Exhibit_C11_-_SecurianExperience_01-01-2022through12-31-2022.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
This document is a Financial Experience Report from Minnesota Life Insurance Company for the Superior Court of California, covering insurance policy performance from January 1, 2022 through December 31, 2022. The report details the financial experience across multiple life insurance and accidental death & dismemberment (AD&D) coverage types, including Basic Term Life, Supplemental Term Life, Spouse Life, Child Life, and Employee Voluntary AD&D coverages. The analysis provides a comprehensive overview of earned premiums, incurred claims, and loss ratios for each coverage type during the specified period.
The report reveals significant variations in loss ratios across different coverage types. Basic Term Life had the highest loss ratio at 478.4%, with $15,333 in earned premiums and $73,359 in incurred claims. Supplemental Term Life showed a 118.6% loss ratio, with $232,402 in earned premiums and $275,635 in incurred claims. Other coverages like Spouse Life and Employee & Family Voluntary AD&D had lower loss ratios. The claim statistics indicate two paid claims each for Basic Term Life and Supplemental Term Life, with average paid claim amounts of $35,000 and $250,000 respectively, and an average claimant age of 49. The report also includes detailed breakdowns of insurance amount paid, interest, reserves, and other financial metrics for each coverage type.
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Text version
Policy Numbers: 33849, 33850 & 55056
Submitted by
FINANCIAL EXPERIENCE REPORT
Superior Court of California
Minnesota Life Insurance Company
January 1, 2022 through December 31, 2022
© 2023 Securian Financial Group, Inc. All rights reserved.
Financial Experience Report Superior Court of California
Cumulative Experience by Coverage
Basic Term Life
01/01/22 - 12/31/22 $15,333 $73,359 478.4%
01/01/21 - 12/31/21 15,119 35,297 233.5%
01/01/20 - 12/31/20 15,853 84,840 535.2%
08/01/10 - 12/31/19 257,614 101,447 39.4%
Total $303,919 $294,943 97.0%
Supplemental Term Life
01/01/22 - 12/31/22 $232,402 $275,635 118.6%
01/01/21 - 12/31/21 222,442 1,700 0.8%
01/01/20 - 12/31/20 200,916 237,430 118.2%
08/01/10 - 12/31/19 1,382,751 677,847 49.0%
Total $2,038,511 $1,192,612 58.5%
VGUL
01/01/22 - 12/31/22 $1,426 ($60) (4.2%)
01/01/21 - 12/31/21 1,500 8 0.5%
01/01/20 - 12/31/20 1,305 9 0.7%
08/01/10 - 12/31/19 5,316 43 0.8%
Total $9,547 $0 0.0%
Spouse Life
01/01/22 - 12/31/22 $30,281 $40,167 132.6%
01/01/21 - 12/31/21 24,538 30,163 122.9%
01/01/20 - 12/31/20 23,311 13,038 55.9%
01/01/18 - 12/31/19 38,951 10,050 25.8%
Total $117,081 $93,418 79.8%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2023 All Rights Reserved Minnesota Life Insurance Company A Securian Company
Cumulative Experience by Coverage
Child Life
01/01/22 - 12/31/22 $7,037 $0 0.0%
01/01/21 - 12/31/21 6,610 0 0.0%
01/01/20 - 12/31/20 5,858 0 0.0%
01/01/18 - 12/31/19 15,549 0 0.0%
Total $35,054 $0 0.0%
Employee Voluntary AD&D
01/01/22 - 12/31/22 $3,195 ($7) (0.2%)
01/01/21 - 12/31/21 3,416 18 0.5%
01/01/20 - 12/31/20 2,812 (28) (1.0%)
08/01/10 - 12/31/19 28,852 110 0.4%
Total $38,275 $93 0.2%
Employee & Family Voluntary AD&D
01/01/22 - 12/31/22 $25,751 $46 0.2%
01/01/21 - 12/31/21 24,165 124 0.5%
01/01/20 - 12/31/20 19,950 (150) (0.8%)
08/01/10 - 12/31/19 189,003 26,106 13.8%
Total $258,869 $26,126 10.1%
Earned Premium
Incurred Claims
Incurred Loss Ratio
Claim Statistics by Coverage
For the Period January 1, 2022 through December 31, 2022 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 2 49
Supplemental Term Life 250,000 2 49
Spouse Life 20,000 2 62
Experience by Coverage
For the Period January 1, 2022 through December 31, 2022
Basic Term Life $15,333 $73,359 478.4%
Supplemental Term Life 232,402 275,635 118.6%
VGUL 1,426 (60) (4.2)%
Spouse Life 30,281 40,167 132.6%
Child Life 7,037 0 0.0%
Total Life Coverages $286,479 $389,101 135.8%
Employee Voluntary AD&D $3,195 ($7) (0.2)%
Employee & Family Voluntary
AD&D 25,751 46 0.2%
Total AD&D Coverages $28,946 $39 0.1%
Ported Coverage $5,188 $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
Summary of Incurred Claims
For the Period January 1, 2022 through December 31, 2022
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 $52,500.00 $3,435.38 $35,000.00 $17,500.00 $0 $0 $1,434 $1,510 $0 $73,359
Supplemental Term Life 375,000.00 24,538.45 0.00 125,000.00 0 0 19,185 18,088 0 275,635
VGUL 0.00 0.00 0.00 0.00 0 0 0 60 0 (60)
Spouse Life 40,000.00 166.58 0.00 0.00 0 0 0 0 0 40,167
Employee Voluntary
AD&D 0.00 0.00 0.00 0.00 0 0 93 100 0 (7)
Employee & Family Voluntary AD&D 0.00 0.00 0.00 0.00 0 0 751 705 0 46
Total $467,500.00 $28,140.41 $35,000.00 $142,500.00 $0 $0 $21,463 $20,463 $0 $389,140
| Cover Page |
| Cumulative Page |
| Claim Statistics by Coverage |
| Loss Ratio |
| Incurred Claims |
File details come from the government source that posted it. Updated .