Securian Financial Stories 2020 Economical Results | Business & Finance
ST. PAUL, Minn.–(Business WIRE)–Feb 18, 2021–
Securian Economic declared preliminary 2020 monetary benefits during its annual all-firm conference yesterday, highlighted by ongoing income expansion and improved local community offering in a complicated calendar year.
Chris Hilger, Securian Financial Chairman, President and CEO (Photo: Organization Wire)
“Securian Financial’s function and values ended up on full screen in 2020. The worst pandemic in a century highlighted the significance of the peace of mind and financial safety we support offer our clients and their families. We took treatment of people who depend on us when it mattered most,” explained Chris Hilger, Securian Financial’s chairman, president and CEO.
“Throughout the 12 months, we navigated a challenging surroundings by very carefully handling our funds, using steps to mitigate the destructive effect of very lower fascination costs and pursuing development chances reliable with our threat urge for food. In addition, we continued to build our money degree and maintained our excellent all round monetary power,” explained Hilger.
Performance on important metrics
- Insurance policy revenue, including team life insurance, particular person lifestyle insurance and coverage solutions marketed through financial establishments and affinity corporations, have been sound at $500 million. Retirement products—including 401(k) plans, personal annuities and pension danger transfers—had their second maximum sales in firm background, at $2.8 billion.
- Potent sales, mixed with excellent customer retention of 94% or improved across all insurance policy and retirement organization lines, contributed to top rated-line earnings advancement of additional than 6%, to $6.3 billion. Top rated-line earnings is the company’s primary revenue metric which excludes particular non-recurring revenue. GAAP earnings improved 4% to approximately $6.9 billion.
- Insurance in force—the monetary defense Securian Economic offers to its customers—increased 11% to more than $1.4 trillion.
- Assets less than management enhanced 5% to $98.3 billion.
- Cash grew almost 7% to $3.4 billion, more strengthening a level of funds usually thought of to be “AAA” by score businesses.
- Running earnings fell 65% to $116 million, and web profits decreased 44% to $243 million, primarily thanks to COVID-19 linked advantages for policyholders.
- Remained among the most extremely rated insurance policies businesses in the U.S. 1
- Manufactured substantial investments in strategic business priorities, which include continuing a multi-year engineering transformation and improving capabilities to address field traits staying accelerated by the pandemic.
- Transitioned extra than 95% of workers to a digital performing environment while serving shoppers with minimal disruption.
- Supported employees’ health and fitness and nicely-becoming with an additional 80-hour COVID-19 paid leave profit and a $500 stipend to offset the prices of doing the job remotely.
Contributions to the community from the Securian Money Foundation, in-variety donations, worker volunteerism and other cash gifts totaled additional than $8.5 million in 2020—a 25% improve in excess of 2019. Securian Financial staff members volunteered extra than 17,000 hours in the local community on things to do ranging from pandemic reduction attempts to services on a lot more than 125 nonprofit boards.
Securian Monetary also publicly dedicated to support foster social justice by investing in schooling for deprived communities. In addition, the Securian Economical Basis established new anti-discrimination grant-making parameters requiring all applicants to demonstrate their dedication to variety, equity and inclusion.
At last, the company signed the Accounting for Sustainability (A4S) Internet Zero Statement of Support—joining businesses globally in committing to publish a in-depth pathway to internet zero emissions. Securian Money is a founding member of the U.S. chapter of A4S, a job established by the Prince of Wales to encourage finance leaders to shift towards sustainable small business models.
For the 47 th consecutive yr, Securian Money is earning a income-sharing contribution to suitable employees’ retirement accounts. This year’s firm contribution is 4.6% of once-a-year wage. Securian Financial also maintains a entirely-funded, 100% employer-compensated pension approach, with staff members vested in the pension after 5 several years of provider. The organization retained 93% of its employees in 2020.
For every its usual once-a-year cycle, Securian Fiscal expects to launch its 2020 Annual Report—with audited GAAP money information—by April.
At Securian Money, we’re listed here for loved ones. And we’re below simply because of it. We’re guided by our purpose: aiding customers construct secure tomorrows. Because 1880, we have been setting up a uniquely diversified company that has outlasted economic ups and downs while being accurate to our prospects. We’re fully commited to the markets we serve, providing insurance coverage, expenditure and retirement solutions that give families the self-assurance to concentrate on what is genuinely useful: banking recollections with all those who subject most.
1. Scores are assigned to the next Securian Economic Group member providers: Minnesota Existence Insurance policies Firm and Securian Lifestyle Insurance policies Organization. To master additional about Securian Financial’s strength and rankings, stop by securian.com/rankings.
Securian Economical is the advertising name for Securian Fiscal Group, Inc. and its affiliate marketers. Insurance policy solutions are issued by its affiliated insurance plan organizations, such as Minnesota Lifetime Insurance coverage Business and Securian Existence Insurance plan Business, a New York licensed insurance provider. Minnesota Daily life is not an licensed New York insurer and does not do insurance enterprise in New York. Both of those firms are headquartered in St. Paul, MN. Securities and expenditure advisory products and services offered by Securian Money Expert services, Inc., registered expense advisor, member FINRA/SIPC.
Get hold of: Securian Financial
Jeff Bakken, Media Relations
Key word: MINNESOTA UNITED STATES NORTH The usa
Industry Search term: Skilled Providers Coverage FINANCE
Resource: Securian Fiscal
Copyright Company Wire 2021.
PUB: 02/18/2021 01:30 PM/DISC: 02/18/2021 01:30 PM
Copyright Company Wire 2021.