News
Minnesota Life Group Insurance growth in double digits again in 2005
St. Paul, MN, May 22, 2006 – For the eighth consecutive year, Minnesota Life Group Insurance premium and policy fee income increased by double digits. The growth rate in 2005 was 14 percent, resulting in a compounded annual growth rate of 16 percent for the last three years and 18 percent for the last five years.
"Our growth is based not only on new sales, but also on our industry-leading retention of existing business," said James E. Johnson, executive vice president, Minnesota Life Group Insurance. In 2005, the company sold new plans to 21 Fortune 1000-sized organizations and retained 99 per cent of its existing group life business.
Minnesota Life Group Insurance, an affiliate of Securian Financial Group, Inc., is one of the fastest-growing group life insurers in the nation, rising from sixteenth largest in 1997 to sixth largest in 2004, according to A.M. Best. The 2005 rankings will be issued in August.
The company is known for its ability to customize plans for large employers, using web-based technology that enables employees to manage their group life benefits themselves. In 2005, the company added several new features to its self-service site, including:
- On-line quotations — This tool helps employees see how different levels of contributions to their cash value account will grow over time.
- On-line underwriting exam scheduling: — Quick and easy access to a calendar enables workers to schedule medical exams – when needed — at their convenience.
- Email notification of underwriting status — Insurance applicants are kept "in the loop" via email throughout the underwriting process. They also are notified by email when the application is approved.
- Single sign-on — Employees can go directly to their benefits information by entering only one password and ID at their employers’ benefits web site.
Minnesota Life has more than $400 billion of life insurance in force. Respondents to customer surveys are 100 percent satisfied with the service they receive from Minnesota Life, a subsidiary of Securian Financial Group, Inc., giving the company the exceptional Net Promoter® Score of 87 percent. For more information about web-based services offered by Minnesota Life Group Insurance, visit www.lifebenefits.com.
Contact:
Maggie Jensen
Media Relations Consultant
Minnesota Life Insurance Company
Phone: (651) 665-7558
Pager: (612) 650-0433
400 Robert Street North
St. Paul, MN 55101-2098
margaret.jensen@securian.com
