Despite challenging industry environment, Securian’s group life division turns in strong 2014 performance
With enactment of Affordable Care Act, brokers liken employee benefits market to “Wild West”
ST. PAUL, Minn.--(BUSINESS WIRE)--The employee benefits landscape changed dramatically in 2014 after the Affordable Care Act (ACA) went into effect. Standard operating procedures likely went out the window for some benefits providers, leaving their employer-clients wondering what to expect.
“Benefits brokers we surveyed liken the marketplace to the Wild West because of the upheaval created by the ACA,” said Von Peterson, senior vice president, Group Life Insurance, Securian Financial Group. “We kept our focus on providing the very best service, and employers responded with their trust.”
Securian’s group life sales in 2014 were $222 million, for a five-year total of more than $1 billion. Group life insurance in force rose nearly 12% in 2014, to $911 billion, keeping Securian in the top three of US group life insurers.
Securian also maintained its unusually high client retention rate; 98% of group life insurance clients stayed with the company in 2014.
“The disruption in the employee benefits marketplace is far from over,” said Peterson. “No one knows what it will look like when the dust settles. We believe the one constant is that clients will remain loyal to insurers who make excellent service a top priority.”
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.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
DOFU 2-2015 A00582-0215