ST. PAUL, Minn.--(BUSINESS WIRE)--
In the crowded, highly competitive US group life insurance market, Securian Financial Group’s group life division generated remarkable results in 2013.
New group life annual premium rose 16 percent to $254 million. Premium revenue exceeds $1.9 billion and insurance in force stands at $817 billion.
Securian’s group life customer retention rate in 2013 was 96 percent.
“Our competitive prices, exceptional customer service and client-driven use of technology continue to resonate among large employers,” said Von Peterson, senior vice president, Securian Financial Group. “Our sales are strong because our collaborative approach helps large companies provide their employees with the high quality benefits they need and want.”
Securian issued its first group life policy more than 90 years ago and now provides viable plan options, customized processes, and simplified administration to 22 Fortune 500 companies, 65 of the Fortune 1,000 and 19 states. The group division also started developing voluntary products in 2013 that will help employers and employees adapt to a rapidly-changing employee benefits landscape.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest life insurance groups, it is the holding company parent of several companies.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York where products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN and each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Product availability and features may vary by state.
DOFU – 02-2014
Maggie Jensen, APR, 651-665-7558
Media Relations Consultant