Securian 2015 Annual Report

SECURIAN FINANCIAL GROUP

2015 ANNUAL REPORT

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THE LONG RUN IS MORE
THAN JUST A SLOGAN.

It’s support, protection and peace of mind for whatever path
life leads you down. Securian Financial Group has a proven
track record of being there for our customers with a thoughtful
approach to insurance, investment and retirement solutions.

WHAT DOES THE LONG RUN
MEAN TO YOU?

Securian Financial Group 2015 Annual Report 1

ENTERPRISE HIGHLIGHTS

2015 AT A GLANCE

Nearly 16 MILLION customers served

Statutory benefits paid $4.6 BILLION

2 Securian Financial Group 2015 Annual Report

RATINGS Insurance in force

A+ (Superior) from A.M. Best $1.15 TRILLION
AA (Very Strong) from Fitch
Aa3 (Excellent) from Moody’s Investors Service Proprietary insurance sales
A+ (Strong) from Standard & Poor’s
$1.1 BILLION
Securian’s financial strength is the foundation for
the consistently high ratings* we receive from the Proprietary individual
four major independent rating agencies. and group annuity sales

In 2015, Fitch upgraded the ratings of Minnesota $1.6 BILLION
Life and Securian Life to AA (from AA-) with a
stable outlook. Standard & Poor’s revised our Assets under management
outlook to positive (from stable) and affirmed
our “Strong” rating, while A.M. Best and Moody’s $64.4 BILLION
affirmed our current ratings.
Total revenue
Securian is one of the most highly rated insurance
companies in America because of our stability, $4.4 BILLION
integrity and long-term commitment to maintaining
a strong balance sheet. Operating earnings

* All ratings information as of February 2016. Securian Financial Group, Inc., $275.4 MILLION
is a part of an insurance company holding group. These ratings are assigned
to the following Securian Financial Group member companies: Minnesota Statutory adjusted capital
Life Insurance Company and Securian Life Insurance Company. A.M. Best
Company rating (second highest of 16 ratings); Fitch rating (third highest of $3 BILLION
19 ratings); Moody’s rating (fourth highest of 21 ratings); Standard & Poor’s
rating (fifth highest of 23 ratings). For more information about the rating
agencies and to see where our ratings rank compared to other ratings,
please see our website at securian.com/ratings.

Securian Financial Group 2015 Annual Report 3

WHAT THE LONG RUN
MEANS TO SECURIAN

“Our ability to serve the
long-term interests of our
customers is supported by
the strong financial
performance we generate
year after year.”

Christopher M. Hilger
President and Chief Executive Officer

4

MESSAGE FROM THE CEO

Fulfilling our purpose Building capabilities for the future

At Securian Financial Group, we take great The financial services industry is facing
pride in being there for the long run for our significant change, and the pace of that
nearly 16 million customers nationwide. In 2015, change is accelerating. Technology is shaping
we fulfilled our purpose in many ways; none customer expectations for a more customized
more important than paying over $4.6 billion in and responsive experience, and an intensifying
statutory benefits when our customers needed us regulatory environment is creating new
most. And, with nearly $1.2 trillion of insurance in challenges. Securian is responding to these
force, we provided important peace of mind for changes from a position of strength as we build
individuals, families and businesses. new capabilities to grow our businesses and serve
our customers at the highest levels.
But it’s not just providing financial security that
counts; how we do it is just as important to us. For example, in 2015 we began implementing a
Business integrity is at the core of everything we comprehensive digital strategy to better meet
do, helping us make the right decisions every day customer expectations through investments
on behalf of our customers. Securian is also known in emerging web, mobile and data analytic
for having a caring, responsive service culture. capabilities. We also worked hard to streamline
It’s why our customers continue to honor us with the ways we do business to deliver enhanced
high praise for the way we do business, and why service experiences to our customers and
we once again earned industry-leading customer distribution partners. Highlighted in this Annual
satisfaction and retention results in 2015. Report are just a few examples of the many new
and exciting ways we are connecting with and
We bring this same spirit of service into our serving our customers.
community, too. In addition to our continued
corporate financial support, Securian associates Our Securian team makes me exceedingly
volunteered thousands of hours to organizations optimistic about the future. Our 2015 results
that are helping make our community a better would not have been possible without the
place for all who live here. At Securian, being contributions of our talented associates and
there for the long run extends to being a reliable distribution partners. I want to personally thank
and good neighbor in the community. them for their extraordinary commitment to
Securian and the meaningful work they do to
Delivering strong financial results provide financial security for the long run.

Our ability to serve the long-term interests of our As you read the following pages, you will get a
customers is supported by the strong financial glimpse into why Securian is such a special place
performance we generate year after year. In 2015, to work, what delivering on our purpose looks like
we continued this track record of success as we and why Securian’s future is so bright.
grew our businesses and increased total revenue
five percent to $4.4 billion. Operating earnings Christopher M. Hilger
ended the year at $275.4 million and assets under
management increased to $64.4 billion. President and Chief Executive Officer

Securian’s strong operating performance is one
of the reasons we remain one of the most highly
rated insurance companies in America, evidence
of the financial strength our customers expect and
depend on. The foundation of our consistently
high ratings continues to be the strong level of
capital we maintain, supported by outstanding
investment quality, risk management excellence
and a diverse portfolio of businesses that performs
well in a variety of economic environments.

Securian Financial Group 2015 Annual Report 5

SALES AND FINANCIAL RESULTS

In 2015, Securian’s solid financial results were driven by strong performance
in our diverse insurance businesses, contributions from our strategic
affiliates and effective enterprise risk management.

REVENUE INSURANCE IN FORCE

As a result of strong sales and excellent retention, Insurance in force, representing the primary
total revenue increased five percent to $4.4 billion, financial protection we provide, increased
including $3.7 billion of product revenue1 and seven percent to $1.15 trillion.
$724 million of net investment income. Product
revenue was robust, increasing nine percent. EARNINGS

SALES Securian produced strong earnings in 2015.
Operating earnings3 of $275.4 million were
2015 was a good sales2 year overall as our driven by strong business growth and retention,
business grew and we gained market share contributions from our strategic affiliates and
in most of our business lines. Total sales of effective expense management.
$8.2 billion exceeded expectations.
EQUITY
Proprietary sales were $4.1 billion, with annuity
sales increasing ten percent from last year. Equity4 increased two percent to over $4.1 billion,
primarily due to net income of $281 million.

1 Product revenue equals total revenue less net investment income and net realized investment gains (losses).
2 Sales equal annualized premiums, fund deposits, new asset deposits and commission revenue as applicable to specific business units.
3 Operating earnings equal net income attributable to Securian Financial Group, Inc. and subsidiaries less realized investment gains (losses),

net of taxes.
4 Equity represents total Securian Financial Group, Inc. and subsidiaries equity.

