2019 ANNUAL REPORT Strength for generations Securian Financial Group, Inc. 400 Robert Street North St. Paul, MN 55101-2098

securian.com

Christopher M. Hilger Chairman, President and CEO

April 30, 2020

To our customers, distributors, community partners and employees:

We finalized our 2019 Annual Report as the COVID-19 pandemic took hold in North America. As we publish this report, it is clear that the pandemic is causing major disruption to the lives of people around the world. Our hearts go out to those who have been directly affected.

I want to assure you that Securian Financial will be here when you and your loved ones need us. We are strongly positioned to withstand the impact of the pandemic because of our dedicated employees and our long history of financial strength.

Thank you for the trust you place in us. It is our honor to work for you to help you achieve financial security.

We hope you and your loved ones are safe and well.

Securian Financial is the marketing name for Securian Financial Group, Inc. and its affiliates. Insurance products are issued by tsi affiliated insurance companies. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC. F27027-9 4-2020 DOFU 4-2020 1118026 2019 AT-A-GLANCE

Building on generations of strength

COMPANY FACTS

More than 21M 6,400 $6.8M customers served Employees and Charitable impact representatives

FINANCIAL HIGHLIGHTS

Nearly $93.4B $5.6B $1.3T $6.6B $6.2B Assets under Domestic statutory Domestic life GAAP revenue GAAP equity management benefits paid insurance in force

RATINGS AA- AA A+ Aa3 (VERY STRONG) (VERY STRONG) (SUPERIOR) (EXCELLENT) Standard & Poor’s Fitch A.M. Best Moody’s Investors Service

Ratings information Securian Financial’s insurance company affiliates, Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer, receive high ratings from independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. These ratings reflect our stability, integrity, long-term focus and commitment to maintaining a strong balance sheet. All ratings information is current as of April 2020 and is subject to change. A.M. Best Company rating (second highest of 16 ratings); Fitch rating (third highest of 19 ratings); Moody’s rating (fourth highest of 21 ratings); Standard & Poor’s rating (fourth highest of 21 ratings). For more information about the rating agencies and to see where our ratings rank compared to other ratings, visit securian.com/ratings. For 140 years, we’ve been helping generations of customers and their families build secure tomorrows. This legacy is built on enduring financial strength reflected in our 2019 results — while adapting to inevitable change in our industry and beyond.

2019 was a year of change at Securian Financial. We made significant investments in our future and launched a company-wide transformation initiative that better positions us to deliver the exceptional experiences our customers and channel partners expect.

And while change is all around us, some things at Securian Financial will never change. Like our unwavering commitment to deliver on the promises we make. And the enduring financial strength that helps us provide the security and comfort for generations of families long into the future.

2019 ANNUAL REPORT 3 “Our strong 2019 results helped us build upon the outstanding financial strength that has been a hallmark of our company for generations.”

CHRISTOPHER M. HILGER Chairman, President and CEO

4 SECURIAN FINANCIAL MESSAGE FROM THE CEO

All of us at Securian Financial come to work each day to help our customers build secure tomorrows. I am proud to report that our 2019 results helped us fulfill this purpose in significant ways.

