2017 Summary Annual Report to Members

Message from management

2017 was a year of tremendous progress for Minnesota Mutual Companies and its subsidiaries, who use the marketing name Securian Financial. We achieved strong financial results, expanded into new markets and advanced major strategic initiatives to prepare for the future.

Maintaining financial strength is central to fulfilling our purpose of helping our customers protect their loved ones and prepare for the future. We ended the year with $78.6 billion in assets under management and nearly $1.2 trillion of life insurance in force, representing our pledge to help secure the futures of the individuals, families and businesses who rely on us for peace of mind. We also paid over $5.3 billion in domestic statutory benefits. Providing these benefits is the reason we come to work each day and the most tangible way we help people build and protect their financial futures.

In addition to financial strength, we delivered on the other characteristics that have defined us for generations: smart growth, high capital levels, excellent investment quality and thoughtful risk management. Attention to these fundamentals allowed Securian Financial to remain among the most highly rated insurance companies in the country and helped drive impressive revenue and earnings growth.

Our 2017 financial results reflect strong performance across our businesses and positive market performance. Highlights from 2017 include:

• Insurance in force increased to nearly $1.2 trillion
• Sales increased to $3.6 billion, including $2.6 billion of annuity sales and $1.0 billion of insurance sales
• Assets under management increased 11 percent to $78.6 billion
• Total revenue increased 27 percent to $6.1 billion
• Equity increased 15 percent to $5.1 billion
• Operating earnings increased 24 percent to $308.8 million

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; American Modern Life Insurance Company; Asset Allocation & Management Company, LLC; 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 Southern Pioneer Life Insurance Company.

With nearly $1.2 trillion of life insurance in force, Minnesota Mutual Companies, Inc. serves nearly 19 million customers through 5,300 employees and representatives throughout North America.