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MassMutual to combine US insurance, retirement units

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MassMutual to combine US insurance, retirement units

Massachusetts MutualLife Insurance Co. on April 11 said it would combine its U.S. insuranceand retirement operations into a single business and form a new customer experiencegroup, effective May 1.

The insurance and retirement unit will include protection products,including life, disability income, long-term care insurance and individual annuities,as well as retirement plans, worksite insurance and other specialty products andsolutions for institutions. These offerings will be sold through MassMutual's careeragency system, third-party intermediaries and directly to consumers. The combinedleadership team will report to Michael Fanning, executive vice president and currenthead of MassMutual's U.S. insurance business.

The customer experience group will focus on marketing the MassMutualbrand, including along digital channels. It will develop the technology behind HavenLife Insurance Agency, the MassMutual online insurance subsidiary; Beneclick!, anintegrated employee benefits exchange; and a data science practice. The divisionwill be led by Gareth Ross, senior vice president and chief customer officer. Heis currently the head of data science and target markets in MassMutual's U.S. insurancebusiness.

The company also said it would place greater focus on maximizingthe value of MassMutual International LLC, its overseas insurance operations inChina, Japan and Hong Kong. The business will be led by Elaine Sarsynski, executivevice president and current head of MassMutual's retirement and worksite insurancebusiness. Sarsynski is also the current chairman of MassMutual International andwill serve as CEO of the entity.

Fanning, Ross and Sarsynski will report to MassMutual Chairman,President and CEO Roger Crandall.