Financial services company pays record amount of benefits to customers — $5.3 billion — while increasing earnings 28 percent
ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group generated strong financial results in 2017, with earnings increasing 28 percent while the company paid its more than 18 million customers a record $5.3 billion in statutory benefits.
“Every year is unique, but 2017 stands out as a year in which we were able to produce strong financial results while paying the highest amount ever in benefits to our customers,” said Chris Hilger, Securian’s chairman, president and CEO. “In addition, we advanced major efforts to ensure the company’s future success.”
Performance on key metrics
- Top-line revenue increased 4 percent to $5.1 billion
- Assets under management increased 11 percent to $78.6 billion
- Insurance sales increased 7 percent to $1 billion
- Insurance in force — the financial protection Securian provides to its customers — stayed steady at nearly $1.2 trillion
- Annuity sales, which include annuities sold to individuals and retirement plans sold to employers, increased 29 percent to $2.6 billion
- Domestic statutory capital increased 2 percent to $3.3 billion, a level considered “AAA” by rating agencies
- Earnings were $259 million, up 28 percent over 2016 due to business growth, operating efficiencies, improved mortality results and strong equity markets1
- All four major rating agencies affirmed Securian’s high ratings citing the company’s diverse business profile, strong operating results, high levels of capital and clarity of strategic priorities.2
- Securian completed the purchase of Canadian Premier Life Insurance Company and affiliates in 2017 to further its leadership position in the North American financial institution insurance market. The acquisition is the largest in Securian’s history and its first international expansion.
- All Securian insurance and annuity business lines achieved retention results of 93 percent or better, reflecting the high caliber of service and overall financial value the company delivers.
- Securian advanced several digital and marketing initiatives in 2017 to serve and engage its customers and distributors in new ways, setting the stage for significant developments in these areas in 2018.
Securian’s contributions to the community from the Securian Foundation, in-kind contributions, employee volunteerism and other cash gifts totaled $5 million in 2017.
Contribution highlights include $400,000 to support hurricane relief efforts, Securian employees volunteering more than 15,000 hours to their local communities and, for the 10thconsecutive year, Securian reaching the $1 million giving level to the Greater Twin Cities United Way.
Profit sharing for employees
For the 44th consecutive year, Securian will make a profit sharing contribution to employees’ retirement accounts.
The company’s contribution rate for its 2017 results will be 7.7 percent of annual salary. All employees receive the company contribution regardless of whether or what they contribute to their retirement plans themselves, and they have the option to take half of it in cash.
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.