6 Securian Financial Group 2015 Annual Report

INVESTMENTS The focus on the high-quality,
diversification and competitive return
Company assets increased four percent to of our assets proved to be an effective
$40.5 billion in 2015, driven by strong general strategy, and our position relative to our
account asset growth. The focus on the high- peer group remained very good.
quality, diversification and competitive return of
our assets proved to be an effective strategy, and
our position relative to our peer group remained
very good. Our net yield was 4.47 percent.

In 2015, we prudently deployed our cash, making
modest portfolio adjustments to slow the decline
in yield by adding to commercial mortgage
loans and expanding investment allocations to
better quality municipal infrastructure bonds.
We maintained modest borrowings throughout
the year to remain fully invested. We enhanced
our risk management processes, using derivatives
effectively to hedge risk in our product lines.

The diversification and quality of our general
account assets continued to exceed industry
benchmarks. Investment quality, measured
by the percentage of underperforming assets,
outperformed the industry and our peer group.
Our non-investment-grade bonds remained
relatively flat and well below industry norms.
We have relatively few asset quality concerns.

The yield on our fixed maturity securities was
4.44 percent. We maintained a diverse portfolio,
and at year end we were invested in over 1,200
companies with no significant concentration in
any single issuer.

The yield on our commercial mortgage loan
portfolio was 5.13 percent. We invest in mortgage
obligations with safe, predictable cash flows and
competitive returns. Our investments are highly
diversified and consist of mainly high-quality
commercial mortgages in all regions of the country
with no significant concentration in any one state.

* Excludes separate accounts.

Securian Financial Group 2015 Annual Report 7





ENTERPRISE HIGHLIGHTS

EXCELLENCE AT OUR CORE

Providing financial security for the long run At Securian, associates define their own unique
to millions of Americans wouldn’t be possible paths to success. We encourage skill development
without those dedicated to the goal. Our that prepares them for greater responsibility and
associates are the driving force of the ultimately helps the company succeed.
company, cultivating a culture of excellence.

PREPARATION MEETS OPPORTUNITY
Securian’s career advancement philosophy rewards hard work, dedication and skill development.

Angela Schema Suzette Huovinen Matt Bauler Jodi Cruz
Director of Second Vice President, Director of Field
Manager of Corporate
Communications Chief Actuary and Financial Management
Document Services
and Research Chief Risk Officer Joining as a management
services analyst, Matt’s After coming to Securian
Starting as a Hired as an actuarial project management skills, at the age of 17 as an
communications account assistant, Suzette has financial acumen and INROADS Intern, Jodi
representative, Angela’s always been a strong critical leadership abilities were demonstrated leadership
creativity and leadership thinker and problem solver. utilized in various roles abilities, organizational
skills have helped her She’s grown her career by throughout the company. skills and strategic
advance to several adding valuable insights Matt currently leads thinking at many different
enterprise roles. Now and ideas to many areas the teams responsible levels throughout the
head of the 40+ person across the company. Today, for broker-dealer company. Jodi now
department she was Suzette leads Securian’s compensation, business leads a team of over
hired into, Angela is corporate actuarial and risk intelligence and financial 50 individuals who are
accountable for Securian’s management functions. analysis within Wealth tasked with supporting
communications and She also manages our Management Group. the company’s mailing,
market research. relationships with the document processing,
rating agencies. forms and printing needs.

10 Securian Financial Group 2015 Annual Report

AN EMPHASIS ON 2015 ACHIEVEMENTS
ASSOCIATES
94% ASSOCIATE
Securian believes that by providing opportunities for RETENTION
associates to achieve their best, our customers are better
served. A flexible workplace environment and extensive 1,700 UNIQUE LEARNING EVENTS
learning opportunities provide a variety of options for AVAILABLE TO ASSOCIATES
personal and professional growth.
TOP WORKPLACESSTAR TRIBUNE SIX YEARS
In 2015, our associates took advantage of hundreds of IN A ROW
learning and development courses, educational noontime
seminars and our annual wellness campaign. 8% HIRING
INCREASE
While our associates have a strong work ethic, we still
manage to have some fun. Securian celebrated our 135th
anniversary in 2015. Festivities included a company-wide
picnic and a ballgame at the nearby, newly-constructed Saint
Paul Saints ballpark. Associates also had the opportunity to
tour the Securian Club, the company-sponsored event space
at the ballpark.

The 2015 wellness campaign
challenged associates to walk
to local landmarks, capture
photos and track their results.

Photo Credit Christy Radecic 11

Securian Financial Group 2015 Annual Report

ENTERPRISE HIGHLIGHTS

OUR COMMITMENT TO COMMUNITY

Securian defines success by more than dollars pathways out of poverty with a significant
and cents. Our community involvement is a donation to the new Dorothy Day Center that
core value of the company. Since our founding provides employment services, shelter and
in 1880, we have recognized the importance housing for homeless adults.
of giving back and have embraced our
responsibility to be a good corporate citizen. Beyond our monetary donations of over
$2.8 million, associates once again donated their
In 2015, our associates, along with the Securian time and talents to local organizations in 2015.
Foundation, continued our longstanding With over 5,000 volunteer hours mentoring
tradition of supporting the United Way. Our students, constructing homes for Habitat for
$1 million donation ranked us as one of the top Humanity and serving as leaders on over 100
contributors in the Twin Cities for the eighth non-profit boards of directors, it’s no wonder
consecutive year. This year, we also increased Securian was recognized by Minnesota Business
our commitment to helping our neighbors find Magazine with a 2015 Community Impact Award
for Long-Term Achievement.

Community involvement. (Left to right) KEEPING OUR
Napoleon Howell, Anna Fraser and Morgan Zabel COMMUNITY STRONG
play active roles in the community, serving as
mentors and role models to the next generation. Through philanthropy and
(Below) Students participating in Reading to volunteerism, Securian enhances
Achieve Buddies leave a bi-monthly visit with the quality of life and vitality of
their Securian mentors. our community. In 2015, Securian
contributed more than $2.8 million
in cash gifts and approximately
$1.8 million in volunteer services
and in-kind gifts to non-profit
organizations.

Economic Independence,
Civic and Community Needs

Arts and
Culture

Education

Health and
Human Services

12 Securian Financial Group 2015 Annual Report

A CUSTOMER FOCUS

At Securian, our goal is to serve with excellence. That’s why,
across the company, we’re focused on enhancing relationships
and increasing engagement with our customers. In 2015, we made
significant strides growing our digital capabilities and streamlining
our operations. Examples of these enterprise-wide priorities can be
found throughout the business highlights (pages 16-29).