Strong financial performance transformation, which included Community engagement Due to the hard work of our modernizing our administration Another 2019 highlight was our work dedicated employees and distribution platforms, advancing a cloud-first in the community. We introduced partners, 2019 was another year of mindset and forming new strategic new policies and tools to support our strong financial performance. Our partnerships. employees’ community engagement. results helped us build upon the We also launched a formal corporate outstanding financial strength that We also streamlined our operating social responsibility (CSR) effort to has been a hallmark of our company model and launched an internal expand our commitment to diversity for generations. We delivered culture transformation to emphasize and inclusion, sustainability and solid growth in revenue and stable agility and provide exceptional responsible investing. earnings — and our strong capital, customer experiences. I have been excellent investment quality and inspired by how our employees have Strength for generations disciplined approach to enterprise embraced new and different ways 2019 was an excellent year for risk management kept us among the of working together. Our team gets Securian Financial. We leveraged most highly rated insurance stronger every day as we make the qualities that have made our companies in the country. investments to attract and retain the company successful for generations, best talent to serve our customers. while developing new capabilities that Our enduring financial strength allows will keep us strong for generations us to fulfill our commitments and offer Strategic growth to come. We are starting 2020 — our peace of mind and financial security Our long-term strategic priorities 140th anniversary year — with great to our more than 21 million customers. include growing our core insurance, momentum and optimism about the In 2019, we provided nearly $1.3 trillion investment and retirement businesses. future of the organization and our of in-force life insurance protection, Record sales in 2019 reflect our strong ability to serve those who count on us. managed more than $93 billion in reputation in the markets we serve, assets and, most importantly, paid extensive distribution relationships $5.6 billion in statutory benefits to and broad product offerings. our customers and their families when they needed us most. We also continued pursuing acquisitions that bring us new Christopher M. Hilger Ambitious transformation efforts capabilities and access to new Chairman, President and Being there for our customers also markets. A highlight of 2019 was Chief Executive Officer means staying prepared for what welcoming Empyrean Benefit lies ahead. We continue to invest Solutions, a technology company that in our future to remain innovative provides leading employee benefits and competitive during a time administration, into the Securian of unprecedented change in our Financial family. This acquisition will industry. In 2019, these efforts help expand our leadership position included accelerating our technology in the employee benefits market.

2019 ANNUAL REPORT 5 FINANCIAL AND INVESTMENT RESULTS

In 2019, Securian Financial delivered excellent financial results and achieved strong growth within our risk appetite.

1 SALES ($ BILLION) REVENUE ($ BILLION)

Annuity $6.6 Insurance $6.1 $5.5 $4.8 $4.3 $4.4

$3.1 $3.1 $2.5 $2.2

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Overall sales results were strong in 2019, reflecting our GAAP revenue surged 20 percent to $6.6B, driven by strong market position and diverse product offerings. excellent retention and business growth across the Insurance sales increased 8 percent, to $560 million, markets we serve. and annuity sales increased over 40 percent, to $3.8 billion, from 2018.

ASSETS UNDER MANAGEMENT EQUITY2 OPERATING EARNINGS3 18% 28% $331M

Assets under management increased Total GAAP equity increased Operating earnings totaled $331 million, by 18 percent to $93.4 billion, driven 28 percent to $6.2 billion, driven reflecting positive contributions from all by strong sales, retention and market by net income and increased net of our market segments. performance. unrealized gains on investments.

1. Sales generally represent annualized premiums, fund deposits and new asset deposits as applicable to specific products. Beginning in 2019, insurance sales reflects a new sales metric for insurance products sold through financial institutions and affinity organizations to be more consistent with how group and individual life insurance sales are measured. Historical sales have been recast to reflect this update. 2. Equity represents total Securian Financial Group., Inc. and subsidiaries equity. 3. Operating earnings equal net income attributable to Securian Financial Group, Inc., and subsidiaries, less net realized investment gains (losses), net of taxes.

6 SECURIAN FINANCIAL Securian Financial's TOTAL INVESTMENTS FIXED MATURITY SECURITIES (% OF TOTAL INVESTMENTS4) (% OF FIXED MATURITY SECURITIES) investment portfolio performed very well in 2019. We adhered to our investment fundamentals and the quality of our investments remained high.

