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2025 Summary Annual Report to Members

Message from management

In 2025, Securian Financial delivered very strong financial results while advancing the strategic capabilities that position us for sustained success.

Our financial performance accelerated across the enterprise in 2025. With a sustained focus on profitable growth in our target markets and long-term value creation, Securian Financial demonstrated the strength of our diversified business portfolio and our ability to perform well in dynamic market conditions. We achieved record revenue and continued strong growth in operating earnings while maintaining excellent financial strength – the result of our disciplined risk management, capital stewardship and effective strategy execution.

Financial highlights

Years ended December 31, 2025 and 2024

 20252024
Insurance in force$1.7 trillion$1.8 trillion
Assets$76.8 billion$73.3 billion
Revenues$8.7 billion$8.2 billion
Operating earnings1$313 million$287 million
Policyholder benefits2$5.8 billion$5.6 billion
Surplus$5 billion$4.2 billion

1. Operating earnings equal net income attributable to Minnesota Mutual Companies, Inc. and subsidiaries less net realized investment gains (losses) and other market-related impacts, net of taxes.

2. Securian Financial Group benefits for the year ended December 31, 2025 reflecting total GAAP policyholder benefits and interest credited to policies and contracts. 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; Armour Group, Inc.; Asset Allocation & Management Company, LLC; Canadian Premier Life Insurance Company; Canadian Premier General Insurance Company; Empyrean Benefit Solutions, Inc.; Keystone Reinsurance SPC; Minnesota Life Insurance Company; Ochs, Inc.; Securian Asset Management, Inc.; Securian Casualty Company; Securian Reinsurance Company Ltd. Securian Specialty Lines, Inc.; Securian Financial Services, Inc.; and Securian Life Insurance Company.

With $1.7 trillion of life insurance in force, Minnesota Mutual Companies, Inc., serves more than 23 million customers through 5,700 employees and throughout North America.

Directors of Minnesota Mutual Companies, Inc.

As of April 1, 2026

Mary K. Brainerd

Retired President and Chief Executive Officer
HealthPartners
Bloomington, Minnesota

Committees

Audit (Chair); Executive; Investment

Jay D. Debertin

President and Chief Executive Officer
CHS Inc.
Inver Grove Heights, Minnesota

Committees

Human Resources and Compensation; Investment; Non-Overlapping Directors

Benjamin G. S. Fowke, III

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

Committees

Human Resources and Compensation (Chair); Audit; Executive

Sara H. Gavin

Retired Chief Client Officer
Weber Shandwick
New York, New York

Committees

Nominating and Governance (Chair); Executive; Human Resources and Compensation

Eric B. Goodman

Retired Chief Investment Officer
AEGON USA
Cedar Rapids, Iowa

Committees

Investment (Chair); Audit; Executive

Christopher M. Hilger

Chairman, President and Chief Executive Officer
Securian Financial Group, Inc.
St. Paul, Minnesota

Committees

Executive; Investment; Nominating and Governance

Darryl R. Jackson

Vice President, Financial Services and Fixed Operations
Hendrick Automotive Group
Charlotte, North Carolina

Committees

Audit; Nominating and Governance; Non-Overlapping Directors

D. Bryan Jordan

Chairman, President and CEO
First Horizon Corporation
Memphis, Tennessee

Committees:

Human Resources and Compensation; Investment

James P. Kolar

Retired Central Market Managing Partner
PwC
Chicago, Illinois

Committees

Audit; Human Resources and Compensation

Stephanie A.J. Lundquist

Chief Human Resources Officer
Cargill, Inc.
Wayzata, Minnesota

Committees

Human Resources and Compensation; Nominating and Governance

Susan M. Reibel

Retired Chief Executive Officer
John Hancock Retirement - Manulife Financial
Ontario, Canada

Committees

Audit; Investment

Elizabeth A. Simermeyer

Retired Executive Vice President and President of Global Healthcare, Life Sciences and Hand Care
Ecolab
St. Paul, Minnesota

Committees

Audit; Nominating and Governance; Non-Overlapping Directors

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 5-2025

5364120