Fortune 500: Springfield’s MassMutual at 123

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SPRINGFIELD — MassMutual is No. 123 on the Fortune 500 list of America’s biggest companies for 2021, with $23.6 billion in revenues.

The revenue fell 36.5% compared with the 2020 list. MassMutual was 89th on the list in 2020, before the coronavirus pandemic rapidly changed the nation’s economy.

In a statement, MassMutual said:

“MassMutual is proud to again be featured on the FORTUNE 500® list. From year to year, our position on the list fluctuates based on strategic decisions we make and the methodologies used by FORTUNE to calculate its rankings.”

MassMutual was sixth among Massachusetts-based companies on the list. General Electric’s $79.6 billion revenues made it first in Massachusetts and 38th overall.

in 2020, MassMutual sold its retirement plan business which impacted its rankings in 2021.

GE was followed by No. 57 Raytheon at $56 billion; No. 71 Liberty Mutual at $44 billion; No. 95 Thermo Fisher Scientific at $32.2 billion; and No. 97 TJX, the department store company, at $32 billion. Next was MassMutual.

Also on the list from Massachusetts were No. 198 BJ’s Wholesale Club at $15.4 billion; No. 217 Wayfair at $14.1 billion; No. 228 Biogen at $13.4 billion; and No. 252 State Street at $12 billion.

MassMutual wasn’t the only Springfield company on the list. Electricity and gas utility Eversource has its official home here and was No. 338 at $8.9 billion in revenue.

In Worcester, Hanover Insurance Group was No. 542 on the list with revenues of $4.8 billion.

Called the Fortune 500, the list actually goes all the way to 1,000. Fortune released the list Wednesday. It’s the 67th annual edition for the magazine, which added this year a list of the 20 Most Progressive Companies on Racial Inclusion. Microsoft (No. 15) took top honors, followed by Centene (No. 24), Target (No. 30), Gap (No. 221) and Biogen (No. 228).

In the overall 500 list, Walmart took the top spot for the ninth year in a row, generating $4.5 trillion in cumulative revenue over that time, Fortune said in a news release. Amazon.com also held onto its No. 2 spot with a 38% jump in revenue.

In third place, Apple was the most profitable company on the list, and the only company with a market value over $2 trillion. At No. 4, Rhode Island-based CVS Health and CEO Karen Lynch made Fortune 500 history as the highest-ranked company ever to be led by a female CEO.

“MassMutual is proud to again be featured on the FORTUNE 500® list. From year to year, our position on the list fluctuates based on strategic decisions we make and the methodologies used by FORTUNE to calculate its rankings.”

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