74.2% Fixed maturity securities 60.0% NAIC5 1 A- to AAA 14.6% Mortgage loans 37.2% NAIC 2 BBB- to BBB+ 9.2% Other invested assets 2.5% NAIC 3 BB- to BB+ 2.0% Equity securities 0.3% NAIC 4 B- to B+ 0.0% NAIC 5 & 6 D to CCC+

Investments The quality of Securian Financial’s fixed maturity securities and mortgage investments remains high, allowing loans. Our disciplined guidelines limit us to help serve the long-term interests exposure to any single asset class, sector of our customers. and issuer, and we continue to hold ample liquidity in our investment portfolio. Our investment approach is consistent with our risk management goals and The size of our investment portfolio philosophy. We combine a long-term allows us to access and select from all market perspective with a balance between asset classes, which provide a broad risk and reward. We focus on quality, universe of attractive investment diversification and competitive return. opportunities. We invest in asset classes that provide higher return Securian Financial’s investment portfolio potential in the long term, in alignment is predominantly fixed income assets, with our liabilities and within our which are primarily investment grade risk appetite.

4. Total investments includes cash, cash equivalents and invested assets, and excludes separate accounts. 5. National Association of Insurance Commissioners.

2019 ANNUAL REPORT 7

INDIVIDUALS AND FAMILIES

Providing solutions that help put family first

From the everyday moments to major milestones, we understand that our customers’ most valuable asset is family — however they define it. That’s why we provide life insurance, annuities and wealth management solutions that help them continue putting family first. Because when family is cared for, our customers can thrive.

SERVICE EXCELLENCE BUSINESS RESULTS CUSTOMERS SERVED $1.5B $251M Nearly Domestic statutory benefits paid Individual life insurance direct premiums 800,000 96% Individual life insurance $9.7B customer retention, Individual annuity assets based on insurance in force under management6

93% $39.0B Individual annuity customer Securian Financial Network 7 retention, based on assets assets under administration

6. Annuity assets reflect the current contract value of the annuity contracts. 7. The amount of assets under administration does not include proprietary retirement plan assets.

2019 ANNUAL REPORT 9 EMPLOYERS AND EMPLOYEES

Making the workplace work for employees

Workplace benefits are the foundation of many families’ financial futures — allowing them to focus on the moments that matter today. We provide group insurance, retirement plans and longevity solutions paired with decades of expertise and supported by caring and responsive service — helping employees love where they work and prioritize those they love.

SERVICE EXCELLENCE BUSINESS RESULTS CUSTOMERS SERVED

$3.8B $1.1T More than Domestic statutory benefits paid Group insurance in force 9M 97% $2.5B Retirement customer retention, Group insurance direct premiums based on assets $25.8B 96% Retirement plan assets under Group insurance customer retention, management based on premiums 3rd largest Direct writer of group life insurance in the United States8

8. Based on direct group life insurance in force as of December 31, 2018 on a consolidated basis as reported in the Annual Statement Policy Exhibit State Pages. Data compiled on April 15, 2019. Source: S&P Global Market Intelligence. This statistic reflects the insurance affiliates of Securian Financial Group, Inc., Minnesota Life Insurance Company and Securian Life Insurance Company.

10 SECURIAN FINANCIAL

FINANCIAL INSTITUTIONS AND THEIR CUSTOMERS

Helping customers be present in the here and now

Many people rely on their financial institutions to protect what matters to them. And those financial institutions look to us to provide sound solutions in a market that’s constantly on the move. Our insurance, credit and debt protection products help customers spend less time worrying about their finances and more time being present in the here and now.

SERVICE EXCELLENCE BUSINESS RESULTS CUSTOMERS SERVED

$304M $807M More than Domestic statutory benefits paid Domestic direct insurance premiums 11M 98% $244M Domestic customer retention based Canadian direct insurance premiums on financial institution premiums Nearly 4,300 Financial institutions offer our products and solutions

2019 ANNUAL REPORT 13 INSTITUTIONAL INVESTORS

Providing customized strategies

Institutional investors look to Securian Asset Management and AAM Insurance Investment Management to help them achieve their investment objectives. We take a long-term, collaborative and research-driven approach to help achieve steady growth, bringing decades of experience and providing tailored solutions to corporations, nonprofits, insurance companies, public funds and retirement plans nationwide.

