Yes, this can be done using the Mail Merge tool though these steps:
  1. Go to Data Management > Mail Merges.
  2. Click the link Create a New Mail Merge.
  3. Fill out the required fields and in the selector chose the desired constituent fields.
  4. Click Next Step.
  5. Select the desired group.
  6. Click Next Step.
  7. Click Confirm.
  8. Wait until the Status is Generated.
  9. Click on the blue floppy disk icon to download the results.