provide yields greater than those earned by government debt. While investing in corporate debt introduces default risk, diversification serves to reduce the potential adverse impact. We reduce the risk further by limiting exposure to individual issues, issuers, and industry sectors. We have included several tables that we believe provide insight into how we manage the bond portfolio. In the table below, you will note the low absolute level of exposure in the top 10 corporate bond obligors, while in other tables you will see a high level of industry diversification and limited exposure to lower-rated issues. The largest long-term corporate bond issuer represents less than 0.2% of GIA assets while the ten largest long-term issuers combined are 1.4% of GIA assets. Our average exposure across issuers remains relatively small as we maintain broad diversification. GIA S 10 LARGEST LONG-TERM CORPORATE BOND OBLIGORS December 31, 2016 Rank Issuer Statement Value ($ Millions) NAIC Rating* % of Cash Invested Assets % of Total GIA Assets 1 Verizon Communications, Inc. $290 2 0.2% 0.2% 2 Southern California Edison Company 260 2 0.2 0.2 3 Wal-Mart Stores, Inc. 247 1 0.2 4 AT&T, Inc. 237 2 5 CVS Health Corporation 237 2 6 General Electric Company 236 1 7 Anheuser-Busch InBev SA/NV 228 1 8 Republic Services, Inc. 225 2 9 Allergan plc 202 2 10 Oracle Corporation 202 1 * Rating reflects weighted average for issuers with multiple ratings 10
DIVERSIFICATION OF LONG-TERM BONDS December 31, 2016 Sector Statement Value ($ Millions) % of GIA Long-term Bonds % of Total GIA Assets U.S. Treasury $6,915 7.8% 4.1% U.S. Agency 1,652 1.9 1.0 Municipal/Sovereign 5,729 6.5 3.4 Mortgage-Backed Securities - Residential 1,590 1.8 1.0 Mortgage-Backed Securities - Commercial 2,163 2.5 1.3 Asset-Backed Securities 11,138 12.6 6.7 Investment Funds 1,004 1.1 0.6 Other* 1,769 2.0 1.1 Corporate Credit (by Industry) Banking 1,983 2.2 1.2 Basic Industry 3,023 3.4 1.8 Capital Goods 5,039 5.7 3.0 Communications 3,107 3.5 1.9 Consumer Cyclical 3,523 4.0 2.1 Consumer Non-Cyclical 4,520 5.1 2.7 Energy 4,593 5.2 2.8 Finance Companies 3,803 4.3 2.3 Financial Institutions - All Other 1,156 1.3 0.7 Government-Related 872 1.0 0.5 Healthcare 3,778 4.3 2.3 Industrial Other 2,770 3.1 1.7 Insurance 1,052 1.2 0.6 Real Estate/REIT 3,507 4.0 2.1 Technology 1,919 2.2 1.2 Transportation 4,263 4.8 2.6 Utility 7,342 8.3 4.4 Total $88,208 100.0% 52.9% * Holding company debt 11
Within corporate bonds, some issues may be secured by specific assets while others may be secured by general assets. The security interest or type of lien can vary from senior to subordinate to unsecured, depending on the financial strength of the issuer, the nature of the debt issue, and other factors. The multiple facets of an issue offer different combinations of risk and return. As we consider investments across industry sectors, credit ratings, and asset classes, these characteristics will differ in importance. Our active, global network of investment professionals is able to provide the GIA portfolio with access to issuers and attractive investment opportunities across the world. Our international bond exposure of $21.1 billion or 12.6% of GIA assets, has grown as we have capitalized on global opportunities. The holdings by region are shown in the table below. Structured securities Another method of diversifying portfolio holdings is through structured securities. Through structured securities, investors gain exposure to a diversified pool of individual assets, providing exposure to a range of borrowers, asset types, regions and industries. This diversification across multiple dimensions serves to reduce the aggregate credit risk of these securities. Some of the primary risks of these structured securities are related to the timing of cash flows. If interest rates decline, borrowers may prepay or refinance their higher coupon loans early. If interest rates rise, borrowers may retain their lower coupon loans longer. Either way, the timing of expected cash flows can change, affecting the value of the securities. For taking on this risk, investors can be rewarded with higher yields. There are numerous variations on these structures, but the key is that investors can select the class offering the combination of features important to them. GIA INTERNATIONAL BOND DIVERSIFICATION By geographic region December 31, 2016 Region Europe United Kingdom Australia/New Zealand Statement Value ($ Millions) $6,385 5,938 3,172 % of Total GIA Assets 3.8% 3.6 1.9 Latin America/Caribbean Canada Asia Middle East/Africa 2,002 1,957 1,053 567 $21,074 1.2 1.2 0.6 0.3 12.6% 12
