2020 Summary Annual Report to Members
Message from management
Our purpose was on full display in 2020. The worst pandemic in a century highlighted the importance of the peace of mind Minnesota Mutual Companies provides our customers and their families.
In 2020, we provided $1.4 trillion of in-force life insurance protection, managed nearly $98 billion in assets and provided $4.6 billion in GAAP benefits to our customers and their families when they needed us most.
Our outstanding financial strength gives us the resources to invest in the new capabilities and sources of growth we will need to thrive in the future. We invested in the continued advancement of our multi-year technology transformation, with a particular focus on developing new digital, data and analytics capabilities. We prioritized elements of our strategic plan to reflect evolving customer expectations that were further accelerated by the pandemic.
In 2020, Minnesota Mutual Companies stepped up to meet challenges with a long-term view on how we continue to deliver on our purpose. I am optimistic about our future and confident that we will emerge from the pandemic in an even stronger position to help future generations build secure tomorrows.
A summary of our 2020 financial results from across our businesses:
- Insurance in force increased to $1.4 trillion
- Proprietary sales were $3.3 billion, reflecting insurance sales of $500 million and annuity sales of $2.8 billion
- Assets under management increased to $97.8 billion
- Revenue increased to $6.9 billion
- Surplus increased to $6.8 billion
- Operating earnings1 fell to $115 million