Exhibit_C10_-_SecurianExperience_01-01-2021through12-31-2021.pdf
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- Attached to
- RFP 25-02 Life Insurance Benefit Plans
- Solicitation number
- 0000036099
- Issued by
- San Bernardino County, California
About this file
The document is a Financial Experience Report from Minnesota Life Insurance Company for the Superior Court of California, covering life insurance and accidental death & dismemberment (AD&D) coverage for the period of January 1, 2021 through December 31, 2021. The report details the financial performance of multiple insurance policy types including Basic Term Life, Supplemental Term Life, Variable Universal Life (VGUL), Spouse Life, Child Life, Employee Voluntary AD&D, and Employee & Family Voluntary AD&D.
The report provides a comprehensive breakdown of earned premiums, incurred claims, and loss ratios for each coverage type. Notable highlights include a high loss ratio of 233.5% for Basic Term Life, with $15,119 in earned premiums and $35,297 in incurred claims, and a Spouse Life coverage with an incurred loss ratio of 122.9%, with $24,538 in earned premiums and $30,163 in incurred claims. The document includes detailed monthly breakdowns, claim statistics, and claim experiences, offering a granular view of the insurance coverage performance for the Superior Court of California during the specified period.
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Policy Numbers: 33849, 33850 & 55056
Submitted by
FINANCIAL EXPERIENCE REPORT
Superior Court of California
Minnesota Life Insurance Company
January 1, 2021 through December 31, 2021
© 2022 Securian Financial Group, Inc. All rights reserved.
Financial Experience Report Superior Court of California
Experience by Coverage
For the Period January 1, 2021 through December 31, 2021
Basic Term Life $15,119 $35,297 233.5%
Supplemental Term Life 222,442 1,700 0.8%
VGUL 1,500 8 0.5%
Spouse Life 24,538 30,163 122.9%
Child Life 6,610 0 0.0%
Total Life Coverages $270,209 $67,168 24.9%
Employee Voluntary AD&D $3,416 $18 0.5%
Employee & Family Voluntary
AD&D 24,165 124 0.5%
Total AD&D Coverages $27,581 $142 0.5%
Ported Coverage $5,872 $0 0.0%
Notes: Incurred Claims = Paid Claims + Interest + Current Reported Life Reserve - Prior Reported Life Reserve + Current Reported Waiver Reserve - Prior Reported Waiver Reserve + Current Waiver IBNR Reserve - Prior Waiver IBNR Reserve + Conversion Charges + Port Charges
Coverage Earned
Premium* Incurred Claims
Incurred Loss Ratio
* Earned Premium for VGUL is the Cost of Insurance applied to each insured's account
© 2022 All Rights Reserved Minnesota Life Insurance Company A Securian Company
Claim Statistics by Coverage
For the Period January 1, 2021 through December 31, 2021 Based on the Number of Paid Claims in the Period
* The Average Paid Claim Amount is the average face amount of insurance for claims which had a final claim payment in the reporting period.
Coverage Average Paid
Claim Amount * Number of
Paid Claims Average Age at Claim
Basic Term Life $35,000 1 28
Spouse Life 15,000 2 51
© 2022 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Basic Term Life
01/01/21 - 12/31/21 $15,119 $35,297 233.5%
01/01/20 - 12/31/20 15,853 84,840 535.2%
01/01/19 - 12/31/19 37,558 35,130 93.5%
08/01/10 - 12/31/18 220,055 66,317 30.1%
Total $288,585 $221,584 76.8%
Supplemental Term Life
01/01/21 - 12/31/21 $222,442 $1,700 0.8%
01/01/20 - 12/31/20 200,916 237,430 118.2%
01/01/19 - 12/31/19 188,211 212,967 113.2%
08/01/10 - 12/31/18 1,194,541 464,879 38.9%
Total $1,806,110 $916,976 50.8%
VGUL
01/01/21 - 12/31/21 $1,500 $8 0.5%
01/01/20 - 12/31/20 1,305 9 0.7%
01/01/19 - 12/31/19 1,074 16 1.5%
08/01/10 - 12/31/18 4,242 27 0.6%
Total $8,121 $60 0.7%
Spouse Life
01/01/21 - 12/31/21 $24,538 $30,163 122.9%
01/01/20 - 12/31/20 23,311 13,038 55.9%
