For the first time in decades, equity and fixed-income markets fell — to the detriment of financial services companies, including St. Paul-based Securian Financial. The company lost $91 million last year, mainly due to market losses.
Overall, though, the year was successful, said Chris Hilger, Securian's chief executive.
The company's operating earnings still increased about 124% to $244 million, up from $109 million in the prior year. The 2022 results were strong enough to give eligible employees profit-sharing payments. Securian has about 3,100 employees. Employees will receive about 7.4% of annual salary.
"We delivered strong financial results and positioned the company for long-term growth while maintaining our financial strength and high ratings," Hilger said.
Securian sells insurance and provides investment and retirement solutions.
Equity and fixed income markets also affected annual revenue, which declined 16% to $6.2 billion.
Excluding certain nonrecurring revenue, sales were up 2% to $6.8 billion. Insurance sales increased 16% for the year, bringing the insurance in force — which is the financial protection Securian Financial provides its customers' plans — to more than $1.5 trillion by the end of the year.
Securian is exiting a pair of businesses that will allow it to further focus on core operations. Last fall, it sold its retirement recordkeeping business, and earlier this year announced it was selling its retail wealth business. The second deal is expected to close in the third quarter of 2023.
