Exhibit_C12_-_SecurianExperience_01-01-2023through12-31-2023.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 policies for the period of January 1, 2023 through December 31, 2023. The report provides a comprehensive analysis of various life insurance and accidental death & dismemberment (AD&D) coverage types, including Basic Term Life, Supplemental Term Life, Spouse Life, Child Life, Employee Voluntary AD&D, and Employee & Family Voluntary AD&D. The report details earned premiums, incurred claims, loss ratios, claim statistics, and monthly premium and claims breakdown across different coverage categories.
The financial report reveals significant variations in loss ratios across different coverage types. For instance, Basic Term Life has a high incurred loss ratio of 309.1% for the reporting period, with total earned premiums of $16,369 and incurred claims of $50,595. Supplemental Term Life shows a more moderate loss ratio of 103.8%, with earned premiums of $239,112 and incurred claims of $248,152. Child Life experienced a notable loss ratio of 566.3%, with earned premiums of $7,154 and incurred claims of $40,511. The report also includes detailed breakdowns of death claims, waiver of premium claims, and port charges, providing a comprehensive view of the insurance coverage's financial performance for the Superior Court of California.
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Financial Experience Report
Superior Court of California
January 1, 2023 through December 31, 2023
Policy Numbers: 33849, 33850 & 55056
Submitted by
Minnesota Life Insurance Company
©2024 Securian Financial Group, Inc. All rights reserved.
Financial Experience Report Superior Court of California
Experience by Coverage
For the Period January 1, 2023 through December 31, 2023
Basic Term Life $16,369 $50,595 309.1%
Supplemental Term Life 239,112 248,152 103.8%
Spouse Life 37,003 0 0.0%
Child Life 7,154 40,511 566.3%
Total Life Coverages $299,638 $339,258 113.2%
Employee Voluntary AD&D $3,699 $15 0.4%
Employee & Family Voluntary
AD&D 27,135 40 0.1%
Total AD&D Coverages $30,834 $55 0.2%
Ported Coverage $7,042 $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
© 2024 All Rights Reserved Minnesota Life Insurance Company A Securian Company
Claim Statistics by Coverage
For the Period January 1, 2023 through December 31, 2023 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 $42,500 2 55
Supplemental Term Life 250,000 1 46
Child Life 20,000 2 24
© 2024 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Basic Term Life
01/01/23 - 12/31/23 $16,369 $50,595 309.1%
01/01/22 - 12/31/22 15,333 73,359 478.4%
01/01/21 - 12/31/21 15,119 35,297 233.5%
08/01/10 - 12/31/20 273,467 186,287 68.1%
Total $320,288 $345,538 107.9%
Supplemental Term Life
01/01/23 - 12/31/23 $239,112 $248,152 103.8%
01/01/22 - 12/31/22 232,402 275,635 118.6%
01/01/21 - 12/31/21 222,442 1,700 0.8%
08/01/10 - 12/31/20 1,583,667 915,277 57.8%
Total $2,277,623 $1,440,764 63.3%
VGUL
01/01/22 - 12/31/22 $1,426 ($60) (4.2%)
01/01/21 - 12/31/21 1,500 8 0.5%
08/01/10 - 12/31/20 6,620 52 0.8%
Total $9,546 $0 0.0%
Spouse Life
01/01/23 - 12/31/23 $37,003 $0 0.0%
01/01/22 - 12/31/22 30,281 40,167 132.6%
01/01/21 - 12/31/21 24,538 30,163 122.9%
01/01/18 - 12/31/20 62,262 23,089 37.1%
Total $154,084 $93,419 60.6%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2024 All Rights Reserved Minnesota Life Insurance Company
Cumulative Experience by Coverage
Child Life
01/01/23 - 12/31/23 $7,154 $40,511 566.3%
01/01/22 - 12/31/22 7,037 0 0.0%
01/01/21 - 12/31/21 6,610 0 0.0%
01/01/18 - 12/31/20 21,407 0 0.0%
Total $42,208 $40,511 96.0%
Employee Voluntary AD&D
01/01/23 - 12/31/23 $3,699 $15 0.4%