SERVICE EXCELLENCE BUSINESS RESULTS 99% $46.5B Securian Asset Management customer Securian Asset Management retention based on unaffiliated assets assets under management 88% $28.0B AAM Insurance Investment Management AAM assets under management customer retention based on assets

14 SECURIAN FINANCIAL

ENTERPRISE OVERVIEW

MARKETS PRODUCTS AND SERVICES COMPANIES

Individual life insurance Individual annuities • Minnesota Life Individuals • Universal: fixed, fixed • Variable, fixed, fixed Insurance Company indexed, variable and indexed and immediate • Securian Life and families survivorship Insurance Company Wealth management • Term • Securian Financial Services SERVING • Investment advisory • Whole • Securian Trust Company Individuals, families, • Asset management • Hybrid life/long-term care executives and • Brokerage accounts business owners • Mutual funds • Trust services • Estate planning

Group insurance • Non-registered group • Minnesota Life Employers • Term, universal and variable annuities and Insurance Company and employees variable universal life custodial accounts • Securian Life • Critical illness, accident Insurance Company Longevity solutions and hospital indemnity • Empyrean Benefit Solutions SERVING • Pension risk transfer • Accidental death and Private and public • Defined contribution dismemberment employers, employees income solutions and their families • Business travel accident Institutional solutions Retirement solutions • Guaranteed investment Recordkeeping solutions contracts • Defined contribution and • Fixed group annuity defined benefit plans contracts • Fully bundled and Benefits enrollment, TPA-serviced plans administration and technology

For financial institutions • Credit life, disability and • Minnesota Life Financial • Collateral protection involuntary unemployment Insurance Company institutions and • Consumer loan forms insurance • Securian Life • Direct response, digital, • Credit property insurance Insurance Company their customers point-of-sale and call • Debt protection • Securian Casualty Company center services • Guaranteed asset • Allied Solutions SERVING • Vendor single interest protection • Canadian Premier Life Banks, credit unions, • Mortgage accidental Insurance Company For their customers finance companies, death, disability and • Canadian Premier General • Accident and sickness mortgage lenders, life insurance Insurance Company insurance other affinity groups • Term life insurance • Valeyo • Accidental death and and customers of dismemberment insurance financial institutions

• Alternative investments • Pension solutions and • Securian Asset Institutional • Commercial mortgage loans liability-driven investing Management investors • Commercial real estate • Private placements • AAM Insurance Investment debt and equity • Public and private Management SERVING • Convertible bonds fixed income Corporations, endowments • High yield/bank loans • Public equities and foundations, insurance • Investment grade companies, mutual fund fixed income companies, pension plans, variable insurance providers, 401(k) and related separate account platforms

16 SECURIAN FINANCIAL CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2019 and 2018

in millions 2019 2018 Assets Total investments9 $ 29,592 $ 23,781 Total other assets 4,390 4,526 Separate account assets 29,156 23,581 Total assets $ 63,138 $ 51,888

Liabilities and equity Liabilities: Policyholder benefits and funds10 $ 24,781 $ 20,648 Other liabilities 2,990 2,801 Separate account liabilities 29,156 23,581 Total liabilities 56,927 47,030 Equity: Total Securian Financial Group, Inc. and subsidiaries equity 6,182 4,834 Noncontrolling interests 29 24 Total equity 6,211 4,858

Total liabilities and equity $ 63,138 $ 51,888

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Years ended December 31, 2019 and 2018 in millions 2019 2018 Revenues Premiums and policy and contract fees $ 4,831 $ 4,030 Net investment income 1,023 913 Net realized investment gains (losses) 131 (18) Other income 616 571 Total revenues 6,601 5,496

Benefits and expenses Policyholder benefits 3,514 2,957 Interest credited 671 540 Other operating costs and expenses 1,901 1,642 Total benefits and expenses 6,086 5,139

Income from operations before taxes 515 357 Income tax expense 78 31

Net income 437 326 Less: Net income attributable to noncontrolling interests 2 4 Net income attributable to Securian Financial Group, Inc. and subsidiaries $ 435 $ 322

9. Total investments includes cash, cash equivalents and invested assets. These condensed consolidated financial statements are derived from the 10. Policyholder benefits and funds includes policyholder and contract company’s audited consolidated financial statements, which are prepared holder benefits, funds and claims. in accordance with generally accepted accounting principles (GAAP).

