2026: Nationwide to Reinsure $16bn of MassMutual’s Universal Life Policies

Columbus, OH – Nationwide has entered into a reinsurance agreement with MassMutual to cover a block of Fixed Universal Life insurance policies, which includes over 30,000 policyholders. Once closed in the second quarter of 2026, this transaction, worth nearly $16 billion, will augment Nationwide Financial’s reserves by $6 billion. Furthermore, Nationwide anticipates absorbing this additional business without expanding its workforce.

Nationwide’s Growth in Life Insurance Business

“This agreement symbolizes an excellent chance to utilize our robust capital position to expand our life insurance business, which was the third-largest writer of life insurance in 2025,” stated Kirt Walker, CEO of Nationwide. “Merging two resilient brands enables us to safeguard more Americans with life insurance.”

MassMutual will continue to administer these policies and remain the point of contact for policyowners.

Increasing Strength in Life Insurance Industry

“This deal signifies a continuous advancement for our life insurance business, which has established itself as a stable industry leader with a diverse portfolio of protection solutions,” said Craig Hawley, president of Nationwide Financial.

Sidley Austin LLP served as Nationwide’s legal counsel on the transaction.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

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