It's been another record-setting year for MassMutual's Retirement Services Divison, with some of the highest sales in the firm's history.
Written sales for 2011 exceed $6 billion, a 13 percent increase over 2010 figures and making the year the highest for sales in the division's 65 years of existence.
Assets under management in retirement plans administered by MassMutual reached $55 billion at the end of 2011, a 7 percent increase from the previous year; the division also experienced record net cash flow in 2011, topping $3.5 billion for the first time.
In a release, Elaine Sarysynki, executive vice president of the retirement division and chairman and CEO of MassMutual International LLC, said the company's 95 percent sponsor retention rate helped fuel the record earnings, as well as large gains in the nonprofit market and both the value/investment only and professional employer organization markets.
"We are in an extremely competitive time in our industry," Sarsynski said. "While we have worked very hard to deliver on behalf of our clients, the bar continues to be raised."
MassMutual's retirement division was also picked by advisors as providing the highest level of satisfaction, among 17 companies listed, according to the Boston Research Group's "2011 Defined Contribution Plan Retirement Advisor Satisfaction and Loyalty Study."
The division was also picked as No. 1 in categories including wholesaler accessibility and marketing assistance