DIGITAL ADVANCEMENTS ENHANCED EXPERIENCES

In 2015, Securian renewed our emphasis Securian continued to implement
on digital. As part of a multi-year effort, an extensive and enterprise-wide
we redesigned several key websites to operational excellence program
make them more intuitive, impactful that increased effectiveness and
and accessible on mobile devices. We drove efficiency in 2015. Over
significantly expanded our presence on 600 associates were engaged in
social media, built analytics capabilities streamlining our processes and
to provide better insights and tested new improving both customer and
channels for engaging with customers – distributor experiences.
how, when and where they want.

Securian Financial Group 2015 Annual Report 13





INDIVIDUAL LIFE INSURANCE $273 MILLION IN SALES

As one of the country’s fastest-growing individual life EIGHTH CONSECUTIVE YEAR OF
insurance writers,* Securian has greatly increased the number
of families and businesses we have the privilege to protect. RECORD SALES
95% CUSTOMER IN FORCE RETENTION
In 2015, our sales continued to rise due to expanded
distribution relationships and new product choices that
allow us to meet a broader range of customer needs.
We also developed new digital capabilities, including a
more user-friendly website. All of these efforts contributed
to an outstanding 95 percent customer retention rate.

We strive to be the partner of choice for our distributors
when providing financial protection to their customers.
We’ll continue to build strong relationships and grow by
keeping the customer at the center of our product and
service decisions.

* Based on our peer group 2015 third quarter LIMRA results.

ENHANCED EXPERIENCES DIGITAL ADVANCEMENTS

Administration made easier. (Left to right) New digital solutions improve turnaround times
Kim Contreras, Becca Baldwin and Adam Wright
identified opportunities to make our administrative and give customers better ways to interact with
and sales processes more efficient. Securian. (Clockwise from top left) Gabe Teal,
Christine Tonkin and Justin Hanley teamed up to
provide more personalized ways to connect with
our distribution partners and their customers.

16

OVERVIEW

Individual Life Insurance delivers engaging experiences
and long-term value through our products, people,
partners and services. Our ultimate goal is to protect
the hopes and dreams of the customers we serve.

Listening to customers, and then delivering what 17
they need. (Left to right) Chrys Williams, Kevin
Norby, John Schneider and Angela Reynolds used
customer feedback to shape product development
and service decisions.

Securian Financial Group 2015 Annual Report

INDIVIDUAL ANNUITY $7.3 BILLION

Securian continued our commitment to delivering financial IN ASSETS UNDER MANAGEMENT
security for customers while maintaining market share and SALES UP 5% TO
growing our distribution reach.
$789 MILLION
In 2015, expanded distribution relationships led to 94% ASSET RETENTION
increased sales of five percent. In addition, our customer
commitment once again led to excellent retention and
helped us grow assets under management.

We launched a new offering within our suite of optional
living benefits, providing customers more ways to grow
and protect their retirement assets and income. We also
introduced new digital marketing tools that established
better engagement with advisors and simplified
our processes.

The paths to building a retirement strategy are as unique
as each of our customers. We continue to strategically
expand our products and distribution relationships,
offering retirement solutions that meet our customers’
individual goals.

ENHANCED
EXPERIENCES

Simplifying service processes
to improve satisfaction. (Left to
right) Kirsten Ryding, Sarah Fulmek,
Pa Nhia Yang and Emily Truslow
streamlined internal workflows to
better serve customers.

18

Individual Annuity helps customers grow and protect
their assets for a sustainable income in retirement.

A new optional benefit annuity
offering helps customers create
a sustainable retirement.
(Left to right) Sam Shikowsky
and Michael Anderson
provide asset protection and
accumulation opportunities to
advisors and their customers.

DIGITAL ADVANCEMENTS

New tools help us communicate
better with advisors. (Left to right)
Amy Schulte, Patty Johnson and
Erick Chi accessed new channels to
better target, measure and refine
advisor communications.

RETIREMENT PLANS

In 2015, we continued our success trajectory in Retirement Plans, $14.7 BILLION
remaining focused on long-term relationships and customer
service excellence. IN ASSETS UNDER MANAGEMENT
SALES UP 14% TO
Securian’s open architecture platform offers a wide range of
investment and customization options. This platform, along $860 MILLION
with a growing array of resources and tools to educate
employees, has led to sales doubling over the last two years.

Our current employer clients also value Securian, as demonstrated
by our outstanding 96 percent asset retention rate and increased
assets under management. The introduction of a new pension
risk transfer product gave employers more options to manage
pension obligations for retirees.

With a long-standing reputation for being transparent and
providing sound expertise, Securian remains well positioned
in the retirement plans marketplace.

96% ASSET RETENTION

Experience is important in a challenging regulatory DIGITAL ADVANCEMENTS
environment. (Clockwise from top left) Tim Soldan,
Diane Ellis and Sandy Colmer have a collective Creating personal connections. (Left to right)
96 years with Securian, dedicating their careers to Mike Bentley and Wanda Mies helped introduce
providing employers and advisors with clarity on new tools to communicate with business partners
a host of complex regulatory requirements. and customers in meaningful ways.

20 Securian Financial Group 2015 Annual Report

OVERVIEW

Retirement Plans offers products and solutions to help customers
reach their goals, ensuring they can live the retirements they envision.

Retirement Plan sales have doubled over the last two years.
(Left to right) John Erickson, Katie Holloway and Virginia Ryan
offered Securian’s products to advisors who work with employers
throughout the country.

Securian Financial Group 2015 Annual Report 21

GROUP INSURANCE ONE OF THE NATION’S

In 2015, Securian maintained our position as one of the nation’s TOP FIVE GROUP INSURERS*
top five group insurers.* In addition to expanding our list of 100% CLIENT SATISFACTION**
Fortune 500 employer clients, Securian continues to be the 97% CLIENT PREMIUM RETENTION
top provider of group life insurance for state governments.

We proactively responded to the changing benefits
landscape by expanding our voluntary product line. Our
new benefit options, Group Hospital Indemnity Insurance
and Group Accident Insurance, help employees pay out-of-
pocket, medical or other living expenses if an unexpected
event occurs.

Securian also remained committed to providing excellent
service in 2015. In addition to 97 percent client premium
retention, we achieved a service milestone when our client
satisfaction survey results revealed a perfect score of
100 percent.**

Collectively, these achievements show the importance of
listening to clients and responding to their needs. As a
distinguished group insurance provider in the public and
private markets, we continue to prove that exceptional
service shouldn’t be an exception.

