2019 Summary Annual Report to Members
Message from management
2019 was another year of strong financial performance. Our results helped us build upon the outstanding financial strength that has been a hallmark of our company for generations. We delivered solid growth in revenue and stable earnings — and our strong capital, excellent investment quality and disciplined approach to enterprise risk management kept us among the most highly rated insurance companies in the country.
Our enduring financial strength allows us to fulfill our commitments and offer peace of mind and financial security to our more than 21 million customers. In 2019, we provided nearly $1.3 trillion of in-force life insurance protection, managed more than $93 billion in assets and, most importantly, paid $5.6 billion in statutory benefits to our customers and their families when they needed us most.
We continue to invest in our future to remain innovative and competitive during a time of unprecedented change in our industry. In 2019, these efforts included accelerating our technology transformation, streamlining our operating model and launching an internal culture transformation to emphasize agility and provide exceptional experiences to our customers and distribution partners.
2019 was an excellent year for Minnesota Mutual Companies. We leveraged the qualities that have made our company successful for generations, while developing new capabilities that will keep us strong for generations to come. We are starting 2020 — our 140th anniversary year — with great momentum and optimism about the future of the organization and our ability to serve those who count on us.
Our 2019 financial results reflect solid performance across our businesses:
- Insurance in force increased to nearly $1.3 trillion
- Proprietary sales increased to $4.3 billion; insurance sales increased 8 percent, to $560 million, and annuity sales increased over 40 percent, to $3.8 billion
- Assets under management increased 18 percent to $93.4 billion
- Revenue increased 20 percent to $6.6 billion
- Surplus increased 28 percent to $6.2 billion
- Operating earnings1 increased 1 percent to $331 million