2021 Summary Annual Report to Members
Message from management
Our purpose was once again on full display in 2021. The disruption and uncertainty brought by the pandemic continued to highlight the peace of mind Minnesota Mutual Companies provides.
In 2021, we provided $1.4 trillion of in-force life insurance protection, managed over $106 billion in assets and provided $4.9 billion in GAAP benefits – including nearly $850 million in COVID-related death benefits – to our customers and their families when they needed us most.
Our outstanding financial strength enables our continued investment in the new capabilities and sources of growth. In 2021, we met the needs of our customers, distribution partners and employees in a rapidly changing environment. Specifically, we improved our products and services by investing in new digital customer engagement tools, integrating data and analytics strategies, and converting to cloud-based solutions to improve the customer experience. In addition, we introduced innovative new workspaces and a flexible work model for our employees to support our business needs and to attract and retain top talent.
In 2021, Minnesota Mutual Companies stepped up to meet challenges with a long-term view on how we continue to deliver on our purpose. Our enduring strength – built over generations – gives us great confidence in the future.
A summary of our 2021 financial results from across our businesses:
- Insurance in force was $1.4 trillion
- Proprietary sales increased to $3.9 billion, reflecting insurance sales of $500 million and annuity sales of $3.4 billion.
- Assets under management increased to $106.1 billion
- Revenue increased to $7.3 billion
- Surplus increased to $6.9 billion
- Operating earnings1 were $105.5 million