Group Accident Insurance and Group Hospital Indemnity Insurance
offer employees additional financial protection for the unexpected.
(Left to right) Jim Conlee and Mark Walker contributed to an expanded
voluntary benefit product line, one of the ways Securian is helping
employers respond to changes in the benefits marketplace.

* The direct group life insurance in force as of December 31, 2014, on a consolidated
basis as reported in the Annual Statement Policy Exhibit State Pages. Data source:
SNL Financial LC. This statistic reflects the insurance affiliates of Securian Financial
Group, Inc., Minnesota Life Insurance Company and Securian Life Insurance Company.

** Gestalt, Inc., Client Satisfaction Study: Securian Group Insurance, October 2015.

22

OVERVIEW
Group Insurance offers financial protection to millions of customers by partnering with
employers throughout the nation. Our excellent service and innovative technology make
it easy for employers to deliver competitive benefits that attract and retain employees.

100% client satisfaction demonstrates Securian’s service excellence supported by industry-leading technology.
(Left to right) Anne Robbins, Tracy Zachary, Cathy Duke and Ben Reichert are part of a team that delivered an
outstanding customer experience at every touchpoint.

100%

CLIENT SATISFACTION

DIGITAL ADVANCEMENTS 23

Making things easier for employers
and employees. (Left to right)
Mindy Rutzick, Kyle Kluever and
Sam Spokowski helped develop a
new website that allows employees
to quickly and easily continue or
increase insurance coverage when
their life circumstances change.

Securian Financial Group 2015 Annual Report

FINANCIAL INSTITUTION GROUP RECORD SALES OF

Our customer-centric approach to providing protection $579 MILLION
through financial institutions once again proved successful 3rd LARGEST
in 2015. An eight percent increase in sales, 100 percent
customer satisfaction and over 99 percent premium retention WRITER OF CREDIT INSURANCE*
drove record-breaking results for Securian.
100% CUSTOMER SATISFACTION
Whether it’s a brand new customer or one that has been
with Securian for years, our expanding product line continues
to meet the unique needs of both the institution and the
individual. In 2015, we improved our digital capabilities to
make it even easier to conduct business with us.

We also extended our market presence with the help of
Allied Solutions, Securian’s wholly-owned and independently
operated distribution affiliate. Almost 4,000 financial
institutions nationwide now offer our products and solutions.

Going forward, our commitment to compliance and
broad portfolio of products and services position us
for continued growth.

We’ve doubled our specialty
property and casualty business
over the past four years. Dedicated
personnel including (left to right)
Amanda Larson, Laura Jones,
Anthony Cox, Dianne Friend and
Connie Dougherty kept the progress
going with a 22 percent sales
increase in 2015.

* Based on Credit Life and Disability direct
written premium from the 2015 CCIA Fact
Book of Credit-Related Insurance.

24

OVERVIEW
Financial Institution Group partners with banks, credit unions
and finance companies to provide insurance protection products
and services that enhance customers’ financial security.

Partnerships with financial
institutions help us serve
millions of people nationwide.
(Right to left) Thomas E. Kellgren
of Allied Solutions teams
up with Kurt Lewin, CEO of
Deere Employees Credit
Union, to deliver credit
protection solutions.

Our critical illness product helps customers cover

expenses when faced with an unexpected medical
condition. (Left to right) Kari Lundberg, Josh Andrews
and Terry Guindon represent the teams that brought
the product to market.

Securian Financial Group 2015 Annual Report 25

WEALTH MANAGEMENT GROUP $105.4 MILLION

Securian’s Wealth Management Group consists of our IN TOTAL SECURIAN TRUST SALES
affiliated Securian advisors, Securian Trust Company and
our two broker-dealers: Securian Financial Services (SFS) $21 BILLION
and Capital Financial Group/H. Beck.
IN SECURIAN FINANCIAL NETWORK (SFN)
In 2015, we continued to focus on helping individuals ASSETS UNDER ADMINISTRATION
and businesses achieve their financial goals through our
nationwide network of firms. Our value proposition helped 97%
us successfully recruit and retain high-producing advisors,
and for the third consecutive year, our Securian advisor SFN PRODUCTIVE ADVISOR RETENTION
count saw significant growth.

Improving the advisor experience also remained a
priority. We introduced new services and invested in
new technology, including a social media tool that helped
advisors connect with customers and prospects.

Wealth Management Group emphasizes customer-centric
processes to make “The Securian Advantage” more
than just a marketing slogan. Our support, products
and services give our advisors and firms a competitive
advantage that helps serve their customers at the
highest levels.

Securian’s value proposition is attracting new advisors.
(Left to right) Jay Brown and Cindy Corcoran, along with
associate managing partners Brandon Redman, Brian Walsh,
Andy Allen and Diana Pringle, helped increase the number of
Securian advisors for the third year in a row.

26

OVERVIEW

Wealth Management Group offers a full range of
risk protection and wealth management solutions
for customers and provides exemplary service to be a
destination of choice for financial advisors and firms.

As the compliance and regulatory

environment intensifies, Securian

helps firms and advisors stay on
top of the changes. (Left to right)
Greg Grotewold and Amanda
Kelting are instrumental in
providing guidance on the
latest regulatory requirements.

A firm commitment.
Managing Partners (left to right)
Michael Schmitz and Matt Bond,
of SGC Financial and Insurance
Services, provide valuable
insights on products and
services for our nationwide
network of firms.

Securian Financial Group 2015 Annual Report 27

ASSET MANAGEMENT 27% INCREASE

Advantus Capital Management, Securian’s wholly-owned IN SALES*
asset management affiliate, had another successful year
in 2015. $1.4 BILLION IN SALES*

Nearly all investment strategies once again exceeded 90% CLIENT RETENTION*
benchmarks and ranked highly compared to peers.
As part of ongoing efforts to expand investment options, PARTNERING FOR SUCCESS
we introduced a new Managed Volatility Equity strategy to In 2015, Advantus partnered with
help investors reduce the effects of large market swings. Asset Allocation & Management
Company (AAM) to deliver new
Relationships remained the cornerstone of the Advantus investment strategies to insurance
client experience, and the outstanding sales results company clients. Based out of
reflected our commitment in 2015. We developed new client Chicago, AAM is majority-owned
relationships, deepened existing ones and expanded our by Securian and leads new business
mutual funds wholesaling efforts. These efforts led to strong development for insurance asset
client satisfaction results and high recommendation rates. management.

Advantus’ dedication to providing strong investment
performance, building solid client relationships and
delivering an exceptional client experience will continue
to drive our future success.

