Securian Financial Group has a strong market position in group life, credit life, and indexed universal life markets, as well as stable operating performance and extremely strong capital redundancy at the 'AAA' level. We are affirming our 'A-' rating on Securian Financial Group Inc. and our 'AA-' ratings on its core subsidiaries. The stable outlook reflects our expectation that the group will maintain its strong competitive position and capitalization at the 'AAA' level. On Aug. 19, 2019, S&P Global Ratings affirmed its 'A-' long-term issuer credit rating on Securian Financial Group Inc., the intermediate holding company, and its 'AA-' long-term issuer credit and financial strength ratings on Minnesota Life Insurance Co. and Securian Life Insurance Co. (together, Securian Financial). We