2019 ANNUAL REPORT 17 BOARD OF DIRECTORS As of December 31, 2019 Wilson G. Bradshaw Eric B. Goodman Trudy A. Rautio President Emeritus (Retired) Retired Chief Investment Officer Retired President and Florida Gulf Coast University AEGON USA Chief Executive Officer Fort Myers, Florida Cedar Rapids, Iowa Carlson Minnetonka, Minnesota Committees: Committees: Corporate Governance and Public Affairs; Audit; Investment Committees: Human Resources and Compensation; Audit; Investment (Chair); Executive Non-Overlapping Directors Christopher M. Hilger Chairman, President and Robert L. Senkler Mary K. Brainerd Chief Executive Officer Former Chairman and Retired Retired President and Securian Financial Group, Inc. Chief Executive Officer Chief Executive Officer St. Paul, Minnesota Securian Financial Group, Inc. HealthPartners St. Paul, Minnesota Minneapolis, Minnesota Committees: Corporate Governance and Public Affairs; Committees: Committees: Investment; Executive Audit; Investment Audit (Chair); Investment; Executive

John H. Hooley Elizabeth A. Simermeyer Jay D. Debertin Retired Executive Vice President/President Executive Vice President and President, President and Chief Executive Officer SUPERVALU Retail Companies Global Healthcare and Life Sciences CHS Inc. Eden Prairie, Minnesota Ecolab Inver Grove Heights, Minnesota St. Paul, Minnesota Committees: Committees: Human Resources and Compensation Committees: Human Resources and Compensation; (Chair); Audit; Executive Audit; Corporate Governance and Public Investment; Non-Overlapping Directors Affairs; Non-Overlapping Directors

Ronald J. Peltier Benjamin G. S. Fowke, III Chairman and Chief Executive Officer Chairman and HomeServices of America, Inc. Chief Executive Officer Minneapolis, Minnesota Xcel Energy, Inc. Minneapolis, Minnesota Committees: Human Resources and Compensation; Committees: Investment; Non-Overlapping Directors Human Resources and Compensation; Audit

Sara H. Gavin Chief Client Officer Weber Shandwick Minneapolis, Minnesota

Committees: Corporate Governance and Public Affairs (Chair); Human Resources and Compensation; Executive