01/01/19 - 12/31/19 20,957 0 0.0%
01/01/18 - 12/31/18 17,994 10,050 55.9%
Total $86,800 $53,251 61.3%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2022 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Child Life
01/01/21 - 12/31/21 $6,610 $0 0.0%
01/01/20 - 12/31/20 5,858 0 0.0%
01/01/19 - 12/31/19 7,883 0 0.0%
01/01/18 - 12/31/18 7,666 0 0.0%
Total $28,017 $0 0.0%
Employee Voluntary AD&D
01/01/21 - 12/31/21 $3,416 $18 0.5%
01/01/20 - 12/31/20 2,812 (28) (1.0%)
01/01/19 - 12/31/19 3,781 (6) (0.2%)
08/01/10 - 12/31/18 25,071 116 0.5%
Total $35,080 $100 0.3%
Employee & Family Voluntary AD&D
01/01/21 - 12/31/21 $24,165 $124 0.5%
01/01/20 - 12/31/20 19,950 (150) (0.8%)
01/01/19 - 12/31/19 25,046 (22) (0.1%)
08/01/10 - 12/31/18 163,957 26,128 15.9%
Total $233,118 $26,080 11.2%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2022 All Rights Reserved Minnesota Life Insurance Company
Appendix
Summary of Incurred Claims
Life Claims Waiver of Premium
Reported Reserves Reported Reserves IBNR
Coverage
Insurance
Amount Paid
Interest
Paid
Current Reserve
Prior
Reserve
Current Reserve
Prior
Reserve
Current Reserve
Prior
Reserve
Conv/Port
Charge Incurred Claims
Basic Term Life $35,000.00 $299.18 $17,500.00 $17,500.00 $0 $0 $1,510 $1,512 $0 $35,297
Supplemental Term Life 0.00 0.00 125,000.00 125,000.00 0 0 18,088 16,388 0 1,700
VGUL 0.00 0.00 0.00 0.00 0 0 60 52 0 8
Spouse Life 30,000.00 163.29 0.00 0.00 0 0 0 0 0 30,163
Employee Voluntary
AD&D 0.00 0.00 0.00 0.00 0 0 100 82 0 18
Employee & Family Voluntary AD&D 0.00 0.00 0.00 0.00 0 0 705 581 0 124
Total $65,000.00 $462.47 $142,500.00 $142,500.00 $0 $0 $20,463 $18,615 $0 $67,310
© 2022 All Rights Reserved Minnesota Life Insurance Company A Securian Company A1
Basic Term Life Claims Experience
Death Claims
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1329172 46 F 05/11/2018 05/14/2018 $0.00 $0.00 $17,500.00 $17,500.00 $0.00
1576750 28 F 08/31/2021 09/03/2021 11/17/2021 35,000.00 299.18 0.00 0.00 35,299.18
2 Total Claims $35,000.00 $299.18 $17,500.00 $17,500.00 $35,299.18
A Securian Company A2
Basic Term Life Claims Experience
Waiver of Premium Claims
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $1,510 $1,512 ($2)
0 Total Claims $1,510 $1,512 ($2)
A Securian Company A3
Supplemental Term Life Claims Experience
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1329172 46 F 05/11/2018 05/14/2018 $0.00 $0.00 $125,000.00 $125,000.00 $0.00
1 Total Claim $0.00 $0.00 $125,000.00 $125,000.00 $0.00
A Securian Company A4
Supplemental Term Life Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $18,088 $16,388 $1,700
0 Total Claims $18,088 $16,388 $1,700
A Securian Company A5
VGUL Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $60 $52 $8
0 Total Claims $60 $52 $8
A Securian Company A6
Spouse Life Claims Experience
Claim Number D e t
Age at Death Gender
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1534735 53 M 02/11/2021 02/18/2021 04/07/2021 $20,000.00 $120.55 $0.00 $0.00 $20,120.55
1554658 48 M 05/15/2021 05/17/2021 06/23/2021 10,000.00 42.74 0.00 0.00 10,042.74
2 Total Claims $30,000.00 $163.29 $0.00 $0.00 $30,163.29
A Securian Company A7
Employee Voluntary AD&D Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $100 $82 $18
0 Total Claims $100 $82 $18
A Securian Company A8
Employee & Family Voluntary AD&D Claims Experience
Claim Number Age at Onset Gender
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $705 $581 $124
0 Total Claims $705 $581 $124
A Securian Company A9
Show
January 2021 $1,298.88 $0.00
February 2021 1,292.80 0.00
March 2021 1,288.32 0.00
April 2021 1,277.12 0.00
May 2021 1,262.80 0.00
June 2021 1,264.96 0.00
July 2021 1,255.84 0.00
August 2021 1,242.40 0.00
September 2021 1,232.48 0.00
October 2021 1,232.32 0.00
November 2021 1,236.96 35,299.18
