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Securian’s Group Life division turns in exceptional 2014 performance
With enactment of Affordable Care Act, brokers liken employee benefits market to “Wild West”
ST. PAUL, MN (February 11, 2015) — The employee benefits landscape changed dramatically in 2014 after the Affordable Care Act (ACA) went into effect. Standard operating procedures likely went out the window for some benefits providers, leaving their employer-clients wondering what to expect.
“Benefits brokers we surveyed liken the marketplace to the Wild West because of the upheaval created by the ACA,” said Von Peterson, senior vice president, Group Life Insurance, Securian Financial Group. “We kept our focus on providing the very best service, and employers responded with their trust.”
Securian’s group life sales in 2014 were $222 million, for a five-year total of more than $1 billion. Group life insurance in force rose nearly 12% in 2014, to $94 billion, keeping Securian in the top three of US group life insurers.
Securian also maintained its unusually high client retention rate; 98% of group life insurance clients stayed with the company in 2014.
“The disruption in the employee benefits marketplace is far from over,” said Peterson. “No one knows what it will look like when the dust settles. We believe the one constant is that clients will remain loyal to insurers who make excellent service a top priority.”
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
The Securian Financial Group, Inc. and its affiliates provide a wide range of financial products and services that meet the needs of individuals, families, business owners, financial institutions and employers.