2020 Summary Annual Report to Members

Message from management

Our purpose was on full display in 2020. The worst pandemic in a century highlighted the importance of the peace of mind Minnesota Mutual Companies provides our customers and their families.

In 2020, we provided $1.4 trillion of in-force life insurance protection, managed nearly $98 billion in assets and provided $4.6 billion in GAAP benefits to our customers and their families when they needed us most.

Our outstanding financial strength gives us the resources to invest in the new capabilities and sources of growth we will need to thrive in the future. We invested in the continued advancement of our multi-year technology transformation, with a particular focus on developing new digital, data and analytics capabilities. We prioritized elements of our strategic plan to reflect evolving customer expectations that were further accelerated by the pandemic.

In 2020, Minnesota Mutual Companies stepped up to meet challenges with a long-term view on how we continue to deliver on our purpose. I am optimistic about our future and confident that we will emerge from the pandemic in an even stronger position to help future generations build secure tomorrows.

A summary of our 2020 financial results from across our businesses:

• Insurance in force increased to $1.4 trillion
• Proprietary sales were $3.3 billion, reflecting insurance sales of $500 million and annuity sales of $2.8 billion
• Assets under management increased to $97.8 billion
• Revenue increased to $6.9 billion
• Surplus increased to $6.8 billion
• Operating earnings¹ fell to $115 million

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 $1.4 trillion of life insurance in force, Minnesota Mutual Companies, Inc., serves more than 21 million customers through 6,500 employees and representatives throughout North America.

As of December 31, 2020