Securian Financial Group

What Securian Financial Group does

Securian Financial Group, Inc. is a privately held financial services and insurance holding company headquartered in Saint Paul, Minnesota, founded in 1880. Operating through wholly-owned subsidiaries including Minnesota Life Insurance Company, Securian Life Insurance Company, Securian Financial Services, Inc., and Securian Casualty Company, the company distributes life insurance, annuities, supplemental health insurance, credit protection, and institutional retirement solutions through three primary channels: licensed financial professionals, employer group plans, and financial institutions/affinity groups, serving more than 6,000 financial institutions and associations and millions of policyholders nationwide.

The product portfolio spans individual life insurance (term, whole, universal, indexed universal, variable universal), multiple annuity structures (immediate, fixed deferred, fixed indexed deferred, registered index-linked, variable deferred), group supplemental health (critical illness, accident, hospital indemnity covering 80+ to 110+ conditions), credit and payment protection products, and institutional retirement solutions including pension risk transfer. Technology investments include AI-enabled instant claims decisioning and payment for supplemental health (reducing processing from days to minutes via real-time decision engines with integrated fraud detection), the My Coverage digital claims portal, and the FlexTech embedded technology platform developed in partnership with Walnut Insurance to embed payment protection into loan applications and digital lender experiences.

Revenue is generated primarily through recurring insurance premiums and annuity considerations, distributed via a sales-led model combining licensed financial professionals for individual products, dedicated state-organized group sales teams for employer benefits, and channel partnerships with banks, credit unions, auto dealers, digital lenders, and associations. In 2025, the company reported record operating revenue of $8.2 billion and core earnings of $362 million (up 27% year-over-year), driven by insurance and retirement business including record pension risk transfer volumes. The company is investing in digital distribution, AI-powered claims processing, and embedded insurance technology to extend reach and improve unit economics.

Name

Securian Financial Group

Legal name

Securian Financial Group, Inc.

Website

https://securian.com

Company type

Private

Founded year

1880

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Securian Financial Group is a privately held insurance and financial services company offering life insurance, annuities, supplemental health, credit protection, and pension risk transfer solutions through financial professionals, employer group plans, and over 6,000 financial institution and affinity partnerships.

Ownership category

akta.pro rank

Product category

Insurance and Retirement Services

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Variable Universal Life (VUL) Insurance (FSAIABAD)

akta.pro secondary industries

Group Universal Life (GUL) (FSAIADAC), Group/Employer-Sponsored Critical Illness & Hospital Indemnity (FSAIAKAD), Individual/Retail Critical Illness & Hospital Indemnity (FSAIAKAE), Whole Life / UL Policy Riders & Add-ons (e.g., Waiver of Premium, Accidental Death, Child Term, LTC/Chronic Illness) (FSAIABAK), Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH), Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

Keywords

• Life insurance products
• Annuity retirement solutions
• Supplemental health insurance
• Credit protection products
• Group benefits insurance

Headquarters

HQ city

Saint Paul

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Life Insurance Premiums: Individual and group life insurance products including term, whole life, universal life, and indexed universal life policies generating recurring premium revenue.
2. Supplemental Health Insurance: Group accident, critical illness, and hospital indemnity insurance products offered through employers, generating recurring premiums.
3. Annuity Products: Immediate, fixed deferred, fixed indexed deferred, registered index-linked, and variable deferred annuities providing retirement income solutions.
4. Credit Protection Products: Payment protection, debt protection, and credit insurance products distributed through financial institutions to protect borrowers against disability, involuntary unemployment, critical illness, or death.
5. Pension Risk Transfer (PRT): Institutional retirement solutions including pension risk transfer, helping companies manage their pension liabilities. Drove record volumes in 2025.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels5 records

Core offering

Securian Financial Group provides insurance, retirement, and investment products through three primary channels. For individuals, it offers life insurance (term, whole, universal, indexed universal, survivorship, variable universal), annuities (immediate, fixed deferred, fixed indexed deferred, registered index-linked, variable deferred), and accident and illness insurance. For employers, it provides group life, supplemental health (critical illness, accident, hospital indemnity), and financial wellness programs. For financial institutions and affinity groups, it delivers credit/payment protection products, lender protection, and embedded insurance technology (FlexTech) to embed coverage into loan applications.

