Securian Financial Reports Strong 2024 Results

Securian Financial achieved strong financial results in 2024, delivering above-industry growth in the markets it serves while again being there for customers and the community, the insurance and retirement solutions provider announced at its recent annual all company meeting.

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Chris Hilger, Securian Financial chairman, president and CEO (Photo: Business Wire)

“After managing through more than four years of pandemic-related challenges and the impact of large enterprise acquisitions and divestitures, we focused on operating excellence in 2024 and had a great year—achieving strong growth in our prioritized businesses and chosen markets,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “At the same time, we fulfilled our purpose of building secure tomorrows by providing $5.5 billion in benefits to policyholders¹ and making substantial investments in the community.”

Key financial metrics

• Insurance sales—including group life and supplemental health insurance, individual life insurance and insurance products sold through financial institutions and affinity organizations—were $731 million, up 10% over 2023. Sales of retirement products, including individual annuities and pension risk transfers, were more than $2.1 billion, growing 9% year-over-year.
• Operating revenue was $8.1 billion, increasing nearly 10% due to strong retention and business growth. Operating revenue is Securian Financial's primary revenue metric and reflects ongoing growth in the company's core businesses while excluding certain non-recurring revenue. GAAP revenue² was more than $8.2 billion, an increase of 2%.
• Core earnings—the company’s adjusted GAAP operating earnings reflecting the underlying profitability drivers of its business—increased 46% to $260 million, due to strong financial performance across Securian Financial’s businesses and favorable mortality trends. GAAP net income was strong at $283 million, up 25% year-over-year.
• Insurance in force—the financial protection Securian Financial provides to its customers—was nearly $1.8 trillion, rising 7%.
• Minnesota Life Insurance Company capital and surplus remained strong at $3.3 billion, in alignment with company targets.

Company highlights

• Remained among the most highly rated insurance companies in the U.S.³
• Completed the nearly two-year divestiture transition of Securian Financial’s former 401(k) recordkeeping business to The Standard, allowing the company to increase its strategic focus and accelerate growth in priority markets.
• Furthered momentum on Securian Financial’s artificial intelligence (AI) journey—implementing tools to improve employee productivity and experience and initiating AI-driven business projects that are already beginning to deliver tangible benefits to the company and its customers.

Community initiatives

Contributions to the community from the Securian Financial Foundation, in-kind donations, employee volunteerism and other cash gifts totaled $10.6 million. Securian Financial employees volunteered more than 25,000 hours in the community on activities ranging from building homes at The Heights on St. Paul’s East Side—Twin Cities Habitat for Humanity’s largest development ever—to service on nearly 150 nonprofit boards.

Profit sharing

For the 51st consecutive year, Securian Financial is making a profit-sharing contribution to eligible employees’ retirement accounts. This year’s company contribution is 7.5% of annual salary. Securian Financial also maintains a fully funded, 100% employer-paid pension plan, with employees vested in the pension after five years of service.

Per its usual annual cycle, Securian Financial expects to release its 2024 Annual Report—with audited GAAP financial information—in April.

About Securian Financial

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

1. Reflects total GAAP policyholder benefits and interest credited to policies and contracts.

2. Revenue includes premiums and policy fee income, net investment income, realized gain/loss and other income.

3. Ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company. To learn more about Securian Financial’s strength and ratings, visit securian.com/ratings.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Variable insurance products are distributed by Securian Financial Services, Inc., member FINRA.

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