ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group generated excellent financial results in 2014, driven by strong performance in its diverse insurance businesses, growing contributions from key subsidiaries and strong risk management.
“2014 exceeded expectations,” said Chris Hilger, president and CEO, Securian Financial Group. “We delivered smart growth by following our strategic plan, building on our strengths and investing in capabilities that improve our competitive position.”
Double digit growth
Highlights from Securian’s 2014 results include:
- Top-line revenue increased 12 percent to $3.9 billion.
- Proprietary insurance sales increased 12 percent to $1.1 billion.
- Insurance in force increased 10 percent to $1.07 trillion.
- Organic growth in assets under management rose 11 percent to $46.7 billion.
Securian’s customer satisfaction data also are high. Above goal client retention and satisfaction across all business units exceeds 90 percent, with Advantus Capital Management, the asset management subsidiary, retaining all of its clients in 2014. Independent surveys show 90 percent or more of each business unit’s clients are satisfied and would recommend Securian.
Another 2014 highlight was Securian’s December 31 purchase of majority interest in Asset Allocation & Management Company (AAM). The acquisition demonstrated Securian’s commitment to the asset management business, more than tripling the assets managed for outside insurance companies. It also supports Securian’s plan to grow its subsidiaries – a key component of the company’s strategic plan – and brought total assets under management to $63 billion.
Profit sharing for employees
For the 41st consecutive year, Securian will make a profit sharing contribution to employees’ retirement accounts. For 2015, the company’s contribution will be nine percent of annual salary, which employees receive regardless of whether they make their own contributions. They have the option to take half of it in cash.
Most importantly, Securian fulfilled one of its primary objectives as a company by providing financial security for its clients in 2014. “In total, we paid over $4.7 billion in benefits to individuals, families and businesses when they needed us most,” said Hilger.
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 financial services providers, it is the holding company parent of a group of companies that offer a broad range of financial services.