Nationwide announced that it has reached an agreement with MassMutual to reinsure a block of fixed Universal Life insurance policies covering more than 30,000 policyowners. The transaction, which is expected to close in the second quarter of 2026, has a total face value of nearly $16 billion and will increase Nationwide Financial’s reserves by $6 billion.
The agreement is expected to support the continued growth of Nationwide’s life insurance business. Nationwide noted that it expects to absorb the additional business without adding staff. Under the terms of the transaction, MassMutual will continue administering the policies and remain the primary point of contact for policyowners.
Nationwide said the transaction reflects its strategy of deploying its capital strength to expand its presence in the life insurance market. The company was designated the third largest writer of life insurance in 2025.
Sidley Austin LLP served as legal counsel to Nationwide on the transaction.
KEY QUOTES:
“This agreement represents a tremendous opportunity to put our strong capital position to work and grow our life insurance business, which was designated the third largest writer of life insurance in 2025. Bringing together two strong brands allows us to protect more Americans with life insurance.”
Kirt Walker, CEO, Nationwide
“This deal marks a continued step forward for our life insurance business, which has established itself as a strong and stable industry leader with a deep portfolio of protection solutions.”
Craig Hawley, President, Nationwide Financial
