Securian Announces 5.5% Profit-Sharing for Employees

ST. PAUL, Minn., Feb. 10 /PRNewswire/ -- Securian Financial Group's board of directors approved a 5.5 percent-of-salary, profit sharing distribution to more than 2,500 eligible employees, totaling approximately $8.8 million. This is the 36th consecutive year that Securian has made a profit-sharing distribution to the company's defined contribution plan.

Chairman and CEO Robert Senkler announced the distribution at the annual all-company meeting. He said Securian employees' performance in 2009 was excellent, especially given the difficult economic environment.

"This record of success you established allows us to continue to fulfill our basic mission," Senkler told the 2,000-plus employees who attended the meeting at the River Centre in downtown St. Paul. "What we do for people is important. We provide financial security for the long run, serve nine million customers, have more than $600 billion of life insurance in force and paid nearly $3.7 billion in benefits last year."

Senkler also told employees why Securian remained financially strong through the most serious economic downturn since the Great Depression:

• In 2009, all of Securian's businesses made money, including during the first six months, despite the economic downturn.
• Securian's GAAP equity increased 29 percent in 2009, reflecting the high quality of the company's investments and positive earnings.
• Securian maintained its high financial strength ratings and its Comdex ranking rose from 92 to 94 while many of its competitors' rankings dropped significantly.
• There were no layoffs, though 120 vacant positions were eliminated.

"There are a lot of people in this room today doing different jobs than they did a year ago," said Senkler. "Being able to withstand this downturn by eliminating open positions is a testament to your creativity and commitment to this organization. It allowed us to get out in front of this very negative environment."

Senkler added that the company's contribution to the defined contribution plan is a reward for successful results. Securian's plan is a modified 401(k) called PSP (Performance Share Plan). All Securian employees are vested when they are hired and they all receive the company contribution to PSP regardless of how much they contribute. All employees receive the same percentage of salary as decided by the board of directors at its annual meeting each February. Also, Securian employees can take half of the PSP contribution as a cash bonus.

Since 1880, Securian Financial Group, Inc. and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation's largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company, Advantus Capital Management, Allied Solutions, Capital Financial Group, Cherokee National Life Insurance Company, CNL/Insurance America, Personal Finance Company, Securian Financial Services, Inc., Securian Casualty Company, Securian Life Insurance Company and Securian Trust Company.

SOURCE Securian Financial Group, Inc.