Private Placement investing can deliver value.
With extensive experience, (left to right) Blair Sargent,
Bob Diedrich, Chris Gudmastad, Erica Bergsland and Allen
Stoltman helped deliver a key fixed income strategy that
can provide increased returns and diversification.

28 Securian Financial Group 2015 Annual Report Powerful insights and exceptional
relationships. (Left to right) Tracy
Whiteley and Steve Moen worked
together to develop new strategies
and expand distribution, leading to
outstanding sales results.

* Advantus Capital Management only.

OVERVIEW

Advantus Capital Management
exceeds expectations by delivering
an exceptional client experience and
strong investment performance.

New investment options and strategies.
(Left to right) Dave Kuplic, Craig Stapleton,
Tom Houghton and Matt Richmond are the
portfolio managers for several key retail
product offerings.

Securian Financial Group 2015 Annual Report 29

THE LONG RUN
MEANS OUR
TRADITIONS WILL
BE PRESERVED FOR
GENERATIONS



OUR BUSINESSES

INDIVIDUAL LIFE INSURANCE

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Minnesota Life • Individuals • Fixed Universal Life • E xceeded sales goals
• Professionals • Diverse insurance
• Securian Life • Executives product portfolio • Indexed Universal Life for 8 consecutive years
• Business owners
• Personalized service • Survivorship • 90% customer
backed by advanced Universal Life satisfaction1
technology
• Term Life • 95% customer
• Existing customers in force retention2
offered same products • Variable Universal Life
and features as
new customers • Whole Life

INDIVIDUAL ANNUITY

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Minnesota Life • Individual investors • Variable Annuities • 95% customer
• Product portfolio offering
• Securian Life retirement accumulation • Fixed Annuities satisfaction1
and income solutions as
unique as our customers • Income Annuities • 94% asset retention2

RETIREMENT PLANS • E xcellence in customer
service

• Nurturing long-term
relationships with our
distributors, customers
and associates

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Minnesota Life • Customized plan design • 401(k) Plans • 93% customer
• Small- to large-sized • Profit Sharing Plans
employers • Open architecture • Defined Benefit Plans satisfaction1
and 3(21) investment • Cash Balance Plans
platforms • Pension Risk Transfer • 96% asset retention2

• Comprehensive • 88% recommendation
fiduciary support rate3

• T hird-party validation of • S ales results doubled in
conflict-free practices two years

• Industry-leading service • One of the nation’s
largest universities has
• Award-winning been our client since
plan participant 1930
communications
GROUP INSURANCE

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Minnesota Life • L arge public and private • C ustomized, • Group Term Life • One of the nation’s top

• Securian Life employers comprehensive group • Group Universal Life five group insurers4
insurance programs
• Small public employers • Group Variable • U nderwrites
• Flexible, innovative Universal Life 21 state plans
administrative
capabilities • G roup Critical Illness • 100% client satisfaction5

• Solutions for professional • Group Accident • 9 7% client premium
and executive groups retention2
• Group Hospital Indemnity
• Advanced enrollment, • C lients include 21 of
claims and service • Accidental Death and the Fortune 100 and
technology Dismemberment 63 of the Fortune 500
companies
• Industry-leading service • Business Travel Accident

32 Securian Financial Group 2015 Annual Report

FINANCIAL INSTITUTION GROUP

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Minnesota Life • Banks and thrifts • Significant presence in • Accident and Sickness • T he nation’s third largest
• Securian Life
• Securian Casualty • Credit unions large bank, credit union, Protection Credit Life and Disability
• Allied Solutions community bank and insurer6
• American Modern Life • Finance companies finance company markets • Accidental Death and
• Southern Pioneer Life Dismemberment • 99% premium retention2
• Mortgage lenders and • Comprehensive
servicers insurance, debt and loan • Collateral Protection • 100% customer
protection product suites satisfaction1
• Other affinity groups • Credit Life, Disability
• Customized product, and Involuntary
marketing and financial Unemployment
solutions
• Credit Property
• F ull range of direct
response, digital, • Debt Protection
point-of-sale and
call center services • Guaranteed Asset
Protection
• E xcellence in service and
compliance • Loan Forms

WEALTH MANAGEMENT GROUP • Mortgage Accidental
Death, Disability and Life

• Term Life

• Vendor Single Interest

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Securian Financial • Individuals • Customized investment • Investment Advisory
• Professionals • $ 308.6 million in
Services • Executives portfolios Services broker-dealer revenues
• Business owners
• C apital Financial Group/ • Non-profits • Diversified investment • Brokerage Accounts
H. Beck approach
• Mutual Funds
• Securian Trust Company • T rust and Estate Planning
expertise and capabilities • Trust Services

ASSET MANAGEMENT • Insurance and Annuities

• Customized Asset
Management

COMPANIES CLIENTS STRENGTHS PRODUCTS AND SERVICES STAND-OUT STATS
• Advantus Capital • Corporations • General Account • $1.4 billion in sales7
• Customized portfolios
Management • Endowments and and superior client Management
foundations
• Asset Allocation & service • Institutional Separate
Management Company • Insurance companies Accounts
• Investment excellence
• Mutual fund companies founded on robust • Variable Insurance Trusts
fundamental research
• Pension plans • Mutual Funds
• Insights derived
• Variable insurance through collaboration • Investment Styles and
providers of investment specialists Capabilities
across diverse strategies
• 401(k) and related – Fixed Income
separate account • Risk management – Real Estate Securities
platforms embedded throughout – D ividend Income
investment process – Private Placements
– Alternatives
1 Customer satisfaction statistics are from 2015. – Convertibles
2 Client retention statistics are from 2015. – H igh Yield
3 2015 PLANSPONSOR DC Survey. – M anaged Volatility
4 Direct group life insurance in force as of December 31, 2014 on a consolidated basis as
• Commercial Mortgage
reported in the Annual Statement Policy Exhibit State Pages. Source: SNL Financial LC. Lending
5 Gestalt Inc., Client Satisfaction Study: Securian Group Insurance, October 2015.
6 Based on Credit Life and Disability direct written premium from the 2015 CCIA Fact – Origination
– Servicing
Book of Credit-Related Insurance.
7 Advantus Capital Management only. • Specialty Insurance
Services

