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Retirement As of December 31, 2008 Retirement sales increased 36 percent in 2008, to nearly $1.5 billion. Marking new milestones, our individual annuity and employer plan product lines both contributed more than $600 million to the total. Collected premium exceeded $2.3 billion and net cash flow was a positive $493 million – both record results. The demand for individual annuities as retirement funding vehicles boosted sales in 2008 to nearly $850 million, a 67 percent increase over 2007. To meet consumer retirement income needs and keep pace with the demand for capital preservation products, we introduced our first fixed immediate annuity – Income Today! – which contributed to our sales success in 2008. Sales were also driven by continued enhancement of our product portfolio to maintain our competitive position in the industry. In the employer plan market, we increased the availability of retirement planning tools for participants. Every eligible 401(k) participant now receives Securian’s Annual Checkup to help determine retirement readiness. We also expanded the adoption of automatic asset allocation tools, including TargetAge™, a feature that simplifies investment selection by providing an age-based allocation solution. In 2008, we continued to expand the number of sales channels offering both our individual annuities and employer plans. In addition to advisors with both Securian Financial Network and Waddell & Reed, our distribution includes independent broker-dealers. We also continued to realize excellent results from our wholesaling strategies to expand distribution in identified channels. To better understand the barriers to a financially secure retirement, Securian conducted a proprietary study, “Debt – the Blind Spot on America’s Road to Retirement.” From the information gathered, we’ve created tools to help clients develop strategies for reducing debt and saving for a secure retirement. In 2008, reflecting the high caliber of our retirement services, our employer plan clients gave us high marks for the eighth consecutive year in PLANSPONSOR magazine’s annual provider survey. We received a Signature Award for participant communication from the Profit Sharing/401(k) Council of America, and we were the first qualified retirement plan provider in the industry to earn the Centre for Fiduciary Excellence (CEFEX) certification for conducting due diligence and analyzing performance of investment managers. Our individual annuity statement earned the DALBAR “Communications Seal” for excellence in design and communications. |
• Individual Annuities |
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Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
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Last updated: Wednesday, April 22, 2009 8:15 AM