On November 18, 2022, AM Best affirmed Securian Financial’s insurance financial strength rating at A+ (Superior) and maintained our stable outlook.
The rating and outlook apply to Securian Financial subsidiaries Minnesota Life Insurance Company and Securian Life Insurance Company.
The rating agency cited our “balance sheet strength, strong operating performance, favorable business profile and appropriate enterprise risk management” as primary reasons for the affirmation. It also noted our good capital quality, the quality of our invested assets, and how we are expanding our reach in Canada. Additionally, it mentioned how our premium growth is “robust relative to the life insurance industry average, with a significant amount of business coming from recent acquisitions.” AM Best also stated that our earnings, while generally stable in recent years, “have been impacted by higher mortality related to the COVID-19 pandemic and the volatility of the financial markets.”
AM Best also affirmed the financial strength ratings and stable outlook for Securian Casualty Company and Canadian Premier Life Insurance Company.