Financial Institution Group
Financial Institution Group achieved another record-breaking year for sales, revenue and earnings. Total sales increased seven percent to $797 million and product revenue reached a record $478 million resulting in a five percent increase over 2012.
Outstanding new customer sales and exceptional service results solidified our position as a market leader in 2013. We are the third-leading writer of credit life and disability insurance in the nation as measured by the Consumer Credit Industry Association, maintain a strong market presence in the debt protection and specialty property-casualty markets, and are a leading provider in the direct response insurance market.
Allied Solutions, our whollyowned and independently operated distribution arm, expanded its market presence to 61 percent in the large credit union market, 36 percent in the large bank market and 20 percent in the community bank market. Allied’s stand-alone revenue increased five percent to a record $127 million.
Our high ratings, financial strength and exceptional compliance track record helped us earn the trust of organizations across the United States, and created new opportunities in the market. In addition, we helped several financial institutions relaunch their protection programs by partnering with them to provide marketing and regulatory support.
New products and technology also contributed to a successful 2013. Collaborating with Securian’s Individual Insurance business, we launched new digital solutions that offer greater customer engagement and make it easier to do business with us. Securian Access, a new consumer-facing digital enrollment site, allows customers to instantly access life insurance applications online. MyLifeTM Select, a simplified term life product, provides customers economical life insurance coverage with convenient digital enrollment.
As a testament to our quality products and service excellence, we retained 98 percent of our financial institution premium.