01/01/22 - 12/31/22 3,195 (7) (0.2%)
01/01/21 - 12/31/21 3,416 18 0.5%
08/01/10 - 12/31/20 31,664 82 0.3%
Total $41,974 $108 0.3%
Employee & Family Voluntary AD&D
01/01/23 - 12/31/23 $27,135 $40 0.1%
01/01/22 - 12/31/22 25,751 46 0.2%
01/01/21 - 12/31/21 24,165 124 0.5%
08/01/10 - 12/31/20 208,953 25,956 12.4%
Total $286,004 $26,166 9.1%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2024 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 $85,000.00 $1,453.15 $0.00 $35,000.00 $0 $0 $576 $1,434 $0 $50,595
Supplemental Term Life 250,000.00 2,931.51 0.00 0.00 0 0 9,405 19,185 5,000 248,152
Child Life 40,000.00 510.68 0.00 0.00 0 0 0 0 0 40,511
Employee Voluntary
AD&D 0.00 0.00 0.00 0.00 0 0 108 93 0 15
Employee & Family Voluntary AD&D 0.00 0.00 0.00 0.00 0 0 791 751 0 40
Total $375,000.00 $4,895.34 $0.00 $35,000.00 $0 $0 $10,880 $21,463 $5,000 $339,313
© 2024 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 Sex
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1641189 63 M 06/28/2022 07/11/2022 02/09/2023 $35,000.00 $866.85 $0.00 $35,000.00 $866.85
1724802 46 M 10/01/2023 10/18/2023 01/16/2024 50,000.00 586.30 0.00 0.00 50,586.30
2 Total Claims $85,000.00 $1,453.15 $0.00 $35,000.00 $51,453.15
A Securian Company A2
Basic Term Life Claims Experience
Waiver of Premium Claims
Claim Number Age at Onset Sex
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $576 $1,434 ($858)
0 Total Claims $576 $1,434 ($858)
A Securian Company A3
Supplemental Term Life Claims Experience
Claim Number D e t
Age at Death Sex
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1724802 46 M 10/01/2023 10/18/2023 01/16/2024 $250,000.00 $2,931.51 $0.00 $0.00 $252,931.51
1 Total Claim $250,000.00 $2,931.51 $0.00 $0.00 $252,931.51
A Securian Company A4
Claim Number Age at Onset Sex
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $9,405 $19,185 ($9,780)
0 Total Claims $9,405 $19,185 ($9,780)
A Securian Company A5
Port Charges
Name Age at Port Sex Effective
Date Amount Ported
Port 1 60 F 04/01/2023 $100,000
1 Total Ported Lives $100,000
Port Charge: $5,000
A Securian Company A6
Child Life Claims Experience
Claim Number D e t
Age at Death Sex
Date of Death
Date Notice Received Date Paid
Insurance Amount Paid Interest Paid
Current Reserve
Prior Reserve
Incurred Claims
1691006 22 M 11/10/2022 04/10/2023 05/16/2023 $20,000.00 $409.86 $0.00 $0.00 $20,409.86
1707670 25 M 06/30/2023 07/11/2023 08/15/2023 20,000.00 100.82 0.00 0.00 20,100.82
2 Total Claims $40,000.00 $510.68 $0.00 $0.00 $40,510.68
A Securian Company A7
Employee Voluntary AD&D Claims Experience
Claim Number Age at Onset Sex
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $108 $93 $15
0 Total Claims $108 $93 $15
A Securian Company A8
Employee & Family Voluntary AD&D Claims Experience
Claim Number Age at Onset Sex
Date of Onset
Amount of Insurance
Current Reserve
Prior Reserve
Incurred Claims
IBNR $791 $751 $40
0 Total Claims $791 $751 $40
A Securian Company A9
Show
January 2023 $1,308.16 $0.00
February 2023 1,314.08 35,866.85
March 2023 1,338.08 0.00
April 2023 1,352.00 0.00
May 2023 1,364.48 0.00
June 2023 1,367.52 0.00
July 2023 1,366.08 0.00
August 2023 1,393.28 0.00
September 2023 1,397.60 0.00
October 2023 1,390.40 0.00
November 2023 1,389.60 0.00
December 2023 1,388.16 0.00
January 2024* 0.00 50,586.30
Month Paid Premium
Paid Claims
Total $16,369.44 $86,453.15
Change in Life Reserves 0.00 (35,000.00)
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (858.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Basic Term Life $16,369.44 $50,595.15
Basic Term Life Experience by Month
For the Period January 1, 2023 through December 31, 2023
*Paid claims for dates of death in the reporting period.
