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Securian Financial

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

Financial highlights

Condensed Consolidated (December 31, 2019 and 2018)

in thousands 2019 2018
Insurance in force $1,273,866,400 $1,211,275,300
Assets 63,153,400 51,904,800
Revenues 6,601,000 5,496,400
Operating earnings1 331,300 328,600
Policyholder benefits2 4,185,200 3,497,000
Surplus 6,226,200 4,874,400

1. Operating earnings equal net income less net realized investment gains (losses), net of taxes.
2. Policyholder benefits equal the sum of policyholder benefits and interest credited.

Our ratings

Minnesota Life Insurance Company and Securian Life Insurance Company, the insurance company affiliates of Minnesota Mutual Companies, Inc., are highly rated by the four independent rating organizations that analyze financial strength and claims-paying history.

For more information about the rating agencies and to see where our rating ranks relative to other ratings, please see our ratings.

Structure and facts

Our mutual holding company structure preserves our mutual heritage and provides the flexibility to manage change and provide long-term value for our customers.

The members of Minnesota Mutual Companies, Inc. collectively own the mutual holding company, the ultimate parent company of Minnesota Life Insurance Company, which is a stock subsidiary but is not publicly traded. No one, including members of management and the Board of Directors, has been issued any stock.

Minnesota Mutual Companies, Inc. is the holding company parent of a group of companies that provide a broad range of financial services, including Securian Financial Group, Inc.; Allied Solutions, LLC; Asset Allocation & Management Company, LLC; Canadian Premier Life Insurance Company; Canadian Premier General Insurance Company; CRI Canada Ltd.; Empyrean Benefit Solutions, Inc.; Minnesota Life Insurance Company; Securian Asset Management, Inc.; Securian Casualty Company; Securian Financial Services, Inc.; Securian Life Insurance Company; Securian Trust Company, N.A.; and Selient Inc.

With nearly $1.3 trillion of life insurance in force, Minnesota Mutual Companies, Inc. serves more than 21 million customers through 6,400 employees and representatives throughout North America.

Directors of Minnesota Mutual Companies, Inc.

As of December 31, 2019

Wilson G. Bradshaw

President Emeritus (Retired)
Florida Gulf Coast University
Fort Myers, Florida


Corporate Governance and Public Affairs; Human Resources and Compensation; Non-Overlapping Directors

Mary K. Brainerd

Retired President and Chief Executive Officer
Minneapolis, Minnesota


Audit (Chair); Investment; Executive

Jay D. Debertin

President and Chief Executive Officer
CHS Inc.
Inver Grove Heights, Minnesota


Human Resources and Compensation; Investment; Non-Overlapping Directors

Benjamin G. S. Fowke, III

Chairman and Chief Executive Officer
Xcel Energy, Inc.
Minneapolis, Minnesota


Human Resources and Compensation; Audit

Sara H. Gavin

Chief Client Officer
Weber Shandwick
Bloomington, Minnesota


Corporate Governance and Public Affairs (Chair); Human Resources and Compensation; Executive

Eric B. Goodman

Retired Chief Investment Officer
Cedar Rapids, Iowa


Audit; Investment

Christopher M. Hilger

Chairman, President and Chief Executive Officer
Securian Financial Group, Inc.
St. Paul, Minnesota


Corporate Governance and Public Affairs; Investment; Executive

John H. Hooley

Retired Executive Vice President/President
SUPERVALU Retail Companies
Eden Prairie, Minnesota


Human Resources and Compensation (Chair); Audit; Executive

Ronald J. Peltier

Chairman and Chief Executive Officer
HomeServices of America, Inc.
Minneapolis, Minnesota


Human Resources and Compensation; Investment; Non-Overlapping Directors

Trudy A. Rautio

Retired President and Chief Executive Officer
Minnetonka, Minnesota


Audit; Investment (Chair); Executive

Robert L. Senkler

Former Chairman and Retired Chief Executive Officer
Securian Financial Group, Inc.
St. Paul, Minnesota


Audit; Investment

Elizabeth A. Simermeyer

Executive Vice President and President, Global Healthcare and Life Sciences
St. Paul, Minnesota


Audit; Corporate Governance and Public Affairs; Non-Overlapping Directors

Contact information

For member-related inquiries, please contact:

Member Relations

Minnesota Mutual Companies
400 Robert Street North
St. Paul, MN 55101-2098

651-665-3500 (main)
651-665-4128 (fax)