Securian's group life sales soar amid intense competition
ST. PAUL, Minn.--(BUSINESS WIRE)--In the crowded, highly competitive US group life insurance market, Securian Financial Group’s group life division generated remarkable results in 2013.
New group life annual premium rose 16 percent to $254 million. Premium revenue exceeds $1.9 billion and insurance in force stands at $817 billion.
Securian’s group life customer retention rate in 2013 was 96 percent.
“Our competitive prices, exceptional customer service and client-driven use of technology continue to resonate among large employers,” said Von Peterson, senior vice president, Securian Financial Group. “Our sales are strong because our collaborative approach helps large companies provide their employees with the high quality benefits they need and want.”
Securian issued its first group life policy more than 90 years ago and now provides viable plan options, customized processes, and simplified administration to 22 Fortune 500 companies, 65 of the Fortune 1,000 and 19 states. The group division also started developing voluntary products in 2013 that will help employers and employees adapt to a rapidly-changing employee benefits landscape.
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.
DOFU 2-2014 A00838-0214