Securian Financial Group 2015 Annual Report 33

CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2015 and 2014

in thousands 2015 2014

Assets $12,778,796 $12,212,975
Fixed maturity securities, at fair value
Equity securities, at fair value 526,815 458,451
Mortgage loans, net
Finance receivables, net 2,122,837 1,935,983
Other invested assets
Total investments 289,059 279,343
Cash and cash equivalents
Deferred policy acquisition costs 1,286,435 1,261,138
Other assets
Separate account assets 17,003,942 16,147,890
Total assets
Liabilities and Equity 334,660 457,393
Liabilities:
Policyholder benefits and funds 1,308,599 947,821
Other liabilities
Separate account liabilities 2,080,063 2,034,685
Total liabilities
Equity: 19,730,417 19,489,206
Common stock and additional paid in capital
Accumulated other comprehensive income $40,457,681 $39,076,995
Retained earnings
Total Securian Financial Group, Inc. and subsidiaries equity $13,984,664 $13,044,230
Noncontrolling interests
Total equity 2,598,949 2,480,876
Total liabilities and equity
19,730,417 19,489,206

36,314,030 35,014,312

71,554 71,554

16,236 217,811

4,027,668 3,747,980

4,115,458 4,037,345

28,193 25,338

4,143,651 4,062,683

$40,457,681 $39,076,995

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Years ended December 31, 2015, 2014 and 2013

in thousands 2015 2014 2013

Revenues: $3,074,064 $ 2,829,870 $ 2,513,494
Premiums and policy and contract fees

Net investment income 724,057 695,069 669,082

Net realized investment gains (losses) 9,234 138,001 (35,296)

Other income 626,147 571,332 500,449

Total revenues 4,433,502 4,234,272 3,647,729

Benefits and expenses: 2,190,862 1,962,004 1,785,624
Policyholder benefits

Dividends to policyholders and interest credited 407,380 388,315 391,071

Other operating costs and expenses 1,440,803 1,358,576 1,208,887

Total benefits and expenses 4,039,045 3,708,895 3,385,582

Income from operations before taxes 394,457 525,377 262,147

Income tax expense 111,215 158,889 67,743

Net income 283,242 366,488 194,404

Less: Net income attributable to noncontrolling interests 1,854 — —

Net income attributable to Securian Financial Group, Inc. and subsidiaries $$281,388 $ 366,488 $ 194,404

Other comprehensive income (loss):

Other comprehensive income (loss), net of tax $(201,575) $ 34,364 $(131,974)

Comprehensive income attributable to Securian Financial Group, Inc. and subsidiaries $79,813 $ 400,852 $ 62,430

These condensed consolidated financial statements are derived from the company’s audited consolidated financial statements,
which are prepared in accordance with generally accepted accounting principles (GAAP).

34 Securian Financial Group 2015 Annual Report

BOARD OF DIRECTORS

WILSON G. BRADSHAW ERIC B. GOODMAN TRUDY A. RAUTIO
President Retired Chief Investment Officer Retired President and Chief Executive Officer
Florida Gulf Coast University AEGON USA Carlson
Fort Myers, Florida Cedar Rapids, Iowa Minnetonka, Minnesota

Committees: Committees: Committees:
Corporate Governance and Public Affairs; Audit; Investment Audit; Investment (Chair); Executive
Human Resources and Compensation;
Non-Overlapping Directors CHRISTOPHER M. HILGER ROBERT L. SENKLER
President and Chief Executive Officer Chairman of the Board
MARY K. BRAINERD Securian Financial Group, Inc. Securian Financial Group, Inc.
President and Chief Executive Officer St. Paul, Minnesota St. Paul, Minnesota
HealthPartners
Minneapolis, Minnesota Committees: Committees:
Corporate Governance and Public Affairs; Corporate Governance and Public Affairs;
Committees: Investment; Executive Audit; Investment; Executive
Audit (Chair); Investment; Executive
JOHN H. HOOLEY PAUL L. SNYDER
JOHN W. CASTRO Retired Executive Vice President/President Former Managing Partner
Retired Chief Executive Officer SUPERVALU Retail Companies KPMG LLP
Merrill Corporation Eden Prairie, Minnesota Minneapolis, Minnesota
St. Paul, Minnesota
Committees: Committees:
Committees: Human Resources and Compensation (Chair); Audit; Investment;
Corporate Governance and Public Affairs (Chair); Audit; Executive Non-Overlapping Directors
Human Resources and Compensation;
Executive RONALD J. PELTIER
Chairman and Chief Executive Officer
SARA H. GAVIN HomeServices of America, Inc.
President, North America Minneapolis, Minnesota
Weber Shandwick
Bloomington, Minnesota Committees:
Human Resources and Compensation;
Committees: Investment; Non-Overlapping Directors
Corporate Governance and Public Affairs;
Human Resources and Compensation

Securian Financial Group 2015 Annual Report 35

SENIOR OFFICERS

CHRISTOPHER M. HILGER MARK A. BALTES RICHARD A. BINGER KRISTI J. NELSON
President and Vice President Second Vice President Second Vice President and Actuary
Chief Executive Officer Technical Services Application Development, Credit Protection
Development Support and
BRUCE P. SHAY LAURENCE G. COCHRANE Information Technology Finance TED J. NISTLER
Executive Vice President Vice President Second Vice President
Institutional Products Retail Product Distribution MICHAEL P. BOYLE Corporate Tax
Second Vice President
WARREN J. ZACCARO SUSAN L. EBERTZ Law SEAN M. O’CONNELL
Executive Vice President, Vice President Second Vice President and
Chief Financial Officer and Group Insurance Services JULIO A. FESSER Portfolio Manager
Chief Compliance Officer Second Vice President
CRAIG J. FRISVOLD Procurement and MARIA H. O’PHELAN
GARY R. CHRISTENSEN Vice President Facilities Services Second Vice President
Senior Vice President, Life Operations Group Customer Service
General Counsel and Secretary KRISTI L. FOX and Technology
SIDDHARTH S. GANDHI Second Vice President
GEORGE I. CONNOLLY Vice President Group Client Relationships MARK W. SIEVERS
Senior Vice President Enterprise Strategic Business Second Vice President
Wealth Management Group Development BECKY J. GARTHOFNER Auditing
Second Vice President
JEAN DELANEY NELSON WILLIAM M. GOULD Enterprise Continuous Process MARY ANNE SMITH
Senior Vice President and Vice President Improvement and Information Second Vice President
Chief Information Officer Financial Institution Group Technology Shared Services Career Distribution

