Securian Financial Group
Capital and Surplus-to-Liabilities Ratio
We rank first in Capital and Surplus-to-Liabilities ratio
in our peer group.
Our peer companies2
are listed below.
Capital and Surplus-to-Liabilities 1
Ratio of Capital and Surplus to General Account Liabilities, 12/31/2013
%
25
20
15
10
5
0
SF
CM WS PM
PL
GU
ST
MA NM OH
TA
NY OA NW LN
ME
PF
JH
PR GW
Mutual
Stock
Source: A.M. Best Statistical Study
TA
Aegon
CM
CMFG
GW
Great-West
GU
Guardian
LN
Lincoln
JH
Manulife
MA
MassMutual
ME
MetLife
NW
Nationwide
NY
New York Life
NM
Northwestern
OH
Ohio National
OA
OneAmerica
PL
Pacific Life
PM
Penn Mutual
PF
Principal
PR
Prudential
SF
Securian
ST
Standard
WS
Western & Southern
A measure of financial strength: Capital and Surplus-to-Liabilities ratio
The Capital and Surplus-to-Liabilities ratio is one indicator of financial strength: generally the extra funds available
after a life insurance company meets its liabilities.
When an insurance company makes financial commitments to clients through its insurance policies, it establishes
liabilities on its balance sheet. The company backs those liabilities with assets of equal value. A company’s total
assets must exceed total liabilities, and the difference is capital and surplus. The Capital and Surplus-to-Liabilities
ratio is the percentage by which a company’s assets exceed its liabilities.
Here’s the math. As of December 31, 2013, Securian’s general account assets totaled $14.6 billion. Our adjusted
general account liabilities were $12.0 billion. The difference – $2.6 billion – represents adjusted capital and
surplus. Dividing adjusted capital and surplus ($2.6 billion) by adjusted liabilities ($12.0 billion), produces a ratio of
21.3 percent.²
Securian’s ratio shows we have over 21 cents extra in assets for each $1 of liability on our balance sheet – a “cushion”
that’s available to address unexpected circumstances or emergencies.
Our life insurance company affiliates are highly rated by the major
independent rating agencies that analyze the financial soundness and
claims-paying ability of insurance companies. For more information
about the rating agencies and to see where our life insurance affiliate
ratings rank relative to other ratings, please visit our website at
securian.com/ratings.
Securian Financial Group’s current
member company ratings.
•A.M. Best: A+ (Superior),
second highest of 16 ratings
•Moody’s: Aa3 (Excellent),
fourth highest of 21 ratings
Peer companies are selected solely by Securian based on various
competitive criteria.
•Standard & Poor’s: A+
(Strong), fifth highest of
21 ratings
Securian Financial Group, Inc. is the holding company parent of a group
of companies that provide a broad range of financial services, including
Minnesota Life Insurance Company; American Modern Life Insurance
Company; Balboa Life Insurance Company; Balboa Life Insurance
Company of New York; Cherokee National Life Insurance Company;
Securian Life Insurance Company; and Southern Pioneer Life Insurance
Company. The guarantees of the life insurance affiliate general accounts
are backed by the financial strength and claims-paying ability of the
applicable life insurance company affiliate.
•Fitch: AA- (Very Strong),
fourth highest of 19 ratings
Ratings for financial strength and
claims-paying ability do not reflect the
performance of any registered securities
or variable subaccounts. All ratings
information as of April 2014. Ratings are
assigned to Securian Financial Group
life insurance affiliates Minnesota Life
Insurance Company and Securian Life
Insurance Company.
1
The Capital and Surplus-to-Liabilities ratio is derived from data provided by A.M. Best, and
is the combined adjusted capital and surplus of insurance companies within a common
insurance group divided by the combined adjusted liabilities of insurance companies within
a common insurance group. The calculation also may contain additional adjustments
to adjusted capital and surplus for the capital and surplus of downstream insurance
companies within the group. Capital surplus and liabilities are factors used by insurance
company rating agencies to assign ratings. Factors which may impact this ratio include
the type of business an insurance carrier writes or its product features and guarantees.
2
Peer companies were selected solely by Securian based on competitive criteria.
Since 1880, Securian Financial Group, Inc. 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.
Securian Financial Group, Inc.
www.securian.com
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life
Insurance Company, a New York authorized insurer. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state.
Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098
©2011 Securian Financial Group, Inc. All rights reserved.
F70237 Rev 4-2014 DOFU 10-2011
A04092-1011