SPRINGFIELD, Mass., and BOSTON--(BUSINESS WIRE)--Massachusetts Mutual Life Insurance Company (MassMutual) today released its 2021 Sustainability Report, highlighting the company’s long-standing commitment and progress across key environmental, social, and governance (ESG) topics. The inaugural report emphasizes that sustainability is integral to how MassMutual delivers value and stability for its stakeholders, and details the company’s efforts to advance diversity, equity, and inclusion and create a more sustainable future.
“As a mutual company, we do business with the long-term interests of our policyowners and customers in mind. This focus on mutuality and longevity goes hand-in-hand with our commitment to sustainability, as thinking and acting for the greater good is embedded in who we are,” said Roger Crandall, Chairman, President, and CEO, MassMutual. “This mindset enables MassMutual to have big aspirations about how we can build a better world for future generations, and our inaugural sustainability report shows how we are taking action each day to bring that closer to reality.”
Among the many initiatives this report covers, MassMutual’s key efforts from 2021 and the first half of 2022 include:
- Established a commitment and began to implement a roadmap to achieve net zero emissions in MassMutual’s operations by 2030 and in its investment portfolio by 2050, making it the first U.S.-based mutual insurance company with a 2050 net zero portfolio goal.
- Announced a strategic investment in Low Carbon, a U.K.-based renewable energy investor and asset manager, to leverage proven technologies that advance renewable energy at scale.
- Committed $100 million of impact investment capital to help advance racial equity and economic opportunity, including launching the MM Catalyst Fund, a $50 million fund to invest in Black-led companies and overlooked entrepreneurs in Massachusetts.
- Increased the racial/ethnic diversity of its workforce by 19 percent – and of its leaders by 28 percent – over the past three years, and continued to publish workforce demographic data.
- Achieved more than $40 million in diverse spend in 2021 tied to its procurement operations, an increase of over 18 percent from 2020, and announced a $150 million, five-year commitment to utilize underrepresented diverse businesses in its procurement operations.
- Donated $20 million to nonprofits, including $1 million toward the creation of King Boston’s new Center for Economic Justice.
“At MassMutual, we view sustainability as not only core to our purpose, but also as a critical strategic priority,” said Ying Yu, Head of Sustainability, MassMutual. “We continue to integrate ESG into our business, including committing to net zero emissions, increasing the diversity of our workforce, investing in our communities, and providing financial well-being to more Americans. We are backing these commitments with rigorous plans and a pledge to be transparent about our progress.”
MassMutual’s 2021 Sustainability Report includes related disclosure topics identified by the Sustainability Accounting Standards Board (SASB). The report content is also informed by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). MassMutual intends to publish a sustainability report annually. For more information on MassMutual’s sustainability initiatives, visit www.massmutual.com/sustainability.
About MassMutual
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.