Product overview

Securian Financial Group offers a comprehensive insurance and retirement solutions portfolio organized across three primary channels: Individual (life insurance, annuities, accident & illness, credit protection), Employer/Group (group life, supplemental health including critical illness/accident/hospital indemnity, institutional retirement solutions), and Financial Institutions (individual protection, lender protection, embedded technology via FlexTech). The core products include Term/Whole Life/Universal insurance, multiple annuity types, and group supplemental health with over 80-110 covered conditions. The company is expanding into AI-powered digital claims processing (instant decisioning for supplemental health) and embedded insurance distribution through its FlexTech platform partnered with Walnut Insurance. Financial wellness offerings (Financial Wellness 360) complement the core insurance products.

Differentiator

Problem solved

Functional benefit

Products and services

• Life Insurance
• Annuities
• Accident & Illness Insurance
• Credit Protection
• Group Life Insurance
• Group Supplemental Health Insurance
• Institutional Retirement Solutions
• Financial Wellness 360
• Individual Protection Solutions
• Lender Protection
• FlexTech Embedded Technology Platform Embedded technology platform that enables affinity groups, digital lenders, and financial institutions to embed Securian's payment protection products directly into their loan applications and customer-facing digital experiences. Developed in partnership with Walnut Insurance; initially supports disability, involuntary unemployment, critical illness, and death payment protection products.
• My Coverage Digital Portal Digital claims portal for credit insurance and debt protection that allows customers of financial institutions and associations to file and track claims online 24/7 with real-time status updates and secure document uploads.
• AI-Enabled Instant Claims Decision and Payment AI-enabled claims processing capability for group supplemental health insurance that automatically reviews, approves, and pays eligible claims in near real time, routing complex cases to human examiners.
• Retirement Loan Protection Program Program offered in partnership with Custodia Financial that helps safeguard 401(k) loans from default due to job loss, disability, or death.
• Document Solutions Customized and compliant loan and deposit forms sold to financial institutions.

Quantifiable outcome

• 77% of borrowers recognize the value of loan payment protection products, but only 22% have purchased them - identifying significant market opportunity
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Walnut InsurancecoreTechnology or Integration · 25 March 2026Strategic partnership with embedded insurance startup Walnut Insurance to develop and power the FlexTech technology platform. The partnership combines Walnut's embeddable infrastructure technology with Securian's protection expertise to expand digital distribution of financial safety net products through affinity groups and digital lenders.
• Custodia FinancialcoreStrategic or Co-development Partner · 23 October 2025Strategic partnership to expand access to Custodia's Retirement Loan Protection program, which helps safeguard 401(k) loans from default due to job loss, disability, or death. Extends Securian's product portfolio in the retirement solutions space.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Northwestern Mutual: Mutual life insurance company headquartered in Milwaukee with comparable product breadth across life insurance, annuities, and wealth management. Directly comparable as a private mutual life insurer with a financial-professional distribution model and similar 160+ year operating history.
• New York Life: Largest mutual life insurance company in the U.S., offering individual life, annuities, long-term care, and investment products through financial professionals. Highly comparable as a mutual carrier with similar product portfolio and exclusive-agent distribution model.
• MassMutual: Mutual life insurance and financial services company offering life insurance, disability income, annuities, and retirement plans through financial professionals. Direct peer given its mutual structure, comprehensive product suite, and similar group benefits franchise.
• Lincoln Financial Group: Public life insurance and retirement company offering individual life, group benefits, annuities, and retirement plan services. Closely comparable product mix, particularly in group life/supplemental health and annuities, with similar financial-professional and employer distribution channels.
• Principal Financial Group: Public financial services company providing retirement, asset management, and insurance products including group benefits and individual life. Comparable across group benefits, retirement solutions, and institutional retirement segments where Securian competes.
• Guardian Life Insurance: Mutual life insurance company offering life, disability, dental, and retirement products through financial professionals and employers. Comparable as a private mutual insurer with overlapping group benefits and individual life offerings.
• Unum Group: Public provider of disability insurance, group life, and supplemental health benefits primarily through employer-sponsored group plans. Highly comparable in the group supplemental health and employer benefits segments that are core to Securian.
• Voya Financial: Public retirement, investment, and insurance company with strong group benefits and individual life franchises. Comparable in retirement solutions (especially 401(k)/institutional) and group supplemental health distribution through employers.
• AFLAC: Public supplemental insurance leader specializing in accident, critical illness, hospital indemnity, and group life products distributed through employers and financial institutions. Direct peer in the supplemental health insurance category with similar product economics and distribution model.

Broad incumbents

• Prudential Financial: Large public financial services conglomerate offering life insurance, annuities, retirement (including PRT), asset management, and group benefits. Comparable as a major incumbent competing in life insurance, annuities, and PRT, though materially larger and more diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SecurianFinancial
• LinkedInlinkedin.com/company/securian-financial
• Instagraminstagram.com/securianfinancial
• Xx.com/Securian

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Securian Financial Group