2019 Summary Annual Report to Members

Message from management

2019 was another year of strong financial performance. Our results helped us build upon the outstanding financial strength that has been a hallmark of our company for generations. We delivered solid growth in revenue and stable earnings — and our strong capital, excellent investment quality and disciplined approach to enterprise risk management kept us among the most highly rated insurance companies in the country.

Our enduring financial strength allows us to fulfill our commitments and offer peace of mind and financial security to our more than 21 million customers. In 2019, we provided nearly $1.3 trillion of in-force life insurance protection, managed more than $93 billion in assets and, most importantly, paid $5.6 billion in statutory benefits to our customers and their families when they needed us most.

We continue to invest in our future to remain innovative and competitive during a time of unprecedented change in our industry. In 2019, these efforts included accelerating our technology transformation, streamlining our operating model and launching an internal culture transformation to emphasize agility and provide exceptional experiences to our customers and distribution partners.

2019 was an excellent year for Minnesota Mutual Companies. We leveraged the qualities that have made our company successful for generations, while developing new capabilities that will keep us strong for generations to come. We are starting 2020 — our 140th anniversary year — with great momentum and optimism about the future of the organization and our ability to serve those who count on us.

Our 2019 financial results reflect solid performance across our businesses:

• Insurance in force increased to nearly $1.3 trillion
• Proprietary sales increased to $4.3 billion; insurance sales increased 8 percent, to $560 million, and annuity sales increased over 40 percent, to $3.8 billion
• Assets under management increased 18 percent to $93.4 billion
• Revenue increased 20 percent to $6.6 billion
• Surplus increased 28 percent to $6.2 billion
• Operating earnings¹ increased 1 percent to $331 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; 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 nearly $1.3 trillion of life insurance in force, Minnesota Mutual Companies, Inc. serves more than 21 million customers through 6,400 employees and representatives throughout North America.

As of December 31, 2019