Quick Answer: Is Securian Financial a Good Annuity Company?
Securian Financial is a highly-rated, privately-held Midwest insurer with A+ ratings from both AM Best and S&P – it is a strong, conservative carrier that competes primarily in the MYGA and fixed indexed annuity space through its Minnesota Life Insurance Company subsidiary.
Last updated: March 2026 | Reviewed by: Elizabeth Prescott, AnnuityJournal Editorial Team
Company Overview
Securian Financial Group is a Saint Paul, Minnesota-based mutual holding company founded in 1880 as the Minnesota Mutual Life Insurance Company. It operates primarily through its insurance subsidiary, Minnesota Life Insurance Company, which is the entity that issues annuity contracts. Securian is one of the largest mutual holding companies in the U.S. insurance industry – meaning it is owned by its policyholders, not public shareholders.
Mutual ownership, like private ownership, removes the quarterly earnings pressure of publicly-traded companies. Securian’s conservative investment philosophy and Midwest roots have earned it a reputation for stability and consistent policyholder service.
| Metric | Detail |
|---|---|
| Headquarters | Saint Paul, Minnesota |
| Founded | 1880 |
| Structure | Mutual holding company (policyholder-owned) |
| Total Assets | $115+ billion |
| AM Best Rating (Minnesota Life) | A+ (Superior) |
| S&P Rating (Minnesota Life) | AA+ (Very Strong) |
| Distribution | Independent agents, financial institutions |
Financial Strength Ratings
| Rating Agency | Rating | Meaning |
|---|---|---|
| AM Best | A+ (Superior) | Second-highest possible |
| S&P Global | AA+ (Very Strong) | Second-highest possible |
| Moody’s | Aa3 (Excellent) | Fourth-highest possible |
Securian’s AA+ from S&P is exceptional – placing Minnesota Life among the most highly-rated insurance companies in the United States. Only a handful of U.S. life insurers carry AA+ or higher from S&P. Combined with A+ from AM Best, Securian’s financial strength profile is among the strongest in the annuity market.
Securian / Minnesota Life Annuity Products
MYGAs (Multi-Year Guaranteed Annuities)
Minnesota Life’s MYGA products, including the Secure Advantage series, are the primary reason buyers seek out Securian. The carrier offers competitive rates across 3, 5, and 7-year terms and frequently appears in top-rate MYGA comparisons. For buyers who prioritize carrier financial strength above all else and want a MYGA from an AA+-rated insurer, Securian is one of very few options at that rating tier.
Compare current rates against other top carriers on our Best MYGA Rates page.
Fixed Indexed Annuities (FIAs)
Securian offers FIA products through Minnesota Life, including index-linked options with annual crediting strategies. Their FIA lineup is more conservative compared to dedicated FIA specialists like Allianz or Nationwide, with caps and participation rates that reflect Securian’s conservative investment approach. Income rider options are available for buyers seeking guaranteed lifetime income.
SPIAs and Income Annuities
Minnesota Life offers competitive SPIA products. For buyers who want an immediate income annuity from an AA+-rated carrier, Securian deserves consideration alongside MassMutual and New York Life – the other mutual companies with top-tier ratings.
Pros and Cons
| Pros | Cons |
|---|---|
| AA+ from S&P – one of the highest-rated U.S. insurers | Less name recognition than Nationwide or Lincoln |
| A+ AM Best – consistent top-tier rating | FIA cap rates conservative vs. specialized FIA carriers |
| Mutual structure – policyholder-owned | Limited direct-to-consumer digital tools |
| 145-year track record of stability | Smaller product breadth than large publicly-traded carriers |
| Competitive MYGA rates for its rating tier | Not available through all independent agents |
Who Is Securian Best For?
- Buyers who prioritize maximum financial strength ratings and want an AA+-rated carrier for their MYGA
- Conservative retirees who prefer a mutual company with no public shareholder pressure
- Buyers with large deposits ($500,000+) who want to spread assets across the highest-rated carriers
- Buyers who value 145 years of continuous operation as a measure of institutional stability
How to Buy a Securian / Minnesota Life Annuity
Minnesota Life annuities are sold through licensed independent insurance agents and financial institutions. Securian has a strong presence in the Midwest but distributes nationally. To purchase:
- Work with an independent annuity agent who carries Minnesota Life products
- Request a current rate sheet for the Secure Advantage MYGA or relevant FIA product
- Compare against other A+/AA-rated carriers: MassMutual and New York Life are the primary peers at this rating level
- Fund by check, wire, or 1035 exchange
Customer service: 800-820-4205 | securian.com
Frequently Asked Questions
Is Securian Financial the same as Minnesota Life?
Securian Financial Group is the holding company. Minnesota Life Insurance Company is its primary insurance subsidiary and the entity that issues annuity contracts. When you purchase an annuity from “Securian,” you are actually purchasing from Minnesota Life Insurance Company.
What is Securian’s AM Best rating?
Minnesota Life Insurance Company (Securian’s primary annuity issuer) holds an A+ (Superior) rating from AM Best and an AA+ rating from S&P Global – placing it among the most highly-rated insurance companies in the United States.
Is Securian a mutual company?
Yes. Securian Financial Group is organized as a mutual holding company, meaning it is ultimately owned by its policyholders rather than public shareholders. This structure allows for longer-term thinking and avoids the quarterly earnings pressure that can affect publicly-traded insurers.
How does Securian compare to MassMutual for annuities?
Both are mutual companies with exceptional financial strength ratings (both hold A++ or A+ from AM Best and AA+ from S&P). MassMutual tends to have broader name recognition and a larger distribution network. Securian’s MYGA rates have been more consistently competitive in recent rate comparisons. Both are excellent choices for buyers prioritizing financial strength.
Sources & Citations
- AM Best, AM Best Financial Strength Ratings – A+ rating for Minnesota Life Insurance Company
- Securian Financial, About Securian Financial – company history, mutual structure, and corporate overview
- NAIC, NAIC Consumer Information – complaint ratio and market conduct data for Minnesota Life Insurance Company