December 2021 1,233.92 0.00
Month Paid Premium
Paid Claims
Total $15,118.80 $35,299.18
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (2.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Basic Term Life $15,118.80 $35,297.18
Basic Term Life Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A10
January 2021 $18,319.82 $0.00
February 2021 18,546.11 0.00
March 2021 18,468.16 0.00
April 2021 18,394.40 0.00
May 2021 18,315.48 0.00
June 2021 17,331.71 0.00
July 2021 18,583.65 0.00
August 2021 18,725.60 0.00
September 2021 18,872.34 0.00
October 2021 18,948.22 0.00
November 2021 18,944.13 0.00
December 2021 18,992.33 0.00
Month Paid Premium
Paid Claims
Total $222,441.95 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 1,700.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Supplemental Term Life $222,441.95 $1,700.00
Supplemental Term Life Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A11
January 2021 $116.04 $0.00
February 2021 116.04 0.00
March 2021 121.88 0.00
April 2021 121.88 0.00
May 2021 121.88 0.00
June 2021 121.88 0.00
July 2021 121.88 0.00
August 2021 121.88 0.00
September 2021 134.26 0.00
October 2021 134.26 0.00
November 2021 134.26 0.00
December 2021 134.26 0.00
Month Paid Premium
Paid Claims
Total $1,500.40 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 8.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total VGUL $1,500.40 $8.00
VGUL Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A12
January 2021 $1,953.91 $0.00
February 2021 2,089.11 0.00
March 2021 1,933.08 0.00
April 2021 2,060.26 20,120.55
May 2021 2,058.36 0.00
June 2021 2,062.12 10,042.74
July 2021 2,081.56 0.00
August 2021 1,898.36 0.00
September 2021 2,090.06 0.00
October 2021 2,108.94 0.00
November 2021 2,101.92 0.00
December 2021 2,100.77 0.00
Month Paid Premium
Paid Claims
Total $24,538.45 $30,163.29
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Spouse Life $24,538.45 $30,163.29
Spouse Life Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A13
January 2021 $565.40 $0.00
February 2021 563.20 0.00
March 2021 556.05 0.00
April 2021 553.85 0.00
May 2021 553.30 0.00
June 2021 553.30 0.00
July 2021 551.10 0.00
August 2021 546.70 0.00
September 2021 546.15 0.00
October 2021 545.60 0.00
November 2021 541.20 0.00
December 2021 534.60 0.00
Month Paid Premium
Paid Claims
Total $6,610.45 $0.00
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Child Life $6,610.45 $0.00
Child Life Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A14
January 2021 $212.36 $0.00
February 2021 299.78 0.00
March 2021 296.53 0.00
April 2021 296.40 0.00
May 2021 294.32 0.00
June 2021 294.32 0.00
July 2021 294.32 0.00
August 2021 290.81 0.00
September 2021 287.43 0.00
October 2021 284.18 0.00
November 2021 284.05 0.00
December 2021 281.97 0.00
Month Paid Premium
Paid Claims
Total $3,416.47 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 18.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee Voluntary AD&D $3,416.47 $18.00
Employee Voluntary AD&D Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A15
January 2021 $2,212.32 $0.00
February 2021 2,055.02 0.00
March 2021 2,041.60 0.00
April 2021 2,005.30 0.00
May 2021 1,997.60 0.00
June 2021 1,997.60 0.00
July 2021 1,983.30 0.00
August 2021 1,999.80 0.00
September 2021 1,986.60 0.00
October 2021 1,974.50 0.00
November 2021 1,961.30 0.00
December 2021 1,950.30 0.00
Month Paid Premium
Paid Claims
Total $24,165.24 $0.00
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 124.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee & Family Voluntary
AD&D $24,165.24 $124.00
Employee & Family Voluntary AD&D Experience by Month
For the Period January 1, 2021 through December 31, 2021
Port Charges 0.00 0.00
© 2022 All Rights Reserved Minnesota Life Insurance Company
A16
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