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

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.

As of December 31, 2021