MassMutual adds to mammoth interest rate swaps book
Counterparty Radar: Firm was responsible for 28% of US life insurers’ notional aggregate in Q4 2023
Massachusetts Mutual’s vast portfolio of interest rate swaps grew 8% to reach $316 billion in notional in the fourth quarter of 2023, as the firm’s vanilla interest rate derivatives book remained the largest of any US life insurer.
The same quarter saw Prudential Financial increase the size of its book by 2% to $211 billion, while the third most active US life insurer in the space, John Hancock, expanded its exposure by 1%.
Overall, US life insurers’ interest rate swaps notional grew 4% to $1.14
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