Massachusetts Mutual Life Insurance Company (MassMutual) is reportedly considering a sale of its retirement services business for about $2 billion.
MassMutual no longer considers the retirement plans integral to its business, according to a report last week from Reuters, which cited anonymous sources. The retirement services division has about $175 billion in assets under management and administration.
One potential buyer could be competitor Prudential Financial, according to Investment News, which cited a source this week familiar with both companies.
A spokesperson for MassMutual declined to confirm or deny the reports: “As a matter of practice, we do not comment on rumors or speculation,” Laura Crisco, head of media relations at MassMutual, said in an emailed statement.
The potential move would be the second big sale from MassMutual in recent years. In 2018, the mutual life insurance company made a $5.7 billion sale of its asset manager firm OppenheimerFunds to Invesco.
MassMutual offers defined contribution (DC) plans for public and private sector workers. It also offers products such as annuities.