Minnesota Life Insurance Company
Minnesota Life Insurance Company
400 Robert Street North
St. Paul, MN 55101-2098
The Minnesota Life Insurance Company is an affiliate of Securian Financial Group, a topmost provider of financial security for individuals and businesses all over the country.
Insurance products are issued by Minnesota Life in all states except New York. The company offers group life insurance policies under the name of Securian Life Insurance Company in New York. Headquartered in St. Paul, Minnesota, Minnesota Life ranks among the largest group life insurers in the country, with more than $660 billion of group life insurance in force.
Minnesota Life was founded in 1880 and was formerly known as the Minnesota Mutual Life Insurance Company. It changed its name on October 1998 to what it is currently known today. At present, Minnesota Life has a workforce of 5,000 employees. With over 90 years of experience, the company’s financial strength and claims-paying ability rank among the most highly rated insurance companies in the nation. The four independent rating organizations that analyze financial strength have superior ratings for Minnesota Life. Particularly, A.M. Best gave an A+ or Superior, the 2nd highest of its 16 ratings, while Fitch and Standard and Poor’s provided an AA- or very strong for Minnesota Life. Moody’s has a rating of Aa3 or excellent, exhibiting excellence in its financial reserves, types of policies and claims-paying history.
The company offers insurance, pension, and investment products that provide financial security to different individuals and businesses. It provides life insurance products, including term life, adjustable life, variable life, indexed universal life, survivorship universal life, and whole life. It also offers group insurance for large employer groups, public employers, and corporations and partnerships, as well as deferred and immediate annuities, and employee and employer retirement plans.
The company’s target markets include large employer groups with 1,000 or more employees. These large employer groups can be regarded as a payroll-deduction market, where employees acquire supplemental coverage through their employer-sponsored group program and pay premiums through payroll deduction. The company also offers plans for municipal governments with less than 1,000 employees, and executive benefits for corporations and partnerships. Minnesota Life makes use of permanent life insurance to provide support to corporations and partnerships in replacing existing executive plans, providing corporate-owned or partnership-mandated plans and setting up voluntary executive carved-out plans.
Minnesota Life has build up relationships with other industry leaders with the same objective of offering clients a full group life insurance solution. Minnesota Life’s general alliances include North Carolina Mutual, Ochs, Inc., and Zurich International Life, while its LifeSuite partnerships include Ceridian LifeWorks, Europ Assistance USA, and PricewaterhouseCoopers LLP. Janus Capital, Fidelity Management and Research and Wall Street Associates are some of its investment partners.
The company boasts of exceptional service including e-services and product support. Clients can use the Internet to access accounts available through Minnesota Life and its affiliates, including annuities, claim service, employee retirement plans, employer life insurance, employer retirement plans, life insurance, Securian brokerage account, and University of Minnesota retirement plans.
Robert Senkler serves as the company’s Chairman, while Gregory Strong is the Chief Financial Officer and Senior Vice President. The Executive Vice President is Dennis Prohofsky. Randy Wallake is also the Executive Vice President and Vice Chairman of the company. Jean Nelson serves as the company’s Chief Information Officer and vice President.