2024 Summary Annual Report to Members

Message from management

In 2024, we achieved excellent financial results while remaining steadfast in our purpose of building secure tomorrows. 

Over the past four years, we navigated pandemic-related challenges and completed several acquisition and divestiture transactions, aligning our business portfolio to where we are best positioned to serve our customers and channel partners. 

Securian Financial continued executing our enterprise strategy, driving above-industry growth by delivering compelling value to our customers and channel partners. We achieved solid sales and excellent retention across our businesses. We also maintained disciplined risk management and strong capital levels, ensuring outstanding financial strength while advancing our strategic priorities. These results allowed us to effectively deliver on our promises to stakeholders.

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 $1.8 trillion of life insurance in force, Minnesota Mutual Companies, Inc., serves more than 23 million customers through 5,500 employees and throughout North America.

As of December 31, 2023