Springfield’s Massachusetts Mutual Life Insurance Co. (MassMutual) has approved payment of an estimated $1.23 billion in dividends to eligible participating policyholders in 2011.

"As a mutual company, we are operated for the benefit of our policyholders, making our mission, strategy and focus extremely clear," said Roger Crandall, president and CEO, MassMutual. "As MassMutual approaches our 160th anniversary in 2011, we are proud to extend our legacy of strong dividend payouts, which we have consistently paid since the 1860s."

The total dividends for 2011, approved by MassMutual’s board of directors, include a dividend interest rate of 6.85 percent on new eligible participating life insurance policies.
Of the total dividend payout of $1.23 billion, an estimated $1.2 billion has been approved for eligible participating policyholders who have purchased whole life insurance, the company’s core product.