MassMutual sales growth leads small carrier category for second straight year

AVON, Conn., June 27, 2024 /PRNewswire/ -- Eastbridge Consulting Group has named MassMutual the 2023 Voluntary Sales Growth Leader in the small carrier category for its outstanding sales growth. MassMutual reported sales growth of 19% in 2023, 33% in 2022 and 58% in 2021 to earn the annual recognition from Eastbridge for companies with $10 million to $49.9 million in voluntary sales.

Eastbridge recognizes carriers that exhibited voluntary sales growth above industry averages for the previous three years after publishing its annual "U.S. Voluntary/Worksite Sales Report." The voluntary/worksite market continued to surge ahead in 2023 with total new business annualized premium of $9.34 billion, a 6.7% increase over 2022.

"MassMutual continued its impressive sales results again last year," said Nick Rockwell, president of Eastbridge. "Double-digit sales growth on top of tremendous leaps the previous two years shows MassMutual is on the right track."

"We are thrilled to once again be recognized as the Voluntary Sales Growth Leader in the small carrier category, reflecting MassMutual's continued commitment to making financial well-being a reality for working Americans," said Shefali Desai, head of worksite with MassMutual. "For today's workforce, voluntary benefits can no longer be viewed as 'voluntary' but rather as essential building blocks supporting employees' short- and long-term financial security."

Carriers participating in the "U.S. Voluntary/Worksite Sales Report" survey with at least $10 million in annual sales are eligible to win the Voluntary Sales Growth Leader recognition. To be considered for the award this year, a company must have exceeded the overall industry growth rates of 6.7% in 2023, 5.4% in 2022 and 11.35% in 2021. Small companies are those with new business annualized premium of $10 million to $49.9 million. Midsize companies are those with NBAP of $50 million to $149.9 million, and large companies are those with NBAP of $150 million or more.

Carriers participating in the "U.S. Voluntary/Worksite Sales Report" survey receive a free copy of the survey findings, including company-specific results. Carriers not currently participating that would like to be included in next year's survey can contact Eastbridge at info@eastbridge.com or (803) 782-0560.

About Eastbridge Consulting Group

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

About MassMutual (Massachusetts Mutual Life Insurance Company)

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit www.massmutual.com.

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SOURCE Eastbridge Consulting Group