ROBERT J. EHREN DANIEL H. KRUSE MARK J. GELDERNICK CRAIG M. STAPLETON-
Senior Vice President Vice President and Actuary Second Vice President CORCORAN
Life Product Manufacturing Individual Annuity Products Law Second Vice President and
Portfolio Manager
DAVID M. KUPLIC ANTHONY J. MARTINS CHRISTOPHER R. GREENE
Senior Vice President and Vice President Second Vice President SUZANNE STELLING CHOCHREK
Chief Investment Officer Career Distribution Securian Casualty Company Second Vice President
Distribution Business and
DAVID J. LEPLAVY PAUL E. RUDEEN GREGG M. HAMMERLY Advisor Development
Senior Vice President Vice President and Actuary Second Vice President
Treasurer and Controller Group Insurance Claims MARY L. STREED
Second Vice President
KATHLEEN L. PINKETT BRIAN C. ANDERSON PAUL J. HIRSCHBOECK Human Resources Planning
Senior Vice President Second Vice President and Actuary Second Vice President and Actuary
Human Resources and Group Case Underwriting Retirement Plans STEPHEN R. THOR
Corporate Services Second Vice President
BARBARA A. BAUMANN SUZETTE L. HUOVINEN Application Development
CHRISTOPHER R. SEBALD Second Vice President Second Vice President, Chief
Senior Vice President Direct Response Actuary and Chief Risk Officer MICHAEL J. WEBSTER
Securian Financial Group Second Vice President
and Chief Investment Officer ERIC J. BENTLEY GARY M. KLEIST Enterprise Digital Strategy
Advantus Capital Management Second Vice President Second Vice President
Law Investment Operations LOYALL E. WILSON
RICK L. AYERS Second Vice President and
Vice President PETER G. BERLUTE KAREN A. LEIGHTON Corporate Compliance Officer
Retirement Plans Second Vice President Second Vice President Broker-Dealer
Distribution Financial Management Management Services
VICKI L. BAILEY and Operations
Vice President SUSAN M. MUNSON-REGALA
Investment Law and Second Vice President and Actuary
Chief Compliance Officer Group Insurance
Advantus Capital Management

36 Securian Financial Group 2015 Annual Report

NATIONAL SALES OFFICES

SECURIAN FINANCIAL NETWORK

ALASKA HAWAII MISSOURI PENNSYLVANIA
Strategic Financial Partners, Inc. Tax and Financial Group North Star Resource Group Delaware Valley Advisors, LLC
Renaissance Financial Foundations Financial Partners
ALABAMA IOWA Legacy Planning Partners
Wealth Management Group, LLC Guide Financial Group MISSISSIPPI Mid Atlantic Resource Group, LLC
North Star Resource Group Compass Capital Management North Star Resource Group
ARKANSAS Securian Advisors MidAmerica, Inc. Wealth Management Group, LLC Virginia Asset Management
Securian Advisors MidAmerica, Inc. Wexco Financial Group, Inc.
ILLINOIS MONTANA
ARIZONA GCG Financial, Inc. Heritage Financial Services, LLC RHODE ISLAND
Financial Design Group North Star Resource Group North Star Resource Group Diamond State Financial Group
North Star Resource Group Securian Financial Advisors Pioneer Financial Group
INDIANA of North Dakota
CALIFORNIA Financial Design Group SOUTH CAROLINA
Financial Design Group Shoemaker Financial NORTH CAROLINA Commonwealth Financial Group
North Star Resource Group North Star Resource Group Shoemaker Financial
SGC Financial and KANSAS Virginia Asset Management
Insurance Services Renaissance Financial SOUTH DAKOTA
Tax and Financial Group Strategic Financial Partners, Inc. NORTH DAKOTA Heritage Financial Services, LLC
Virginia Asset Management Securian Financial Advisors
KENTUCKY of North Dakota TENNESSEE
COLORADO Financial Design Group Shoemaker Financial
GCG Financial, Inc. NEBRASKA
North Star Resource Group LOUISIANA Heritage Financial Services, LLC TEXAS
Strategic Financial Partners, Inc. Compass Capital Management Renaissance Financial Compass Capital Management
IMG Financial Group, Inc.
CONNECTICUT MASSACHUSETTS NEW JERSEY Martin Financial Group
MDZ Wealth Management, LLC North Star Resource Group Allied Wealth Partners North Star Resource Group
Delaware Valley Advisors, LLC Planto Roe Financial Services, Inc.
Pioneer Financial Group Pioneer Financial Group Mid Atlantic Resource Group, LLC Tax and Financial Group
Wexco Financial Group, Inc.
DISTRICT OF COLUMBIA MARYLAND UTAH
North Star Resource Group Financial Advantage NEW YORK Strategic Financial Partners, Inc.
Associates, Inc. Allied Wealth Partners
DELAWARE VIRGINIA
Diamond State Financial Group North Star Resource Group OHIO North Star Resource Group
Financial Design Group Virginia Asset Management
Securian Capital of the Chesapeake North Star Resource Group
Tax and Financial Group WASHINGTON
FLORIDA MAINE North Star Resource Group
Capital Financial Strategies Pioneer Financial Group OKLAHOMA Securian Advisors Northwest
Evershore Financial Group North Star Resource Group
Legacy Planning Partners MICHIGAN Securian Advisors MidAmerica, Inc. WISCONSIN
Mid Atlantic Resource Group, LLC Securian Financial Advisors North Star Resource Group
North Star Resource Group of the Great Lakes OREGON
Omni Financial Services North Star Resource Group
MINNESOTA
GEORGIA Minnesota Financial Services
GV Financial North Star Resource Group
North Star Resource Group Virginia Asset Management
Shoemaker Financial
Wealth Management Group, LLC

Securian Financial Group 2015 Annual Report 37

NATIONAL SALES OFFICES

CONTINUED

GROUP INSURANCE FINANCIAL INSTITUTION GROUP

ATLANTA, GA RICHMOND, VA ALLIED SOLUTIONS SECURIAN PRODUCT SALES
Public Employer Sales and Service
Eileen I. Wider Public Employer Sales and Service Indianapolis, IN St. Paul, MN
Branch Manager Joseph K. Chang Peter J. Hilger Ryan J. Frantzen
Branch Manager President National Sales Vice President
AUSTIN, TX
Employer Sales SAN FRANCISCO, CA St. Paul, MN Kristofer C. Wilson
Bryan B. Walworth Employer Sales David A. Seidel, FSA, MAAA Regional Vice President­­
Manager, Southwest Region Julia M. Allen Executive Vice President
Manager, Western Region John R. Underwood
Public Employer Sales and Service David L. Underdale, CLU Regional Vice President
Lynn M. Gordon SPRINGFIELD, IL Senior Vice President
Branch Manager Public Employer Sales and Service Midwest Sales Region
Michael K. Yee
BOSTON, MA Branch Manager Washington, DC
Employer Sales Fred B. Caprio, CLU
Mark L. Walker ST. PAUL, MN Senior Vice President
Manager, Northern Region Employer Sales Northeast Sales Region
Brent C. Lesmeister
CHARLESTON, WV Sales Vice President Seattle, WA
Public Employer Sales and Service Charles M. Peterson, ChFC, CLU
Jennifer S. Brown Employer Sales Senior Vice President
Branch Manager Amy S. Hennessey Western Sales Region
Manager, Midwest Region
FORT MYERS, FL Boca Raton, FL
Employer Sales and Service Public Employer Sales Mark C. Bugalski, CLU
Rafaelina Fermin Ochs, Inc. Senior Vice President
Client Advisor Cambra Aasen Southern Sales Region
President and
ITHACA, NY Chief Executive Officer
Employer Sales and Service
Donna M. Adams TALLAHASSEE, FL
Client Advisor Public Employer Sales and Service
Paul J. Romuald
MADISON, WI Branch Manager
Public Employer Sales and Service
Christopher J. Schmelzer TOPEKA, KS
Branch Manager Public Employer Sales and Service
Michael K. Yee
PITTSBURGH, PA Branch Manager
Employer Sales
Connie A. Cottrill
Manager, Eastern Region

