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Massachusetts Mutual Life Insurance Company and Subsidiaries

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Massachusetts Mutual Life Insurance Company and Subsidiaries MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of September 30, 2016 and December 31, 2015 and for the nine months ended September 30, 2016 and 2015 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (UNAUDITED) Table of Contents Page Condensed Consolidated Statutory Statements of Financial Position ................................................................2 ............................................. Condensed Consolidated Statutory Statements of Operations ................................................................3 ....................................................... Condensed Consolidated Statutory Statements of Changes in Surplus ................................................................4 ........................................... Condensed Consolidated Statutory Statements of Cash Flows ................................................................5 ...................................................... Notes to Condensed Consolidated Statutory Financial Statements: 1. Nature of operations ................................................................................................................................6 ............................................ 2. Summary of significant accounting policies ................................................................................................6 ............................................. 3. New accounting standards ................................................................................................8 .................................................................... 4. Investments a. Bonds ................................................................................................................................10 ............................................................... b. Common stocks – subsidiaries and affiliates ................................................................................................13 ............................................. c. Mortgage loans ................................................................................................................................14 ................................................... d. Derivatives ................................................................................................................................15 ........................................................ e. Net investment income ................................................................................................18................................ ......................................... f. Net realized capital gains (losses) ................................................................................................19 ........................................................... 5. Federal income taxes ................................................................................................................................20 ........................................... 6. Other than invested assets ................................................................................................20 ..................................................................... 7. Policyholders’ liabilities ................................................................................................ ................................20 ....................................................................................................................................... ....................................................................................................... 8. Reinsurance ................................................................................................................................21 ....................................................... 9. Withdrawal characteristics ................................................................................................21 .................................................................... 10. Debt ................................................................................................................................21 ................................................................. 11. Employee benefit plans ................................................................................................21................................ ........................................ 12. Employee compensation plans ................................................................................................22 ............................................................... 13. Surplus notes ................................................................................................................................ ................................22 ..................................................................................................................... ....................................................................................................... 14. Presentation of the Condensed Consolidated Statutory Statements of Cash Flows ................................22 ............................................................ 15. Fair value of financial instruments ................................................................................................23 .......................................................... 16. Business risks, commitments and contingencies ................................................................28................................ ........................................ 17. Related party transactions ................................................................................................31 ..................................................................... 18. Business combinations and goodwill................................................................................................32 ....................................................... 19. Subsequent events ................................................................................................................................32 ............................................... MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY STATEMENTS OF FINANCIAL POSITION (UNAUDITED) September 30, December 31, 2016 2015 $ Change % Change ($ In Millions) Assets: Bonds $ 91,137 $ 83,970 $ 7,167 9 % Preferred stocks 521 563 (42) (7) Common stocks – subsidiaries and affiliates 9,669 6,571 3,098 47 Common stocks – unaffiliated 1,248 1,142 106 9 Mortgage loans 22,395 22,999 (604) (3) Policy loans 12,542 12,062 480 4 Real estate 973 924 49 5 Partnerships and limited liability companies 7,296 7,704 (408) (5) Derivatives 16,601 9,822 6,779 69 Cash, cash equivalents and short-term investments 3,534 3,424 110 3 Other invested assets 511 235 276 117 Total invested assets 166,427 149,416 17,011 11 Investment income due and accrued 2,030 1,939 91 5 Federal income taxes - 67 (67) (100) Deferred income taxes 1,272 1,341 (69) (5) Other than invested assets 3,035 3,026 9 - Total assets excluding separate accounts 172,764 155,789 16,975 11 Separate account assets 69,867 66,408 3,459 5 Total assets $ 242,631 $ 222,197 $ 20,434 9 % Liabilities and Surplus: Policyholders' reserves $ 113,346 $ 107,200 $ 6,146 6 % Liabilities for deposit-type contracts 11,003 10,567 436 4 Contract claims and other benefits 374 520 (146) (28) Policyholders' dividends 1,799 1,742 57 3 General expenses due or accrued 1,047 959 88 9 Federal income taxes 47 - 47 100 Asset valuation reserve 3,395 2,899 496 17 Repurchase agreements 5,130 5,370 (240) (4) Commercial paper and other borrowed money 292 277 15 5 Collateral 4,298 2,250 2,048 91 Derivatives 12,280 6,354 5,926 93 Other liabilities 3,207 2,677 530 20 Total liabilities excluding separate accounts 156,218 140,815 15,403 11 Separate account liabilities 69,858 66,399 3,459 5 Total liabilities 226,076 207,214 18,862 9 Surplus 16,555 14,983 1,572 10 Total liabilities and surplus $ 242,631 $ 222,197 $ 20,434 9 % See notes to condensed consolidated statutory financial statements 2 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY STATEMENTS OF OPERATIONS (UNAUDITED) Nine Months Ended September 30, 2016 2015 $ Change % Change ($ In Millions) Revenue: Premium income $ 15,917 $ 15,488 $ 429 3 % Net investment income 5,006 4,747 259 5 Fees and other income 778 723 55 8 Total revenue 21,701 20,958 743 4 Benefits and expenses: Policyholders' benefits 13,799 12,473 1,326 11 Change in policyholders' reserves 5,494 5,823 (329) (6) Change in group annuity reserves assumed (1,215) (662) (553) (84) General insurance expenses 1,554 1,321 233 18 Commissions 709 641 68 11 State taxes, licenses and fees 172 161 11 7 Total benefits and expenses 20,513 19,757 756 4 Net gain from operations before dividends and federal income taxes 1,188 1,201 (13) (1) Dividends to policyholders 1,214 1,215 (1) - Net loss from operations before federal income taxes (26) (14) (12) (86) Federal income tax benefit (160) (69) (91) (132) Net gain from operations 134 55 79 144 Net realized capital gains 56 94 (38) (40) Net income $ 190 $ 149 $ 41 28 % See notes to condensed consolidated statutory financial statements 3 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY STATEMENTS OF CHANGES IN SURPLUS (UNAUDITED) Nine Months Ended
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