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2022 Summary Annual Report to Members

Message from management

In 2022, we fulfilled our purpose of building secure tomorrows as our industry and nation continued to emerge from years of pandemic-related uncertainty.

Our financial strength — a hallmark of our company for generations — allowed us to confidently navigate this uncertainty as we prioritized our most promising growth opportunities and positioned the company for sustained success. As we move past the pandemic, I am proud to report that Securian Financial remains among the most highly rated insurance companies in the country.

Despite significant market headwinds, our 2022 financial results reflect another successful year for Securian Financial. Strong sales and excellent customer retention across our business lines led to very good revenue and earnings. Excellent investment quality, a high level of capital and thoughtful risk management continue to support our very strong balance sheet.

Financial highlights

Years ended December 31, 2022 and 2021

  2022 2021
Insurance in force $1.5 trillion $1.4 trillion
Assets $67.9 billion $75.2 billion
Revenues $6.2 billion $7.3 billion
Operating earnings1 $238.9 million $105.5 million
Policyholder benefits2 $3.9 billion $4.9 billion
Surplus $3.5 billion $6.9 billion

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 subsidiaries of Minnesota Mutual Companies, Inc., are highly rated by the four independent rating organizations that analyze financial strength and claims-paying ability.

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 $1.5 trillion of life insurance in force, Minnesota Mutual Companies, Inc., serves more than 22 million customers through 6,500 employees and representatives throughout North America.

Directors of Minnesota Mutual Companies, Inc.

As of December 31, 2022

Mary K. Brainerd

Retired President and Chief Executive Officer
Minneapolis, Minnesota


Audit (Chair); Executive; Investment

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

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


Audit; Executive (Chair); Human Resources and Compensation (Chair)

Sara H. Gavin

Chief Client Officer
Weber Shandwick
Minneapolis, Minnesota


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

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; Executive; Investment

Trudy A. Rautio

Retired President and Chief Executive Officer
Minnetonka, Minnesota


Audit; Executive; Investment (Chair)

Elizabeth A. Simermeyer

Retired Executive Vice President and President of Global Healthcare, Life Sciences and Hand Care

St. Paul, Minnesota


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

Katia O. Walsh

Chief Strategy and Artificial Intelligence Officer, Global Leadership Team

Levi Strauss & Co
San Francisco, California


Corporate Governance and Public Affairs; Investment

Kevin F. Warren


Big Ten Conference
Rosemount, Illinois


Audit; Human Resources and Compensation

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)

DOFU 8-2023