Individual Financial Security
As of December 31, 2009
Driven by expanded distribution and our indexed universal life insurance product, sales of proprietary life insurance increased 55 percent to nearly $123 million. This record result reflects our rapidly expanding manufacturing capabilities, the flight to quality companies, the success of our Independent Distribution Group (IDG) and other distribution relationships.
In 2009, we continued implementing a multi-year initiative to modernize our value proposition and create the career distribution platform of the future – client centric, advisor focused and firm driven. Our value proposition includes a full spectrum of risk protection and investment products, services, and technology that meet the financial needs of business owners and high-net worth individuals.
Despite the market turmoil, we retained 95 percent of our top 400 Securian advisors in 2009, and more than 400 Securian advisors qualified for Million Dollar Round Table membership. For the fifth consecutive year, we achieved our goal to rank among the top 10 domestic companies based on membership.
We leveraged our newly implemented administration system and illustration platform to broaden our product portfolio, which includes an array of fixed, variable and indexed life insurance products. In addition to enhancements to Eclipse, our indexed universal life product, we introduced a new policy exchange option, giving existing clients additional flexibility to maintain their life insurance protection during the economic downturn. We also continued technology innovation to support all of our distribution channels.
In 2009, we continued building our life insurance wholesaling capabilities, adding new internal and external distribution channels. We formed a distribution alliance with Securian Financial Institution Group and continued building market share with key partners such as Waddell & Reed and the major brokerage general agencies affiliated with IDG.
Reflecting the caliber of our service and the overall financial value we deliver, 94 percent of our individual life insurance policyholders were satisfied with our overall service and 94 percent would recommend us. In the Individual market, our retention rate, based on life insurance face amount, was 92 percent.
