S&P Global Ratings' ratings on Securian Financial Group reflects its strong business risk profile stemming from its well diversified product portfolio, solid market position in group life, credit life, and indexed universal life markets coupled with stable operating performance. We assess Securian Financial's financial risk profile as extremely strong based on its strong 'AAA' capital redundancy and well-managed investment portfolio. The group enjoys exceptional liquidity resulting from its well-diversified asset portfolio. We consider its ERM framework as strong due to a formal, granular, and deeply embedded risk framework that is well suited for its relatively low risk product portfolio. Our assessment of ERM reflects positive views of risk management culture, risk controls, risk models and strategic risk management. Our rating
