Securian Economical Reviews 2020 Economic Outcomes
Securian Money declared preliminary 2020 economic results during its yearly all-firm conference yesterday, highlighted by ongoing profits advancement and increased community offering in a tough 12 months.
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Chris Hilger, Securian Monetary Chairman, President and CEO (Picture: Business enterprise Wire)
“Securian Financial’s goal and values had been on comprehensive screen in 2020. The worst pandemic in a century highlighted the relevance of the peace of head and fiscal security we support give our customers and their households. We took care of individuals who depend on us when it mattered most,” said Chris Hilger, Securian Financial’s chairman, president and CEO.
“In the course of the year, we navigated a complicated setting by meticulously taking care of our capital, having steps to mitigate the negative effects of quite low interest costs and pursuing progress possibilities constant with our chance urge for food. In addition, we ongoing to develop our funds degree and taken care of our exceptional general economical strength,” explained Hilger.
Functionality on essential metrics
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Insurance policy profits, which include team daily life insurance, unique existence coverage and insurance policy products sold through financial establishments and affinity corporations, ended up sound at $500 million. Retirement products—including 401(k) programs, person annuities and pension chance transfers—had their 2nd highest revenue in business history, at $2.8 billion.
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Solid sales, merged with fantastic purchaser retention of 94% or superior throughout all insurance policies and retirement business enterprise traces, contributed to best-line profits advancement of more than 6%, to $6.3 billion. Prime-line revenue is the company’s principal revenue metric which excludes particular non-recurring revenue. GAAP income increased 4% to virtually $6.9 billion.
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Functioning earnings fell 65% to $116 million, and web cash flow decreased 44% to $243 million, largely owing to COVID-19 connected benefits for policyholders.
Firm highlights
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Produced sizeable investments in strategic small business priorities, including continuing a multi-12 months engineering transformation and boosting capabilities to handle marketplace developments remaining accelerated by the pandemic.
Neighborhood initiatives
Contributions to the group from the Securian Money Basis, in-form donations, personnel volunteerism and other income items totaled extra than $8.5 million in 2020—a 25% increase around 2019. Securian Monetary staff volunteered a lot more than 17,000 hrs in the neighborhood on functions ranging from pandemic aid endeavours to services on much more than 125 nonprofit boards.
Securian Fiscal also publicly fully commited to enable foster social justice by investing in education and learning for disadvantaged communities. Furthermore, the Securian Economic Basis founded new anti-discrimination grant-building parameters demanding all applicants to exhibit their motivation to diversity, fairness and inclusion.
At last, the company signed the Accounting for Sustainability (A4S) Internet Zero Statement of Support—joining companies around the globe in committing to publish a comprehensive pathway to web zero emissions. Securian Financial is a founding member of the U.S. chapter of A4S, a challenge set up by the Prince of Wales to inspire finance leaders to shift towards sustainable small business versions.
Earnings sharing
For the 47th consecutive year, Securian Money is making a earnings-sharing contribution to suitable employees’ retirement accounts. This year’s firm contribution is 4.6% of annual income. Securian Monetary also maintains a completely-funded, 100% employer-paid out pension approach, with workforce vested in the pension after 5 a long time of services. The enterprise retained 93% of its personnel in 2020.
For every its regular once-a-year cycle, Securian Financial expects to launch its 2020 Yearly Report—with audited GAAP fiscal information—by April.
About Securian Money
At Securian Economical, we’re in this article for loved ones. And we’re right here mainly because of it. We’re guided by our function: encouraging buyers develop protected tomorrows. Considering the fact that 1880, we’ve been setting up a uniquely diversified corporation that has outlasted financial ups and downs whilst staying real to our clients. We’re fully commited to the markets we serve, providing insurance policies, expense and retirement methods that give people the self confidence to target on what’s certainly useful: banking reminiscences with those people who make any difference most.
1. Scores are assigned to the following Securian Fiscal Group member corporations: Minnesota Everyday living Insurance coverage Corporation and Securian Daily life Insurance plan Enterprise. To learn far more about Securian Financial’s strength and ratings, pay a visit to securian.com/scores.
Securian Money is the marketing name for Securian Economic Group, Inc. and its affiliates. Insurance goods are issued by its affiliated coverage corporations, like Minnesota Lifestyle Insurance plan Firm and Securian Existence Insurance coverage Company, a New York licensed insurance company. Minnesota Everyday living is not an licensed New York insurance provider and does not do insurance plan small business in New York. Both corporations are headquartered in St. Paul, MN. Securities and financial commitment advisory expert services supplied through Securian Financial Products and services, Inc., registered expense advisor, member FINRA/SIPC.
DOFU 2-2021
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Contacts
Securian Economical
Jeff Bakken, Media Relations
651-665-7558
[email protected]