Securian Financial - retirement recordkeeping business

What Securian Financial - retirement recordkeeping business does

Securian Financial is a mutual holding company headquartered in Saint Paul, Minnesota, founded in 1880 and operating through wholly-owned subsidiaries including Minnesota Life Insurance Company, Securian Life Insurance Company, Securian Casualty Company, and Securian Financial Services, Inc. The retirement recordkeeping business provides institutional retirement solutions — including pension risk transfer and retirement plan administration — alongside a diversified portfolio of individual life insurance, annuities, supplemental health insurance (accident, critical illness, hospital indemnity), group employee benefits, and credit protection / debt protection products.

The company distributes through four primary channels: financial professionals and advisors (life insurance and annuities), employer benefit programs (group life, supplemental health, and wellness platforms), financial institution partners including credit unions, banks, finance companies, auto dealers, and digital lenders (credit insurance, debt protection, vehicle and property protection), and affinity associations. Distribution assets include direct sales forces, licensing resources for advisors, and integrated technology platforms: FlexTech (embedded protection APIs for digital lenders), My Coverage and SecurianConnect (claims and servicing portals), Data Direct Claims (automated loan coverage verification), and FlexTech-enabled payment protection integration.

The business model is primarily recurring-revenue in nature, driven by insurance premiums, annuity contracts, and fee-based retirement recordkeeping services, with quote-based pricing that is not publicly disclosed. As a mutual holding company, Securian is owned by its policyholders rather than public shareholders, with a stated focus on customer and channel-partner outcomes rather than shareholder returns. The company serves clients across the United States and Canada and reports a 98% client retention rate, 6,000+ clients, and 97% of claims processed within 7-10 calendar days as of November 2025. Technology and operational quality are reflected in the recognition as the 3rd largest credit life provider per the CCIA Fact Book of Credit-Related Insurance (June 2024).

Name

Securian Financial - retirement recordkeeping business

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 is a Saint Paul, Minnesota-based mutual holding company offering institutional retirement recordkeeping and administration alongside life insurance, annuities, supplemental health, and credit insurance products distributed through financial professionals, employers, financial institutions, and associations across the U.S. and Canada.

Ownership category

akta.pro rank

Product category

Retirement recordkeeping and institutional retirement solutions

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Pension Funds (525110), Direct Health and Medical Insurance Carriers (524114)

SIC

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

akta.pro primary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Retirement recordkeeping
• Pension risk transfer
• Institutional retirement solutions
• Annuity products
• Group life insurance

Headquarters

HQ city

Saint Paul

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Life Insurance Premiums: Term, whole life, universal life, indexed universal life, variable universal life, and survivorship life insurance products issued by Minnesota Life Insurance Company and Securian Life Insurance Company.
2. Annuity Products: Immediate, fixed deferred, fixed indexed deferred, registered index-linked, and variable deferred annuities offered through financial professionals.
3. Credit Insurance: Insurance products that reduce or pay off loans when protected events occur, sold through financial institutions.
4. Debt Protection: Non-insurance lending products that cancel all or part of outstanding loan debt. Includes credit life, credit disability, and credit involuntary unemployment protection offered through financial institutions.
5. Supplemental Health Insurance: Accident insurance, critical illness insurance, hospital indemnity, and accidental death insurance offered through employers and financial institutions.
6. Group Employee Benefits: Group life insurance, accidental death and dismemberment (AD&D), supplemental health insurance offered to employers.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Securian Financial's retirement recordkeeping business provides institutional retirement solutions including pension risk transfer and retirement plan administration, alongside individual annuity products, group life insurance, supplemental health benefits, and executive benefits. Solutions are distributed through financial professionals, employer benefit programs, financial institutions (credit unions, banks, finance companies, auto dealers, digital lenders), and associations. Technology-enabled offerings include the FlexTech embedded protection platform, My Coverage claims portal, and Data Direct Claims data exchange.

Product overview

Securian Financial offers a comprehensive suite of insurance and retirement solutions through multiple distribution channels (financial professionals, employers, financial institutions, and associations). The core portfolio includes life insurance products (term, whole life, universal, indexed universal, survivorship, variable universal), annuity products (immediate, fixed deferred, fixed indexed deferred, registered index-linked, variable deferred), and supplemental health insurance (accident, critical illness, hospital indemnity). For financial institutions, Securian provides payment protection solutions including credit insurance and debt protection products. The company also serves employers with group life insurance, supplemental health benefits, and financial wellness platforms including Financial Wellness 360°, Secure Insights®, and Benefit Scout®. The institutional retirement solutions business focuses on retirement recordkeeping and pension risk transfer. Technology-enabled offerings include FlexTech™ (embedded protection APIs for digital lenders), the My Coverage portal for claims processing, and Data Direct Claims for automated loan coverage verification.

