Securian Financial Reports Very Strong 2025 Results

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.

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“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.