38 Securian Financial Group 2015 Annual Report

RETAIL SALES DISTRIBUTION NATIONAL ACCOUNTS AFFILIATES PERSONAL FINANCE
COMPANY, LLC
Laurence G. Cochrane Wilmington, DE ADVANTUS CAPITAL Mokena, IL
Vice President Jason B. Newmark MANAGEMENT, INC. Stevan P. Schmelzer
Retail Product Distribution National Accounts Manager St. Paul, MN President and
Christopher R. Sebald Chief Executive Officer
Vincent J. Giordano Glenwood, NJ President and
National Sales Vice President Mary Ann McCormack Chief Investment Officer SECURIAN CASUALTY COMPANY
Retirement National Accounts Manager Macon, GA
Steven J. Moen Christopher R. Greene
Christopher B. Owens St. Paul, MN Senior Vice President President and
National Sales Vice President Nancy E. Cooke Business Development Chief Executive Officer
Life and Annuities Sales Director
Independent Distribution Group Michael C. Fraser SECURIAN FINANCIAL
Benjamin D. Roth Regional Vice President SERVICES, INC.
National Sales Vice President Paul D. Mulheran Advantus Funds Wholesaling St. Paul, MN
Independent Distribution Group Key Acct & Dist Relation Manager George I. Connolly
David M. Serposs President and
INDIVIDUAL ANNUITY Louis G. Slagle Regional Vice President Chief Executive Officer
National Sales Dir-BGA Dist Advantus Funds Wholesaling
Erie, CO SECURIAN LIFE
Glen M. Boggio Marshal G. Urbanz Matthew L. Ketchum INSURANCE COMPANY
Regional Vice President Senior Key Accounts Manager Vice President St. Paul, MN
Institutional Sales Christopher M. Hilger
West Palm Beach, FL RETIREMENT PLANS President and
Thomas M. Vibert Ryan W. Schaden Chief Executive Officer
Regional Vice President Concord, CA Vice President
Terry H. Castagnozzi Institutional Sales SECURIAN TRUST
Plainfield, IL Regional Sales Vice President COMPANY, N.A.
Ronald A. Williams ALLIED SOLUTIONS, LLC St. Paul, MN
Regional Vice President Mission Viejo, CA St. Paul, MN Sarah F. Sanfilippo
Bradd A. Donovan Christopher M. Hilger President
Lakeville, MN Regional Sales Vice President Chief Executive Officer
Michael P. Henriksen SOUTHERN PIONEER
Regional Vice President Lakewood Ranch, FL Indianapolis, IN LIFE INSURANCE COMPANY
John M. McGuire Peter J. Hilger St. Paul, MN
Lowell, MI Senior Regional Sales Vice President President William M. Gould
Thomas D. Downs President and
Regional Vice President Chicago, IL AMERICAN MODERN LIFE Chief Executive Officer
David J. Foley INSURANCE COMPANY
Kansas City, MO Regional Sales Vice President St. Paul, MN
Christopher A. O’Sullivan William M. Gould
Regional Vice President Kensington, MD President and
Benjamin C. Thomason Chief Executive Officer
Exton, PA Sales Vice President
John W. Campbell ASSET ALLOCATION &
Regional Vice President Birmingham, MI MANAGEMENT COMPANY
Rhonda L. Troszak Chicago, IL
Dallas, TX Regional Sales Vice President John L. Schaefer
Michael W. Anderson Principal and President
Regional Vice President St. Paul, MN
Eric F. Schneeman CAPITAL FINANCIAL
LIFE INSURANCE Sales Vice President GROUP/H. BECK, INC.
Bethesda, MD
Lawrenceville, GA Patrick J. Bushlack James H. Dresselaers
Ryan Bonacci Regional Sales Vice President President
Regional Vice President
Steven J. Chappell MINNESOTA LIFE
Stillwater, MN Institutional Relation Consultant INSURANCE COMPANY
Scott J. Gauger St. Paul, MN
Regional Vice President Exton, PA Christopher M. Hilger
Thomas C. Blake President and
Golden Valley, MN Regional Sales Vice President Chief Executive Officer
Joseph T. Jirele
Regional Vice President East Greenwich, RI
Ryan J. Tolmie
Albuquerque, NM Regional Sales Vice President
Peter C. Hobart
Regional Vice President Germantown, TN
L. Epps Jones
Bradley Beach, NJ Senior Regional Sales Vice President
Sarah A. Dunphy
Regional Vice President Irving, TX
Shannon U. Birkes
Mooresville, NC Regional Sales Vice President
Robert C. Daniel
Regional Vice President

Securian Financial Group 2015 Annual Report 39





ABOUT THE COMPANY

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; Advantus Capital Management, Inc.; Allied Solutions, LLC; American Modern
Life Insurance Company; Asset Allocation & Management Company, LLC; Capital
Financial Group/H. Beck, Inc.; Personal Finance Company, LLC; Securian Casualty
Company; Securian Financial Services, Inc.; Securian Life Insurance Company;
Securian Trust Company, N.A.; and Southern Pioneer Life Insurance Company.

For information about the rating agencies, visit securian.com/ratings.

For information on our financial strength, visit securian.com/financials.

Customer satisfaction results are based on our customer surveys conducted in 2014-2015.

FOR INFORMATION CONTACT

Communications
Securian Financial Group
400 Robert Street North
St. Paul, Minnesota 55101-2098
651-665-3064
651-665-4128 fax
securian.com

a bc vwz

S ecurian Financial Group, Inc. INSURANCE | INVESTMENTS | RETIREMENT

www.securian.com

400 Robert Street North, St. Paul, MN 55101-2098
©2016 Securian Financial Group, Inc. All rights reserved.
F27027 Rev 4-2016 DOFU 4-2016
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