Products exist for a number of collateral types, including corporate bonds, leveraged loans, commercial mortgage loans, residential mortgage loans, and other types of lending to businesses and consumers. Securities backed by leveraged loans are referred to as Collateralized Loan Obligations (CLOs). We manage and invest in CLOs, and have developed specialized analytic systems to help us look through these structured securities at the underlying collateral to facilitate evaluation and analysis. Purchase of these instruments for our portfolios arises naturally from the consistent application of our value investment philosophy, which seeks the most attractive risk/reward available from the array of suitable investments. In addition to our securitized exposure we invest in residential mortgage loan pools. COMMERCIAL MORTGAGE LOAN DIVERSIFICATION December 31, 2016 Property Type Statement Value ($ Millions) # of Properties % Total Commercial Mortgage Loans % Total GIA Assets Apartment $5,242 151 26.2% 3.1% Hotel 2,670 43 13.3 1.6 Industrial 1,666 154 8.3 1.0 Office 6,520 115 32.6 3.9 Retail 2,391 51 11.9 1.4 Other 1,521 62 7.6 0.9 $20,009 576 100.0% 12.0% Region Statement Value ($ Millions) # of Properties % Total Commercial Mortgage Loans % Total GIA Assets Northeast $3,463 44 17.3% 2.1% Mid-Atlantic 2,580 65 12.9 1.5 Southeast 891 40 4.5 0.5 Midwest 2,852 109 14.3 1.7 Southwest 2,349 88 11.7 1.4 West 6,583 168 32.9 3.9 Canada 265 12 1.3 0.2 United Kingdom 1,027 50 5.1 0.6 $20,009 576 100.0% 12.0% 13
These are similar to publicly traded mortgage pass-through securities, but they are whole loans and not securitized. As a result, they typically have higher yields than residential mortgage-backed securities (RMBS) while providing more stable cashflows than the typical RMBS. A great majority of the $1.9 billion of loans underlying these pools have government support from either the Federal Housing Administration or Department of Veterans Affairs. Commercial real estate Investing in commercial real estate provides another source of potentially attractive returns that are less correlated with other asset sectors and helps to diversify risks across a wider variety of sources. Our affiliated asset manager, Barings, handles the vast majority of our real estate investment management. Consistent with other members of the REAL ESTATE EQUITY DIVERSIFICATION December 31, 2016* Property Type Statement Value ($ Millions)** # of Properties % Total Real Estate % Total GIA Assets Office $730 26 36.6% 0.4% Hotel 421 12 21.1 0.3 Industrial 127 13 6.4 Apartment 234 15 11.7 Retail 202 8 1 Other 282 14 14.1 0.2 $1,994 88 100.0% 1.2% Region Statement Value ($ Millions)** # of Properties % Total Real Estate % Total GIA Assets Northeast $375 17 18.8% 0.2% Mid-Atlantic 355 16 17.8 0.2 Southeast 434 10 21.7 0.3 Midwest 70 5 3.5 0.0 Southwest 62 4 3.1 0.0 West 378 15 19.0 0.2 Other 320 21 16.1 0.2 $1,994 88 100.0% 1.2% * Schedule A real estate excludes Home Office properties of $158 million and includes $1,179 million of Schedule BA assets ** Statement value is net of reserves, depreciation and debt 14
investment management organization, its goal is to generate value for the policyowners. Commercial mortgage loans (CMLs) are one of the three primary methods we have for investing in the sector. CMLs are secured by properties such as offices, warehouses, apartments, shopping malls, and hotels. As shown in the charts above, our year-end 2016 holdings of $20.0 billion or 12.0% of GIA assets are diversified geographically and by property type, and are typically secured against properties with stabilized cash flows. The direct investments in CMLs enable extensive up-front due diligence and offer the ability to structure loan terms and covenants that can help mitigate potential risks associated with future property performance. Using our network of regional offices, we rely on commercial real estate professionals from both the debt and equity disciplines to proactively monitor, identify, and assess local market trends. This same level of diligence and surveillance is continued through the life of the loan, with a dedicated team of asset managers that closely monitors the ongoing performance of the borrower in relation to the markets and the borrowers business plans. We use a similar approach when investing in commercial mortgage-backed securities (CMBS). We are opportunistic participants in this sector, with a bias toward the highest quality issues where we underwrite the underlying loans as part of our analysis. We participate when conditions are favorable or when the opportunities would complement our CML portfolio. At year-end 2016, our CMBS holdings were $2.2 billion of which over 99% were considered investment grade by the NAIC. Overall, we have assembled a portfolio of CMLs and CMBS to well-qualified borrowers whose loans are backed predominantly by priority secured liens against properties with stabilized cash flows. As a result of our ability to direct control of the underlying real estate in distressed situations, we emphasize CMLs over CMBS, but both play a part in constructing a diversified portfolio best able to generate attractive long-term returns for the GIA. Equity investments While the investment strategy of the GIA is focused predominately on high quality fixed income assets, the GIA does have an appetite for equity assets, including equity real estate. Equity investments provide another means for investing in diverse issuers. Benefits of equity investing include the opportunity to capitalize on changing prospects for companies and industries, to enjoy returns that are not highly correlated with returns on other asset classes, and to invest in issuers or industries that don t have much debt outstanding. While not guaranteed, equity investments can provide some level of inflation protection in their underlying value, an attractive feature to have in the current environment. Many of the characteristics of equity investments align with the GIA s long-term goals, thus we opportunistically seek value in our equity investing. We invest in the public and private equity markets both held directly and through limited partnerships. Publicly listed shares are readily available and are fairly liquid, however the typical investor is far removed from the senior management of the enterprise. Conversely, private equity is less liquid, requiring a longer-term focus, and is typically available in a limited partnership or similar structure, thus limiting the total number of company 15
