Springfield’s Massachusetts Mutual Life Insurance Co. (MassMutual) reported solid financial results for 2010, including strong increases in earnings and surplus, as well as assets under management for the company and its subsidiaries.

The company also achieved record sales in its core product, whole life insurance – the fifth consecutive year of record sales – as well as record sales in its Retirement Services business for the second consecutive year, according to a statement.

For the year ended Dec. 31, 2010, net gain from operations before dividends and taxes – the company’s primary earnings measure as a mutual company – grew to $1.9 billion, up 3 percent from the prior year, while net income grew to $594 million, up significantly from a net loss of $283 million for 2009.

Weighted sales for whole life insurance were $237 million for 2010, up 17 percent over 2009, and retirement plan sales from its Retirement Services business totaled $5.3 billion, up 11 percent. Assets under management by MassMutual and its subsidiaries grew to $448 billion as of Dec. 31, 2010, up 10 percent from the end of 2009. The company’s surplus and total adjusted capital – both key indicators of the company’s overall financial strength – grew to record levels of $10.4 billion (up 12 percent) and $12.4 billion (up 13 percent), respectively.

"Against the background of a slow and uncertain economic recovery, MassMutual produced excellent results last year, including records in some key areas," said Roger Crandall, chairman, president and CEO of MassMutual. "Our ability to focus on long-term financial strength rather than short-term market pressures enabled us to again deliver profitable sales of our core products, continue to build our capital and surplus, and offer quality financial solutions through one of the best career agency systems in the industry."