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2021 Summary Annual Report to Members

Message from management

Our purpose was once again on full display in 2021. The disruption and uncertainty brought by the pandemic continued to highlight the peace of mind Minnesota Mutual Companies provides.

In 2021, we provided $1.4 trillion of in-force life insurance protection, managed over $106 billion in assets and provided $4.9 billion in GAAP benefits – including nearly $850 million in COVID-related death benefits – to our customers and their families when they needed us most.

Our outstanding financial strength enables our continued investment in the new capabilities and sources of growth. In 2021, we met the needs of our customers, distribution partners and employees in a rapidly changing environment. Specifically, we improved our products and services by investing in new digital customer engagement tools, integrating data and analytics strategies, and converting to cloud-based solutions to improve the customer experience. In addition, we introduced innovative new workspaces and a flexible work model for our employees to support our business needs and to attract and retain top talent.

In 2021, Minnesota Mutual Companies stepped up to meet challenges with a long-term view on how we continue to deliver on our purpose. Our enduring strength – built over generations – gives us great confidence in the future.

A summary of our 2021 financial results from across our businesses:

  • Insurance in force was $1.4 trillion
  • Proprietary sales increased to $3.9 billion, reflecting insurance sales of $500 million and annuity sales of $3.4 billion.
  • Assets under management increased to $106.1 billion
  • Revenue increased to $7.3 billion
  • Surplus increased to $6.9 billion
  • Operating earnings1 were $105.5 million

Financial highlights

Years ended December 31, 2021 and 2020

  2021 2020
Insurance in force $1.4 trillion $1.4 trillion
Assets $75..2 billion $68.1 billion
Revenues $7.3 billion $6.9 billion
Operating earnings1 $105.5 million $114.9 million
Policyholder benefits2 $4.9 billion $4.6 billion
Surplus $6.9 billion $6.8 billion

1. Operating earnings equal net income less net realized investment gains (losses), net of taxes.
2. 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; 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 6,900 employees and representatives throughout North America.

Directors of Minnesota Mutual Companies, Inc.

As of December 31, 2021

Mary K. Brainerd

Retired President and Chief Executive Officer
Minneapolis, Minnesota


Audit (Chair); Investment; Executive

Jay D. Debertin

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


Human Resources and Compensation; Investment; Non-Overlapping Directors

Benjamin G. S. Fowke, III

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


Human Resources and Compensation; Audit

Sara H. Gavin

Chief Client Officer
Weber Shandwick
Minneapolis, Minnesota


Corporate Governance and Public Affairs (Chair); Human Resources and Compensation; Executive

Eric B. Goodman

Retired Chief Investment Officer
Cedar Rapids, Iowa


Audit; Investment

Christopher M. Hilger

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


Corporate Governance and Public Affairs; Investment; Executive

John H. Hooley

Retired Executive Vice President/President
SUPERVALU Retail Companies
Eden Prairie, Minnesota


Human Resources and Compensation (Chair); Audit; Non-Overlapping Directors; Executive

Trudy A. Rautio

Retired President and Chief Executive Officer
Minnetonka, Minnesota


Audit; Investment (Chair); Executive

Robert L. Senkler

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


Audit; Investment

Elizabeth A. Simermeyer

Retired Executive Vice President and President of Global Healthcare, Life Sciences and Hand Care

St. Paul, Minnesota


Audit; Corporate Governance and Public Affairs; Non-Overlapping Directors

Selwyn M. Vickers

Senior Vice President for Medicine and Dean, School of Medicine

University of Alabama at Birmingham
Birmingham, Alabama


Corporate Governance and Public Affairs; Human Resources and Compensation; Non-Overlapping Directors

Katia O. Walsh

Chief Strategy and Artificial Intelligence Officer, Global Leadership Team

Levi Strauss & Co
San Francisco, California


Corporate Governance and Public Affairs; Investment

Kevin F. Warren


Big Ten Conference
Rosemount, Illinois


Audit; Human Resources and Compensation

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)