Securian Financial Announces 2022 Results

Securian Financial?a diversified provider of insurance, investment and retirement solutions?announced 2022 results at its recent annual employee meeting. Earnings increased significantly while the company took bold steps to prioritize its most promising growth opportunities and fulfilled its purpose of building secure tomorrows for its customers.

"2022 was a successful year for Securian Financial. We delivered strong financial results and positioned the company for long-term growth while maintaining our financial strength and high ratings," said Chris Hilger, Securian Financial chairman, president and CEO. "We also provided nearly $3.9 billion in benefits to policyholders and made substantial investments in the community."

Key financial metrics

• Insurance sales?including group life insurance, individual life insurance and insurance products sold through financial institutions and affinity organizations?grew 17% to $630 million, with sales of individual life insurance breaking a company record. Sales of retirement products, including individual annuities and pension risk transfers, were level at $1.8 billion.¹
• Excellent retention in all businesses and strong overall sales contributed to 2% growth of top-line revenue to $6.8 billion. Top-line revenue is the company's primary revenue metric which excludes certain non-recurring revenue. GAAP revenue decreased 16% to $6.2 billion due to unfavorable equity and fixed income markets and one-time business portfolio moves.
• GAAP operating earnings rose 124% to $244 million, driven by strong subsidiary performance and lower COVID-19 mortality. Since the start of the pandemic in March 2020, Securian Financial has provided more than $1.3 billion in COVID-19 related death benefits to over 19,000 families.
• Insurance in force?the financial protection Securian Financial provides to its customers?rose to more than $1.5 trillion.
• Capital remained strong at $3.3 billion, in alignment with company targets.
• While not a goal financial metric for the company, net income reflected a net loss of $91 million, driven by unfavorable equity and fixed income markets, resulting in investment losses.

Company highlights

• Remained among the most highly rated insurance companies in the U.S.²
• Took several business portfolio actions to increase Securian Financial's strategic focus and accelerate growth in priority markets, including divesting the company's retirement plan recordkeeping business in 2022 and announcing the sale of the company's retail wealth business in January 2023.
• Prepared for the integration of Sun Life's Canadian creditor and affinity insurance businesses into Securian Financial's Canadian operations. Announced in December 2021 and closed in January 2023, the portfolio move positions the company for continued growth in the Canadian market.
• Maintained the percentage of women in senior management roles at 40% and again increased the number of diverse hires?with 26% of all company-wide new hires for the year being people of color.

Community initiatives

Contributions to the community from the Securian Financial Foundation, in-kind donations, employee volunteerism and other cash gifts totaled more than $10 million. Highlights included a $1 million commitment to Children's Minnesota for the health system's first inpatient mental health unit and a $3 million commitment to The American College of Financial Services' Center for Economic Empowerment and Equality to help recruit and train more Black financial professionals. Securian Financial employees volunteered nearly 21,000 hours in the community on activities ranging from employees serving as virtual mentors for St. Paul students to service on more than 125 nonprofit boards.

Profit sharing

For the 49^th consecutive year, Securian Financial is making a profit-sharing contribution to eligible employees' retirement accounts. This year's company contribution is 7.4% 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 2022 Annual Report?with audited GAAP financial information?by April.

About Securian Financial

At Securian Financial, we're here for family. And we're here because of it. We're guided by our purpose of helping customers build secure tomorrows. Since 1880, we've been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We provide insurance, investment and retirement solutions that give families the confidence to focus on what's truly valuable: banking memories with those who matter most. For more information about Securian Financial, visit securian.com or follow us on Facebook, Twitter or LinkedIn.

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1. Retirement product sales for 2022 exclude retirement plan recordkeeping sales figures, as Securian Financial sold this business in 2022.

2. 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.

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 and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.

DOFU 2-2023

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