Port Charges 0.00 0.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A10
January 2023 $19,748.77 $0.00
February 2023 20,244.94 0.00
March 2023 20,244.94 0.00
April 2023 20,083.85 0.00
May 2023 20,268.67 0.00
June 2023 19,585.46 0.00
July 2023 19,797.12 0.00
August 2023 19,586.86 0.00
September 2023 19,733.26 0.00
October 2023 19,883.13 0.00
November 2023 19,980.31 0.00
December 2023 19,954.56 0.00
January 2024* 0.00 252,931.51
Month Paid Premium
Paid Claims
Total $239,111.87 $252,931.51
Change in Life Reserves 0.00 0.00
Change in Waiver Reserves 0.00 0.00
Change in Waiver IBNR Reserves 0.00 (9,780.00)
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Supplemental Term Life $239,111.87 $248,151.51
Supplemental Term Life Experience by Month
For the Period January 1, 2023 through December 31, 2023
*Paid claims for dates of death in the reporting period.
Port Charges 0.00 5,000.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A11
January 2023 $2,730.43 $0.00
February 2023 3,116.87 0.00
March 2023 3,156.07 0.00
April 2023 3,156.07 0.00
May 2023 3,125.04 0.00
June 2023 3,067.04 0.00
July 2023 3,049.83 0.00
August 2023 3,053.40 0.00
September 2023 3,117.68 0.00
October 2023 3,086.94 0.00
November 2023 3,155.56 0.00
December 2023 3,188.10 0.00
Month Paid Premium
Paid Claims
Total $37,003.03 $0.00
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Spouse Life $37,003.03 $0.00
Spouse Life Experience by Month
For the Period January 1, 2023 through December 31, 2023
Port Charges 0.00 0.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A12
January 2023 $615.45 $0.00
February 2023 607.75 0.00
March 2023 607.75 0.00
April 2023 606.65 0.00
May 2023 603.35 20,409.86
June 2023 593.45 0.00
July 2023 593.45 0.00
August 2023 592.35 20,100.82
September 2023 592.35 0.00
October 2023 583.55 0.00
November 2023 580.25 0.00
December 2023 578.05 0.00
Month Paid Premium
Paid Claims
Total $7,154.40 $40,510.68
Change in Life Reserves 0.00 0.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Child Life $7,154.40 $40,510.68
Child Life Experience by Month
For the Period January 1, 2023 through December 31, 2023
Port Charges 0.00 0.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A13
January 2023 $320.65 $0.00
February 2023 319.35 0.00
March 2023 319.35 0.00
April 2023 315.32 0.00
May 2023 313.76 0.00
June 2023 310.51 0.00
July 2023 310.51 0.00
August 2023 299.46 0.00
September 2023 299.46 0.00
October 2023 299.33 0.00
November 2023 295.95 0.00
December 2023 295.82 0.00
Month Paid Premium
Paid Claims
Total $3,699.47 $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 15.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee Voluntary AD&D $3,699.47 $15.00
Employee Voluntary AD&D Experience by Month
For the Period January 1, 2023 through December 31, 2023
Port Charges 0.00 0.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A14
January 2023 $2,359.72 $0.00
February 2023 2,327.82 0.00
March 2023 2,327.82 0.00
April 2023 2,316.82 0.00
May 2023 2,305.82 0.00
June 2023 2,257.42 0.00
July 2023 2,246.42 0.00
August 2023 2,227.72 0.00
September 2023 2,211.22 0.00
October 2023 2,186.47 0.00
November 2023 2,185.37 0.00
December 2023 2,182.62 0.00
Month Paid Premium
Paid Claims
Total $27,135.24 $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 40.00
Conversion Charges 0.00 0.00
Earned Premium Incurred Claims
Total Employee & Family Voluntary
AD&D $27,135.24 $40.00
Employee & Family Voluntary AD&D Experience by Month
For the Period January 1, 2023 through December 31, 2023
Port Charges 0.00 0.00
© 2024 All Rights Reserved Minnesota Life Insurance Company
A15
| Cover Page |
| Loss Ratio |
| Claim Statistics by Coverage |
| Cumulative Page |
| Appendix |
| Incurred Claims |
| Claims Detail |
| Monthly Premium and Claims - Standard |
File details come from the government source that posted it. Updated .