Securian Financial reported record 2025 results, with higher revenue, earnings and capital driven by growth in its insurance and retirement business.
Operating revenue reached a record $8.2 billion in 2025, up nearly 2% over 2024. Core earnings rose 27% to a record $362 million. The company attributed the increase to favorable mortality in its large group life portfolio, disciplined expense management and contributions from across its insurance and retirement businesses.
In 2025, insurance sales totaled $759 million, up 4% from 2024. This figure includes group life and supplemental health insurance, individual life insurance and insurance products sold through financial institutions and affinity organizations.
Meanwhile, annuity product sales were $2 billion, covering individual annuities and pension risk transfer (PRT) transactions, and included record PRT volumes for the year.
Insurance in force – the aggregate financial protection Securian provides to customers – stood at nearly $1.7 trillion, which the company said was in line with management expectations. Securian’s mix remains anchored in group benefits, individual life and retirement solutions, including growing PRT activity. Record PRT sales in 2025 align with strong demand in the US pension risk transfer market, where plan sponsors have been actively derisking defined benefit obligations in a higher‑rate environment.
In 2025, Securian paid $5.8 billion in benefits to policyholders, reflecting life, health and retirement claims across its book.
Securian also highlighted several product initiatives designed to support insurance and retirement growth. These include the launch of its first registered index-linked annuity; enhancements to supplemental health products; a new 401(k) loan protection product aimed at retirement plans, and the implementation of guaranteed separate account capabilities for PRT.
The company positioned these developments as part of a broader strategy to create additional sales opportunities, improve competitiveness and support profitable growth in its chosen insurance and retirement markets.
Compared with other mutually structured US life insurers focused on protection and retirement, Securian operates at a smaller absolute scale but broadly similar business mix, while maintaining strong capital ratios.
Northwestern Mutual, the largest direct provider of individual life insurance in the US, reported total life insurance protection in force of nearly $2.4 trillion and surplus above $40 billion for 2024, and has announced a record $9.2 billion dividend payout to policyowners for 2026. Its total revenue now exceeds $40 billion, placing it in a different size category than mid‑tier mutuals.
Massachusetts Mutual Life Insurance Company (MassMutual) has likewise reported strong recent results, including record operating earnings and its largest‑ever policyowner dividend, supported by growth in institutional solutions and affiliates such as Barings and Rothesay.
Guardian Life has reported record statutory results and a surplus of more than $9 billion, underpinned by over three decades of consistent capital and dividend performance.
By contrast, Securian – through Minnesota Mutual Companies – reported life insurance in force of roughly $1.8 trillion and policyholder benefits of about $5.5 billion in 2024, serving more than 20 million customers. Its 2025 insurance in force of nearly $1.7 trillion places it below the very largest mutuals on total protection but within the upper tier of US life carriers focused on group benefits, individual protection and retirement.
On capital, Securian’s nearly $3.6 billion of capital and surplus at Minnesota Life is materially smaller than the surplus reported by Northwestern Mutual or Guardian but is consistent with its narrower product and geographic footprint. That capital base, combined with conservative risk management, supports the strong ratings that underpin its position in group, individual life, annuity and institutional markets.
Strategically, record PRT sales and new guaranteed separate account capabilities bring Securian into closer alignment with peers that are using pension risk transfer and institutional solutions as growth engines alongside traditional individual life and annuities. Its entry into the RILA market also mirrors moves by competitors to capture demand for structured annuities in a higher‑rate environment.
With core earnings up 27%, record annuity and PRT production, and capital and surplus up 8%, Securian ended 2025 with stronger earnings and balance sheet metrics than a year earlier, even if it remains smaller than the largest mutual and fraternal peers by assets and surplus.
The company said it expects to release its 2025 annual report in April.
