Securian Financial Sets Group Life Insurance Revenue Record in 2010
Contact: Maggie Jensen, Media Relations Consultant, 651-665-7558
St. Paul, MN, March 7, 2011 – While the US group life insurance industry as a whole experienced a downward slide in 2010, Securian Financial Group’s life insurance subsidiaries surpassed 2009 results in several categories. The combined group life results of Securian Life Insurance Co., a New York admitted insurer, and Minnesota Life Insurance Company include:
· Revenue from direct premium rose 11 percent to $1.37 billion.
· New sales to Fortune 1000-sized employers hit an all-time high of 29. Premium lapses in 2010 were only 1.4 percent, well below industry results.
· Total group insurance in force grew by $65 billion, 13% more than 2009.
“The ability to retain existing clients is the foundation of our growth and a large part of our success in 2010,” said Von Peterson, senior vice president, Securian Financial Group, Inc., and head of the Minnesota Life and Securian Life group product lines. “Our clients stay with us because we anticipate their needs and provide excellent service. No detail is too small, no innovation too difficult for our people to tackle.”
Sales performance during the economic downturn is additional proof of its success. Since the Great Recession began in 2008, Securian Life and Minnesota Life’s group sales exceeded goal by an average of 15 percent.
In contrast, a survey released in late 2010 by LIMRA, a life insurance industry trade association, showed that the third quarter of 2010 was another disappointing period for the US group life industry as a whole, with declines across all sales measures. The survey, “US Group Life Insurance: 2010 Third Quarter Review,” notes that group life certificate sales have not registered an increase since the end of 2008. Contract sales have not risen since the first quarter of 2009.
Through its subsidiaries, Minnesota Life and Securian Life, Securian Financial Group, Inc. has provided group life coverage for more than 90 years and, with more than $660 billion of group life in force, is among the largest group life insurers in the country. Securian Life, a New York admitted insurer, and Minnesota Life are subsidiaries of Securian Financial Group, Inc. and highly rated by the major independent agencies that analyze the financial soundness and claims-paying ability of insurance companies. Corporate headquarters for all three companies are in St. Paul, MN.