2018 Summary Annual Report to Members

Message from management

In 2018, Minnesota Mutual Companies, Inc. and its subsidiaries, who operate using the marketing name Securian Financial, generated solid results while making significant advancements to support future success.

The organization continued to deliver on its purpose in 2018, proudly helping more than 19 million customers build secure tomorrows. We ended the year with more than $1.2 trillion of life insurance in force, $78.5 billion of assets under management and paid nearly $5.7 billion in statutory benefits when our customers needed us most.

Financial strength is central to our ability to fulfill our purpose, and we maintained our strength in 2018 by preserving the characteristics that have defined us for generations: high capital levels, excellent investment quality and thoughtful risk management.

Staying true to these fundamentals earned Minnesota Mutual Companies’ domestic insurance affiliates, Minnesota Life Insurance Company and Securian Life Insurance Company, ratings upgrades from Standard & Poor’s in 2018 that further solidified our position among the most highly rated insurance companies in the country.

In 2018, we continued our commitment to producing smart growth, increasing our market share and maintaining retention levels that we expect to exceed industry averages.

Our 2018 financial results reflect solid performance across our businesses:

• Insurance in force increased to more than $1.2 trillion
• Proprietary sales increased to $3.9 billion, including $2.6 billion of annuity sales and $1.3 billion of insurance sales
  
• Assets under management were consistent with 2017 at $78.5 billion
• Total revenue decreased 9 percent to $5.5 billion
• Surplus decreased 5 percent to $4.9 billion
• Operating earnings increased 6 percent to $328.6 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., 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 more than $1.2 trillion of life insurance in force, Minnesota Mutual Companies, Inc. serves more than 19 million customers through 5,600 employees and representatives throughout North America.

As of December 31, 2018