Differentiator

Problem solved

Functional benefit

Brands

• FlexTech: Embedded protection technology solution for digital lenders that adapts to timeline and technical needs with modular APIs
• Secure Insights
• Benefit Scout
• Financial Wellness 360
• SecurianConnect
• My Coverage
• Concierge Convos

Products and services

• Institutional Retirement Solutions Retirement recordkeeping and administration services for institutions including pension risk transfer and retirement plan management.
• Annuities Retirement income products including immediate annuities, fixed deferred, fixed indexed deferred, registered index-linked, and variable deferred options distributed through financial professionals.
• Life Insurance Individual life insurance products including term, whole life, universal, indexed universal, survivorship, variable universal, and long-term care coverage offered through financial professionals.
• Group Life Insurance Employer-sponsored life insurance including term life, universal life, and accidental death and dismemberment (AD&D) coverage.
• Supplemental Health Insurance Group supplemental health coverage including critical illness, accident insurance, and hospital indemnity insurance offered to employees through employer benefit programs.
• Executive Benefits Benefits solutions for executives including deferred compensation, split-dollar, and other executive benefit arrangements offered through financial professionals.
• Payment Protection Suite of products for financial institutions that support lending solutions including credit insurance and debt protection to help borrowers prepare for unexpected events.
• FlexTech Embedded protection technology solution for digital lenders with modular APIs that adapts to technical needs and timelines for payment protection integration.
• Credit Protection Payment protection products for financial institutions including credit insurance and debt protection that helps borrowers prepare for unexpected life events.
• Financial Wellness 360° Comprehensive financial wellness platform for employers offering empathy support, enrichment tools, advisor connection, and lifestyle benefits to improve employee financial health.
• Hospital Indemnity Insurance Supplemental insurance providing lump-sum benefit if insured is admitted to hospital due to covered accident or illness, offered by Minnesota Life Insurance Company or Securian Life Insurance Company.
• Critical Illness Insurance Insurance providing lump-sum benefit when covered condition is diagnosed (cancer, heart attack, stroke, Alzheimer's, Parkinson's, major organ failure, renal failure, ALS, multiple sclerosis), offered by Securian Life Insurance Company.
• Accidental Death Insurance Cost-effective protection providing financial security for families if death occurs due to accident, with coverage up to $300,000, offered by Minnesota Life Insurance Company or Securian Life Insurance Company.
• Accident Insurance Lump-sum benefit insurance for covered unexpected accidents including broken bones, burns, ER visits and organized sports injuries, offered by Securian Life Insurance Company.
• Vehicle Protection Safeguard solutions for customers' vehicle value offered through financial institutions and auto dealers.
• Property Protection Coverage for customers in case of damage or theft to property, offered through financial institutions.

Quantifiable outcome

• 97% of all claims processed within 7-10 calendar days
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature4 records

Partnerships

One partnership is on record.

• EmpathyminorStrategic or Co-development PartnerEmpathy provides holistic support and on-demand guidance when anticipating or after experiencing a loss. This additional layer of care helps beneficiaries focus on things that matter most. Eligible beneficiaries are invited via the app or website during the claims process and can use access code emp-securian.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Transamerica: Transamerica offers retirement plan recordkeeping and administration alongside life insurance, annuities, and supplemental health benefits. As a broad mutual-owned financial services group, it competes with Securian across both retirement recordkeeping and group supplemental health.
• TIAA: TIAA is a leading U.S. retirement system serving academic, healthcare, and nonprofit employers through recordkeeping, lifetime income, and annuities. Its mission-driven, employer-focused retirement model targets overlapping plan sponsor segments as Securian's retirement recordkeeping franchise.
• Prudential Financial Retirement Strategies: Prudential Retirement is a major institutional retirement recordkeeper and pension risk transfer provider for U.S. employers. Its scale and institutional client base overlap significantly with Securian's employer retirement and pension risk transfer positioning.

Direct peers

• Principal Financial Group: Principal operates a major U.S. retirement recordkeeping and pension risk transfer franchise alongside life insurance and annuities, serving employer plans through advisors. Its scale, mutual-like structure, and product breadth closely parallel Securian's employer retirement and group benefits positioning.
• T. Rowe Price Retirement Plan Services: T. Rowe Price provides recordkeeping, plan administration, and lifetime income solutions for defined contribution plans, including its own target-date funds. It competes with Securian for mid- and large-market 401(k) recordkeeping mandates and offers an investment-centric value proposition.
• Voya Financial: Voya is a major retirement, employee benefits, and investment management firm with a sizable defined contribution recordkeeping franchise. It serves employers and institutional plan sponsors with a similar product mix (group life, supplemental health, retirement plan services) as Securian.
• Lincoln Financial Group: Lincoln Financial provides employer-sponsored retirement recordkeeping plus annuities, group benefits, and life insurance. Like Securian, it serves both retail customers (via advisors) and institutional plans, with comparable product breadth and advisor-driven distribution.
• Empower Retirement: Empower is the largest U.S. defined contribution recordkeeper, servicing 401(k), 403(b), and pension risk transfer plans for employers. Like Securian, it serves employer plans with full-stack recordkeeping, participant services, and institutional investment options, making it the most direct competitor for plan sponsor mandates.
• Fidelity Investments Workplace Investing: Fidelity Workplace Investing is a top-tier 401(k)/403(b) recordkeeper with deep investment menus and participant digital tools. As a workplace retirement incumbent with employer plan sponsor focus, it competes head-to-head with Securian's retirement recordkeeping business for institutional mandates.
• Vanguard Institutional: Vanguard offers low-cost defined contribution recordkeeping to large plan sponsors and serves individual participants through employer plans. Its low-fee model directly competes with Securian for retirement recordkeeping RFPs, particularly among price-sensitive plan sponsors.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Securian Financial - retirement recordkeeping business