Boston Mutual Life Insurance Logo

Growing
our Legacy

Honoring our past.
Advancing our future.

To Our Valued
Policyholders

It’s an honor to take on the role of President & CEO of Boston Mutual Life Insurance Company. Following Paul Quaranto’s leadership, including 12 years at the helm and more than 30 years of dedicated service, Boston Mutual Life is well positioned to continue building on a strong foundation for growth. As only the eighth president in our history, I’m proud to lead an organization defined by strength, stability, and purpose.

2025 marked a significant milestone as we successfully completed Vision 2025, our strategic plan, and prepared for what comes next.

Guided by a commitment to putting customers at the center of what we do, we strengthened the customer experience and delivered solutions that meet real needs. Investments in our Customer Experience team enhanced support for both brokers and policyholders, reinforcing the trusted relationships that are essential to our mutual success.

We also continued modernizing how we operate, including the launch of the pilot program for BML Connect, our new policy administration platform, making it easier to do business with us while supporting strong, sustainable sales growth.

With Vision 2025 complete, we are entering the next chapter of Boston Mutual Life’s history with a clear focus on the future. Customer expectations continue to evolve, and we are evolving alongside them, adapting how we work, equipping our employees with the right tools and technology, and extending our reach to new customers who need the products and services we provide.

Every step forward is guided by our commitment to people—not just policies, but individuals and families who rely on us. We are here to deliver solutions that provide confidence, protection, and peace of mind, because you and your family matter.

I look forward to the year ahead and the opportunity to continue growing our legacy together. Thank you for the trust you place in Boston Mutual Life.

Sincerely,

Grant D. Ward
President and Chief
Executive Officer

Service that moves forward

Elevating the
Customer Experience

In 2025, we executed a number of activities to make sure we provided the experience that customers come to expect and are consistent with those in our industry. Throughout the year, we advanced our service strategy by delivering consistent, high-quality experiences today while thoughtfully preparing for the needs of tomorrow. Our focus on strengthening existing customer relationships, paired with initiatives designed to support sustainable growth, ensures we continue building a resilient and future-ready service model.

A key part of this work involved evaluating our organizational structure to enhance alignment, efficiency, and customer-centricity. By realigning teams and optimizing processes, we reduced friction, improved responsiveness, and created a more seamless experience across the customer journey. Notably, in February 2025, we integrated the Claims team into the Customer Experience department, a strategic step that has improved coordination, streamlined service delivery, and strengthened the overall continuity of support.

As we grow our legacy, we remain committed to enhancing service by focusing on what matters most to our customers.

Growth with purpose

Expanding our reach
through partnership

Our life and benefits insurance solutions resonate with our customers, and as a result we experienced positive sales growth in 2025. We worked closely with our producer partners to make workplace insurance more accessible, especially for unions, associations, municipalities, and small businesses. To better serve these markets, we made sure our sales team structure and staffing aligned with our approach. In addition, we used data, market trends, and industry insights to guide our strategy.

We remained focused on meeting the needs of underserved and underinsured customers while expanding thoughtfully into new markets and increasing our presence in existing ones. Sales performance continued to outpace prior years, reflecting the effectiveness of this approach. We also explored new distribution opportunities and models to support future growth and evolving customer needs. Overall, it was a strong year for sales, highlighting our focus on meeting customer needs, supporting the markets we know best, and exploring new opportunities for future growth.

Empowering our people

Investing in our
people & culture

Our employees are the foundation of our success, and in 2025 we continued to invest in creating a supportive and engaging workplace where staff can grow, contribute, and thrive.

Learning and development remained a priority, with expanded training opportunities for employees to build skills, support career growth, and prepare future leaders. These efforts help ensure continuity, long-term organizational strength, and succession for tomorrow.

We also enhanced employee engagement through company events, recognition, and wellness initiatives designed to promote balance and connection, reinforcing collaboration and the connection between engaged employees and strong business results.

As the company continues to evolve, we remain committed to supporting our people through change and moving forward together.

Building the modern foundation

Modernizing
how we serve

On the journey of our company’s evolution, we have been investing heavily in modernizing how we interact and serve our customers in ways that match their expectations—and we are seeing those efforts garner great results. In 2025, we achieved historical milestones in modernizing our policy administration system. We launched the first piece of the rollout for BML Connect, the platform for the new system. The pilot launch was the result of collaboration and coordination across the company and culminated in a key moment for the project but also for Boston Mutual Life in our progress forward.

The pilot launch reinforced that we now have the capabilities to accomplish activities we couldn’t do before. As a result, we are moving our company forward at an accelerated rate—building a foundation for sustainable growth, continuing to propel the organization forward, and creating the structure to accelerate progress forward to the next phase of serving our customers.

Purpose in action

Stengthening Our
Communities & Industries

As a mutual company, woven into the background of our day-to-day is the support we provide our customers in the communities that we serve and where we live and work.

2025 was the seventh year of our corporate citizenship program, Making An Impact, plus the seventh year we were named to the top charitable companies list in Massachusetts by a leading regional business publication. Since its inception in 2018, Making An Impact’s contributions of volunteer hours, goods, and monetary donations to a variety of charitable causes across the country reinforces our legacy as a mutual insurer and illustrates the generosity of our employees.

Our industry involvement enables us to stay on top of critical topics that could impact our customers, brokers, employees, and industry as a whole. In 2025, we strategically aligned with industry partners to help amplify our efforts, with activities including American Council of Life Insurers (ACLI) engagement.

Making An
impact

  • 0 Volunteer Hours
  • $0M Donated Since 2018
  • 0 Donations

2025
Financial Highlights

Paid Out $130 Million in Benefits

Being there for our customers when they need us most

Financial Strength with an “A” Rating

Affirmed by AM Best for eighth consecutive year, with a stable outlook

Excellent Balance Sheet

With low-risk and high-quality assets and liabilities

Very Strong Surplus Position

Risk-based capital 655%

*Dollars in thousands

2025
board of directors & officers