MassMutual and its global alternative asset management subsidiary, Barings, announced that MS&AD Insurance Group Holdings has completed the acquisition of an 18% equity stake in Barings through its subsidiary, Mitsui Sumitomo Insurance Co., Ltd. (MSI), a major Japanese insurance company.
The transaction establishes MS&AD as a long-term strategic partner alongside MassMutual, which will retain an 82% ownership stake and controlling governance rights in Barings. The companies said the partnership is designed to accelerate Barings’ growth through additional capital and assets while expanding Barings’ role in managing MS&AD’s general investment account.
Barings will continue supporting MS&AD’s investment portfolio through its capabilities in credit, real assets, capital solutions, and emerging markets. As part of the agreement, MSI will appoint one director to Barings’ Board and several MS&AD employees will join Barings teams through secondment arrangements.
Barings currently manages $481 billion in assets as of March 31, 2026, and serves institutional, insurance, and wealth clients globally. The company operates as a subsidiary of MassMutual and focuses on alternative asset management and flexible financing solutions.
MassMutual said Barings will continue operating independently following the transaction, with no changes to its day-to-day operations, investment processes, committees, or overall strategy. Barings will also continue managing the majority of MassMutual’s general investment account.
Founded in 1851, MassMutual is a mutual life insurance company offering protection, accumulation, wealth management, and retirement products and services. MS&AD Insurance Group is one of Japan’s largest insurance groups, operating across non-life insurance, life insurance, and financial services.
KEY QUOTES:
“We are pleased to welcome MS&AD as an owner alongside MassMutual and believe our aligned ownership model is a key strategic advantage. Our structure, combined with long-duration investment capital, gives us the scale and stability to invest across market cycles, expand our capabilities, and deliver solutions for clients.”
Mike Freno, Chairman and CEO, Barings
“We have long admired Barings’ global investment capabilities and solutions-oriented approach, and we are excited to help advance Barings’ long-term objectives with MassMutual. We also look forward to collaborating closely with MassMutual and Barings to invest in new and existing strategies to evolve our portfolio and to meet our needs as a global insurance company.”
Shinichiro Funabiki, Representative Director, President & CEO, MS&AD
“The successful close of this transaction marks an important milestone for MassMutual and Barings. Welcoming MS&AD as a long-term strategic partner reinforces the strength of Barings and our conviction in its continued growth, while also building on MassMutual’s longstanding, successful approach to integrating insurance and asset management, giving us a powerful combination that enhances our ability to deliver enduring value to our policyowners.”
Roger Crandall, Chairman, President and CEO, MassMutual
