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2023 Summary Annual Report to Members

Message from management

In 2023, we generated strong financial results and took bold steps to position the company 

for continued success in our chosen markets.

Despite being a year of significant transition, we delivered strong revenue growth, solid sales and excellent retention across our businesses. These results helped us build upon our outstanding financial strength, including maintaining our very strong capital levels while pursuing growth 

opportunities within our capacity and risk tolerances.

Our 2023 results are evidence that we are winning in the markets we serve while providing important financial security to the individuals, families and 

businesses that count on us.

Financial highlights

Years ended December 31, 2023 and 2022

  2023 2022
Insurance in force $1.6 trillion $1.5 trillion
Assets $73.5 billion $67.9 billion
Revenues $8.1 billion $6.2 billion
Operating earnings1 $304.1 million $238.9 million
Policyholder benefits2 $5.4 billion $3.9 billion
Surplus $4.4 billion $3.5 billion

1. Operating earnings equal net income less net realized investment gains (losses), net of taxes.
2. Policyholder benefits equal the sum of policyholder benefits and interest credited.

Our ratings

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

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.; Allied Solutions, LLC; Asset Allocation & Management Company, LLC; Canadian Premier Life Insurance Company; Canadian Premier General Insurance Company; CRI Canada Ltd.; Empyrean Benefit Solutions, Inc.; Minnesota Life Insurance Company; Securian Asset Management, Inc.; Securian Casualty Company; Securian Specialty Lines, Inc.; Securian Financial Services, Inc.; and Securian Life Insurance Company.

With $1.6 trillion of life insurance in force, Minnesota Mutual Companies, Inc., serves more than 23 million customers through 5,500 employees and representatives throughout North America.

Directors of Minnesota Mutual Companies, Inc.

As of December 31, 2023

Mary K. Brainerd

Retired President and Chief Executive Officer
HealthPartners
Minneapolis, Minnesota

Committees

Audit (Chair); Executive; Investment

Jay D. Debertin

President and Chief Executive Officer
CHS Inc.
Inver Grove Heights, Minnesota

Committees

Human Resources and Compensation; Investment; Non-Overlapping Directors

Benjamin G. S. Fowke, III

Retired Chairman and Chief Executive Officer
Xcel Energy, Inc.
Minneapolis, Minnesota

Committees

Audit; Executive (Chair); Human Resources and Compensation (Chair)

Sara H. Gavin

Retired Chief Client Officer
Weber Shandwick
New York, New York

Committees

Nominating and Governance (Chair); Executive; Human Resources and Compensation

Eric B. Goodman

Retired Chief Investment Officer
AEGON USA
Cedar Rapids, Iowa

Committees

Audit; Investment

Christopher M. Hilger

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

Committees

Nominating and Governance; Investment; Executive

Trudy A. Rautio

Retired President and Chief Executive Officer
Carlson
Minnetonka, Minnesota

Committees

Audit; Executive; Investment (Chair)

Elizabeth A. Simermeyer

Retired Executive Vice President and President of Global Healthcare, Life Sciences and Hand Care

Ecolab
St. Paul, Minnesota

Committees

Audit; Nominating and Governance; Non-Overlapping Directors

Katia O. Walsh

Chief Digital Officer

Harvard Business School 

Boston, Massachusetts

Committees

Committees: Nominating and Governance; Investment 

Contact information

For member-related inquiries, please contact:

Member Relations

Minnesota Mutual Companies
400 Robert Street North
St. Paul, MN 55101-2098

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

DOFU 5-2024

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