Securian Financial Reports Very Strong 2025 Results

ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial achieved very strong financial results in 2025, delivering profitable growth in the markets it serves while maintaining its commitment to customers and the community, the insurance and retirement solutions provider announced at its recent annual all company meeting.

“2025 was a year of acceleration for Securian Financial, with the company capitalizing on significant positive momentum we’ve generated in our target markets over the past couple years to achieve record revenue and earnings,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “At the same time, we fulfilled our purpose of building secure tomorrows by providing $5.8 billion in benefits to policyholders¹ and—for the third consecutive year—contributing more than $10 million to the community.”

Key financial metrics

• Operating revenue was a record $8.2 billion, up nearly 2% over 2024 due to excellent strategy execution, solid sales and strong retention. Operating revenue is Securian Financial's primary revenue metric and reflects ongoing growth in the company's core businesses while excluding certain non-recurring revenue. GAAP revenue² was nearly $8.7 billion, an increase of nearly 6%.
• Core earnings—the company’s adjusted GAAP operating earnings reflecting the underlying profitability drivers of its business—increased 27% to a record $362 million, due to favorable mortality in the company’s large group life insurance book of business, disciplined expense management and balanced contributions from all Securian Financial businesses.
• Insurance sales—including group life and supplemental health insurance, individual life insurance and insurance products sold through financial institutions and affinity organizations—were $759 million, up 4% over 2024. Sales of annuity products, including individual annuities and pension risk transfers (PRT), were $2 billion and included record PRT sales.
• Insurance in force—the financial protection Securian Financial provides to its customers—was nearly $1.7 trillion, in line with management’s expectations.
• Minnesota Life Insurance Company capital and surplus increased 8% year-over-year to nearly $3.6 billion, supported by above-goal earnings and prudent capital management.

Company highlights

• Maintained outstanding financial strength and remained among the most highly rated insurance companies in the U.S.³
• Expanded product development across the company’s businesses to support new sales opportunities and enhance competitiveness, including the launch of Securian Financial’s first registered index-linked annuity (RILA), enhanced supplemental health insurance offerings, a new 401(k) loan protection product and the implementation of guaranteed separate account capabilities for PRT.
• Advanced Securian Financial’s AI journey through education for all employees and an enterprise approach focused on transforming how the company and employees work, improving the customer experience and partnering for the future.

Community support

Contributions to the community from the Securian Financial Foundation, in-kind donations, employee volunteerism and other cash gifts exceeded $10 million for the third straight year. Securian Financial employees volunteered more than 25,000 hours in the community, with 71% of employees participating in some form of community engagement in 2025. More than 120 Securian Financial employees serve on the boards of directors for 150 local community nonprofit organizations.

Profit sharing

For the 52^nd consecutive year, Securian Financial is making a profit-sharing contribution to eligible employees’ retirement accounts. This year’s company contribution is 7.6% 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.

Per its usual annual cycle, Securian Financial expects to release its 2025 Annual Report—with audited GAAP financial information—in April.

About Securian Financial

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 145 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of building secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

1. Reflects total GAAP policyholder benefits and interest credited to policies and contracts.

2. Revenue includes premiums and policy fee income, net investment income, realized gain/loss and other income.

3. 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.

Limitations and exclusions apply. Each of the group supplemental health policies have exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company or 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. Product availability and features may vary by state. Each insurer is solely responsible for the financial objections under the policies or contracts it issues. Securities are distributed by Securian Financial Services, Inc., member FINRA. 400 Robert Street North, St. Paul, MN 55101-2098.

DOFU 3-2026

5271185