SPRINGFIELD (AP) - Insurer MassMutual Financial Group has approved an estimated $1.39 billion in dividends to participating policy holders in 2013.
Company officials say it is the highest payout in MassMutual's 161-year history. The dividends include a dividend interest rate of 7 percent on all eligible participating life insurance policies, unchanged from 2012.
The estimated payout of $1.39 billion is an increase of more than 4 percent more than the $1.33 billion in 2012.
John Chandler Jr., MassMutual's chief marketing officer, tells The Republican newspaper (http://bit.ly/RAWetM ) that despite the economy in general, MassMutual continues to do well.
Chandler said whole-life insurance policies are the most-familiar of the policies that make people participating policy holders. Those holders are the owners of MassMutual, which is a mutually-held company. The dividend represents the company's profits.