ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial announced preliminary 2020 financial results during its annual all-company meeting yesterday, highlighted by continued revenue growth and increased community giving in a challenging year.

“Securian Financial’s purpose and values were on full display in 2020. The worst pandemic in a century highlighted the importance of the peace of mind and financial security we help provide our customers and their families. We took care of those who count on us when it mattered most,” said Chris Hilger, Securian Financial’s chairman, president and CEO.

“Throughout the year, we navigated a challenging environment by carefully managing our capital, taking actions to mitigate the negative impact of very low interest rates and pursuing growth opportunities consistent with our risk appetite. In addition, we continued to build our capital level and maintained our excellent overall financial strength,” said Hilger.

Performance on key metrics

• Insurance sales, including group life insurance, individual life insurance and insurance products sold through financial institutions and affinity organizations, were solid at $500 million. Retirement products—including 401(k) plans, individual annuities and pension risk transfers—had their second highest sales in company history, at $2.8 billion.

• Strong sales, combined with excellent customer retention of 94% or better across all insurance and retirement business lines, contributed to top-line revenue growth of more than 6%, to $6.3 billion. Top-line revenue is the company’s primary revenue metric which excludes certain non-recurring revenue. GAAP revenue increased 4% to nearly $6.9 billion.

• Insurance in force—the financial protection Securian Financial provides to its customers—increased 11% to more than $1.4 trillion.

• Assets under management increased 5% to $98.3 billion.

• Capital grew nearly 7% to $3.4 billion, further strengthening a level of capital generally considered to be “AAA” by rating agencies.

• Operating earnings fell 65% to $116 million, and net income decreased 44% to $243 million, primarily due to COVID-19 related benefits for policyholders.

Company highlights

• Remained among the most highly rated insurance companies in the U.S.¹

• Made significant investments in strategic business priorities, including continuing a multi-year technology transformation and enhancing capabilities to address industry trends being accelerated by the pandemic.

• Transitioned more than 95% of employees to a virtual working environment while serving customers with minimal disruption.

• Supported employees’ health and well-being with an additional 80-hour COVID-19 paid leave benefit and a $500 stipend to offset the costs of working remotely.

Community initiatives

Contributions to the community from the Securian Financial Foundation, in-kind donations, employee volunteerism and other cash gifts totaled more than $8.5 million in 2020—a 25% increase over 2019. Securian Financial employees volunteered more than 17,000 hours in the community on activities ranging from pandemic relief efforts to service on more than 125 nonprofit boards.

Securian Financial also publicly committed to help foster social justice by investing in education for disadvantaged communities. Additionally, the Securian Financial Foundation established new anti-discrimination grant-making parameters requiring all applicants to demonstrate their commitment to diversity, equity and inclusion.

Finally, the company signed the Accounting for Sustainability (A4S) Net Zero Statement of Support—joining organizations worldwide in committing to publish a detailed pathway to net zero emissions. Securian Financial is a founding member of the U.S. chapter of A4S, a project established by the Prince of Wales to inspire finance leaders to shift toward sustainable business models.

Profit sharing

For the 47^th consecutive year, Securian Financial is making a profit-sharing contribution to eligible employees’ retirement accounts. This year’s company contribution is 4.6% 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. The company retained 93% of its employees in 2020.

Per its usual annual cycle, Securian Financial expects to release its 2020 Annual Report—with audited GAAP financial information—by April.

About Securian Financial

At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

1. 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 affiliates. Insurance products are issued by its affiliated insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.

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