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.

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.

As of December 31, 2022