18 SECURIAN FINANCIAL SENIOR OFFICERS As of April 30, 2020 Christopher M. Hilger Karen A. Leighton Gary M. Kleist Chairman, President and Vice President Second Vice President Chief Executive Officer Chief Transformation Officer Investment Operations Bruce P. Shay Anthony J. Martins Jennifer Lastine Executive Vice President Vice President Second Vice President Career Distribution Enterprise Function Technology Warren J. Zaccaro Executive Vice President Susan M. Munson-Regala Brent C. Lesmeister Chief Financial Officer Vice President and Actuary Second Vice President Affinity Solutions Group Distribution and Gary R. Christensen Client Relationships Senior Vice President Paul E. Rudeen General Counsel and Secretary Vice President and Actuary Andrea L. Mack Chief Compliance Officer Reinsurance Second Vice President Business Services George I. Connolly David A. Seidel Senior Vice President Vice President and Chief Actuary Ann P. McGarry Individual Solutions Second Vice President Craig M. Stapleton-Corcoran Marketing Robert J. Ehren Vice President Senior Vice President Asset Management Ted J. Nistler Business Services Second Vice President John A. Yaggy Treasurer Kristi L. Fox Vice President Senior Vice President Controller Sean M. O’Connell Chief Human Resources Officer Second Vice President and Matthew J. Bauler Portfolio Manager Siddharth S. Gandhi Second Vice President Senior Vice President Business Services Christopher B. Owens Chief Strategy and Second Vice President Erica A. Bergsland Enterprise Technology Officer Retail Life and Annuity Sales Second Vice President William M. Gould Asset Management Research and Trading Kent O. Peterson Senior Vice President Second Vice President and Actuary Patrick J. Boyd Affinity Solutions Retirement Solutions Second Vice President Suzette L. Huovinen Enterprise Business Development Daniel P. Preiner Senior Vice President Second Vice President Michael P. Boyle Chief Executive Officer, Law Second Vice President Canadian Premier Law Mark W. Sievers David M. Kuplic Second Vice President Kimberly K. Carpenter Senior Vice President Chief Audit Executive Second Vice President Chief Investment Officer Individual Solutions Mary L. Streed Rick L. Ayers Second Vice President Heidi R. Christopherson Vice President Human Resources Business Partner Second Vice President Retirement Solutions and Associate Experience Institutional Market Technology Barbara A. Baumann Robert J. Subjects Cary Felbab Vice President Second Vice President Second Vice President Business Services Career Distribution Recruitment Retail Market Technology Peter G. Berlute Eli Vogen Kristin M. Ferguson Vice President Second Vice President, Business Operations Second Vice President and Actuary Enterprise Technology Affinity Solutions Individual Solutions Richard A. Binger Michael J. Webster Julio A. Fesser Vice President Second Vice President Second Vice President Chief Architect and Digital Enterprise Facilities Technology Infrastructure Jennifer L. Wolf Christopher R. Greene Laurence G. Cochrane Second Vice President Second Vice President Vice President Investment Law Affinity Solutions Retail Product Distribution President, Securian Casualty Company Kjirsten Zellmer Mark J. Geldernick Second Vice President, Business Operations Jacob D. Jones Vice President Individual Solutions Second Vice President and Actuary Chief Risk Officer Business Services

2019 ANNUAL REPORT 19 For information on our financial strength, At Securian visit securian.com/strength. The Securian Financial Network, the marketing Financial, we’re name for the sales and distribution arm of Securian Financial Group, Inc., its subsidiaries and affiliates, is a nationwide network of here for family. financial services firms. Products and services are offered and sold only by appropriately And we’re here licensed entities and financial representatives. Securities and investment advisory services offered through Securian Financial Services, Inc., because of it. member FINRA/SIPC.

Family doesn’t have to branch from your Securian Financial is the marketing name for Securian Financial Group, Inc., and its affiliates. tree, but it always shares your roots. Roots woven by common understanding, Securian Financial Group, Inc., is the holding shared values and mutual respect. Like company parent of a group of companies that provide a broad range of financial services, you, we believe a rewarding life is really including: about being present in the here and now, • Allied Solutions, LLC and that money isn’t the only thing when • Asset Allocation & Management family is your everything. Company, LLC • Canadian Premier General Insurance Company • Canadian Premier Life Insurance Company Since 1880, we’ve been here for those • CRI Canada Ltd. who see family as their most valuable • Empyrean Benefit Solutions, Inc. asset. Our longevity is a testament to • Minnesota Life Insurance Company • Securian Asset Management, Inc. the strength of our company. We’ve • Securian Casualty Company weathered economic ups and downs • Securian Financial Services, Inc. • Securian Life Insurance Company while staying true to our customers. We’re • Securian Trust Company, N.A. not publicly traded, so we can focus on • Selient Inc. you and what you care most about.

We believe your financial picture should support the everyday moments as much as the major milestones. That’s why our insurance, investment and retirement solutions give you the confidence to focus on what’s truly valuable: banking memories with those who matter most.

INSURANCE INVESTMENTS RETIREMENT

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400 Robert Street North, St. Paul, MN 55101-2098 ©2020 Securian Financial Group, Inc. All rights reserved.

F27027 Rev 4-2020 DOFU 4-2020 1118026