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2015 Summary Annual Report to Members

Message from management

The ability of Minnesota Mutual Companies to serve the long-term interests of our customers is supported by the strong financial performance we generate year after year. In 2015, we continued this track record of success as we grew our businesses and increased total revenue five percent to $4.4 billion. Operating earnings ended the year at $275.4 million and assets under management increased to $64.4 billion.

Securian's strong operating performance is one of the reasons we remain one of the most highly rated insurance companies in America, evidence of the financial strength our customers expect and depend on. The foundation of our consistently high ratings continues to be the strong level of capital we maintain, supported by outstanding investment quality, risk management excellence, and a diverse portfolio of businesses that performs well in a variety of economic environments.

Our success in 2015 is demonstrated by our results:

  • Insurance in force increased 7% to $1.15 trillion
  • Total proprietary sales were $4.1 billion with annuity sales increasing 10%
  • Proprietary individual and group annuity sales increased 11% to $1.5 billion
  • Assets under management were $64.4 billion
  • Total revenue increased 5% to $4.4 billion
  • Operating earnings were $275.4 million

Financial highlights

Condensed Consolidated (December 31, 2015 and 2014)

in thousands20152014
Insurance in force $1,150,505,400 $1,073,096,300
Assets 40,537,000 39,161,500
Revenues 4,434,000 4,234,700
Operating Earnings * 278,800 278,000
Policyholder Benefits ** 2,598,200 2,350,300
Surplus 4,170,800 4,086,700

* Operating earnings equal net income less realized investment gains and losses, net of taxes.

** Policyholder benefits equal the sum of policyholder benefits, dividends to policyholders and interest credited.

Our ratings

Minnesota Life Insurance Company and Securian Life Insurance Company, the insurance company affiliates of Minnesota Mutual Companies, Inc., are highly rated by the four independent rating organizations that analyze financial strength and claims-paying history.

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.; Minnesota Life Insurance Company; Advantus Capital Management, Inc.; Allied Solutions, LLC; American Modern Life Insurance Company; Asset Allocation & Management Company, LLC; Capital Financial Group/H. Beck, Inc.; Personal Finance Company, LLC; Securian Casualty Company; Securian Financial Services, Inc.; Securian Life Insurance Company; Securian Trust Company, N.A.; Southern Pioneer Life Insurance Company; and Ochs, Inc.

With over one trillion of life insurance in force as of December 31, 2015, Minnesota Mutual Companies, Inc. serves nearly 16 million people through a combined force of over 5,000 associates and representatives located in our national headquarters at St. Paul, Minnesota, and in sales offices throughout America.

Directors of Minnesota Mutual Companies, Inc.

Wilson G. Bradshaw

President
Florida Gulf Coast University
Fort Myers, Florida

Committees

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

Mary K. Brainerd

President and Chief Executive Officer
HealthPartners
Minneapolis, Minnesota

Committees

Audit (Chair); Investment; Executive

John W. Castro

Chief Executive Officer
Merrill Corporation
St. Paul, Minnesota

Committees

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

Sara H. Gavin

President
Weber Shandwick Minneapolis
Bloomington, Minnesota

Committees

Corporate Governance and Public Affairs; Human Resources and Compensation

Eric B. Goodman

Retired Chief Investment Officer
AEGON USA
Cedar Rapids, IA

Committees

Audit; Investment

Christopher M. Hilger

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

Committee

Investment

John H. Hooley

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

Committees

Human Resources and Compensation (Chair); Audit; Executive

Ronald J. Peltier

Chairman and Chief Executive Officer
HomeServices of America, Inc.
Minneapolis, Minnesota

Committees

Human Resources and Compensation; Investment; Non-Overlapping Directors

Trudy A. Rautio

President and Chief Executive Officer
Carlson
Minnetonka, Minnesota

Committees

Audit; Investment

Robert L. Senkler

Chairman of the Board
Securian Financial Group, Inc.
St. Paul, Minnesota

Committees

Investment; Corporate Governance and Public Affairs; Executive

Paul L. Snyder

Former Managing Partner
KPMG LLP
Minneapolis, Minnesota

Committees

Audit; Investment;Non-Overlapping Directors

Contact information

For member-related inquiries, please contact:

Member Relations

Minnesota Mutual Companies
400 Robert St. N.
St. Paul, Minnesota 55101-2098

651-665-3500
651-665-4128 (fax)