owners. Private equity increases opportunities for us to be closer to the senior management of the enterprise in which we are investing. As a result, private equity makes up the larger portion of the equity portfolio and has provided significant benefits for many years, both directly through ownership and indirectly through attractive lending opportunities that arise from these relationships. At year-end 2016, we also had equity real estate investments, directly and through funds and partnerships, of $2.0 billion or 1.2% of GIA assets. Similar to mortgage loans, equity real estate provides a source of return that is less correlated with other classes and helps to diversify our returns across a larger group of investments, minimizing the impact of any one event. Why are issuer and asset sector diversification so important? Diversification is a key component of our strategy to generate competitive long-term returns for the GIA while ensuring that we re able to meet our obligations to policyowners. A well-diversified GIA results from the approach our investment professionals take to assess the relative value of asset sectors and issuers as they make investment decisions. While past returns may not be replicated in the future, we believe it is prudent to review past asset behavior as part of a framework for assessing potential future outcomes. ASSET CLASS RETURN HISTORY December 31, 2016 Calendar Year Returns 2007 2008 2009 2010 2011 Investment Grade Bonds 6.97 5.24 5.93 6.54 7.84 Investment Grade Credit* 5.11-3.08 16.04 8.47 8.35 RMBS* 6.90 8.34 5.89 5.37 6.23 High Yield Bonds 1.87-26.16 58.21 15.12 4.98 Developing Nation Bonds 6.16-12.03 29.82 12.24 7.35 Bank Loans 1.32-28.75 44.87 9.97 1.82 Large Cap Equity 5.49-37.00 26.46 15.06 2.11 Small Cp Equity -1.57-33.79 27.17 26.85-4.18 International Equity 11.63-43.06 32.46 8.21-11.73 Equity Real Estate -17.83-37.34 27.45 27.58 7.28 Gold 30.94 5.80 24.37 29.57 10 3 Month Treasury Bill 4.74 1.80 6 3 0.08 Highest return is blue, second highest is green while third highest is red *These asset classes are components of the larger investment grade bond sector Source: FactSet Research Systems Inc. 16
The table on the preceding page features many of the asset sectors in which we invest and their total returns for the past 10 years. Over relatively short time periods, an investor can earn significant returns from certain asset classes; however, these asset classes frequently experience reversals. This volatility supports our approach of regularly participating in many of these asset classes as buyers and sellers while focusing the core of our portfolio on the more stable (primarily debt) asset classes. Conversely, the more stable classes may not provide enough return to grow our portfolio adequately. By investing in a broad combination of these asset classes we believe the GIA is best able to deliver on the expectations placed upon it. Investing in businesses that benefit our policyowners MassMutual s business structure is built to support our mutuality. Our strategic investments in retirement, asset management, and international insurance businesses have the potential to provide us with diverse sources of growth and earnings that can help us grow capital and enhance our dividendpaying ability. In addition, they allow us to offer a broad spectrum of products and services to meet the financial needs of our clients through various life stages. ASSET CLASS RETURN HISTORY December 31, 2016 Annualized Total Return 2012 2013 2014 2015 2016 5 YRS 10 YRS 4.21 9.37 2.59 15.81 17.44 9.44 16.00 16.35 17.90 24 7.06 0.07-2.02-2.01-1.41 7.44-5.25 6.15 32.39 38.82 23.29 3.21-28.28 0.05 5.97 7.53 6.08 2.45 7.43 2.06 13.69 4.89-4.48 30.43-1.44 0.03 0.55-0.77 1.51-4.47 1.18-0.38 1.38-4.41 7.19 3.04-10.41 0.03 2.65 5.63 1.67 17.13 15 9.88 11.96 21.31 6.02 7.55 8.14 0.27 2.23 3.85 2.06 7.36 5.91 5.35 14.66 14.46 9.55 12.38-6.02 0.09 4.34 5.31 4.28 7.45 6.88 4.27 6.95 7.07 2.41 4.88 6.07 0.73 17
Earning your confidence Our primary objective continues to be maintaining the financial strength to fulfill our commitments to our policyowners and client, over the long-term. In support of that goal, we will continue to pursue the same value-driven investment philosophy that has served you so well. We think you will agree that doing business with MassMutual is a good decision. We welcome your comments and questions. Please direct any inquiries to your MassMutual representative or your financial adviser, or feel free to submit them via our website at www.massmutual.com, which you can also explore for additional financial and investment information. 2017 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. MS1003 1017 CRN201806-217811