Securian Financial Group said that its subsidiary Minnesota Life Insurance Company has reported an increase of 57% in the individual life sales in 2009 despite an industry-wide drop of 16%.
Ben Roth, actuary and director of individual life sales at Minnesota, said: “But Minnesota Life bucked that trend with a banner sales year, due in large part to its indexed life product, Eclipse, and Securian’s financial strength through the recession.”
The company said that the third leg of the sales success stool distribution was also in place for Securian and Minnesota Life in 2009. The company’s career agency field force, the Securian Financial Network, tripled its sales of Eclipse from 2007 to 2009.
Mr Roth, said: “Eclipse was the right product at the right time. Securian’s financial strength gave us the ability to gain market share during the recession. Eclipse provides death benefit protection but also gives policyholders what they’re looking for in a recession, opportunities for cash value growth with protection from the down side.
“Our career advisors embraced the indexed life product because of its value for their clients in good times and bad. Securian’s network of independent advisors, the Independent Distribution Group, also generated substantial premium volume with the Eclipse product.”
The Securian Financial Network, the marketing name for the sales and distribution arm of Securian Financial Group, its subsidiaries and affiliates, is a network of financial services firms. Products and services are offered and sold only by appropriately licensed entities and financial representatives.
Securian Financial Group and its affiliates provides financial security for individuals and businesses in the form of insurance, investments and retirement plans. It is the holding company parent of a group of companies that include Minnesota Life Insurance Company.