Minnesota Mutual Companies, Inc.
2010 Summary Annual Report to Members
Message from management
In 2010, a year characterized by a sluggish economy and persistently high unemployment, our strong growth demonstrated the resiliency and diversification of our business model. Reflecting the strength of our values, our performance underscored the value of our strength to our constituencies in a challenging and uncertain environment.
In 2010:
- Total sales increased 19 percent to $5.9 billion, and proprietary insurance sales increased 32 percent to $2.8 billion.¹
- Total revenue was $3.1 billion, including $2.4 billion of product revenue² and $611 million of net investment income.
- Insurance in force increased 12 percent to nearly $682 billion.
- Assets under management, including the funds we safeguard for our clients, grew 14 percent to nearly $32 billion.
- Overall revenue growth, excellent expense management and improved market conditions helped produce strong earnings results in 2010. Operating earnings³ of $150 million increased 57 percent from 2009.
- Our ratings for financial strength and claims-paying ability maintained our status among the most highly rated insurance companies.
- In 2010, we paid nearly $3.4 billion in statutory benefits. We sell a promise to pay, and our performance clearly demonstrates our ability to keep all of the promises we make.
¹Sales equal annualized premiums, funds deposits, net assets deposits and commission revenue, as applicable to specific business units.
²Product revenue equals total revenue less net investment income and net realized gains (losses).
³Operating earnings equal net income less realized investment gains and losses net of taxes.
