Boston-based Massachusetts Mutual Life Insurance Company is closing its recently formed MassMutual Retirement Income (MMRI) unit, according to a report in Investment News. The unit was formed in April 2007 to deliver “advisor-focused solutions for customers’ accumulation and guaranteed lifetime income needs.”
Created apart from its U.S. Insurance Group, MMRI was formed to capture the growing importance of investment behavior, risk and hedging issues within retail retirement accumulation and income products, said the report. The company will continue to offer retirement products and annuities through its other divisions.
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