Exhibit_C13_-_SecurianExperience_01-01-2024through12-31-2024.pdf
PDF 393 KB Posted
- 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 for the Superior Court of California, prepared by Minnesota Life Insurance Company (a Securian Financial Group subsidiary), covering insurance policy performance from January 1, 2024 through December 31, 2024. The report details the financial experience across multiple life and accidental death & dismemberment (AD&D) insurance 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 provides comprehensive financial metrics for each coverage type, including earned premiums, incurred claims, and incurred loss ratios. Key highlights include a total earned premium of $308,795 for life coverages and $32,653 for AD&D coverages, with total incurred claims of $580,921 for life coverages and $54 for AD&D coverages. The loss ratios vary significantly across coverage types, with Basic Term Life experiencing a 397.0% loss ratio and Supplemental Term Life at 205.6%, while Employee Voluntary AD&D and Employee & Family Voluntary AD&D have minimal loss ratios of 0.3% and 0.1% respectively. The report serves as a detailed financial performance analysis of the insurance policies for the specified period.
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Financial Experience Report
Superior Court of California
January 1, 2024 through December 31, 2024
Policy Numbers: 33849, 33850 & 55056
Submitted by
Minnesota Life Insurance Company
©2025 Securian Financial Group, Inc. All rights reserved.
Financial Experience Report Superior Court of California
Cumulative Experience by Coverage
Basic Term Life
01/01/24 - 12/31/24 $17,642 $70,041 397.0%
01/01/23 - 12/31/23 16,369 50,595 309.1%
01/01/22 - 12/31/22 15,333 73,359 478.4%
08/01/10 - 12/31/21 288,586 221,584 76.8%
Total $337,930 $415,579 123.0%
Supplemental Term Life
01/01/24 - 12/31/24 $243,563 $500,880 205.6%
01/01/23 - 12/31/23 239,112 248,152 103.8%
01/01/22 - 12/31/22 232,402 275,635 118.6%
08/01/10 - 12/31/21 1,806,109 916,977 50.8%
Total $2,521,186 $1,941,644 77.0%
VGUL
01/01/22 - 12/31/22 $1,426 ($60) (4.2%)
08/01/10 - 12/31/21 8,121 60 0.7%
Total $9,547 $0 0.0%
Spouse Life
01/01/24 - 12/31/24 $39,919 $10,000 25.1%
01/01/23 - 12/31/23 37,003 0 0.0%
01/01/22 - 12/31/22 30,281 40,167 132.6%
01/01/18 - 12/31/21 86,801 53,252 61.3%
Total $194,004 $103,419 53.3%
Earned Premium
Incurred Claims
Incurred Loss Ratio
© 2025 All Rights Reserved Minnesota Life Insurance Company A Securian Company
Cumulative Experience by Coverage
Child Life
01/01/24 - 12/31/24 $7,671 $0 0.0%
01/01/23 - 12/31/23 7,154 40,511 566.3%
01/01/22 - 12/31/22 7,037 0 0.0%
01/01/18 - 12/31/21 28,017 0 0.0%
Total $49,879 $40,511 81.2%
Employee Voluntary AD&D
01/01/24 - 12/31/24 $4,099 $12 0.3%
01/01/23 - 12/31/23 3,699 15 0.4%
01/01/22 - 12/31/22 3,195 (7) (0.2%)
08/01/10 - 12/31/21 35,081 100 0.3%
Total $46,074 $120 0.3%
Employee & Family Voluntary AD&D
01/01/24 - 12/31/24 $28,554 $42 0.1%
01/01/23 - 12/31/23 27,135 40 0.1%
01/01/22 - 12/31/22 25,751 46 0.2%
08/01/10 - 12/31/21 233,118 26,080 11.2%
Total $314,558 $26,208 8.3%
Earned Premium
Incurred Claims
Incurred Loss Ratio
Financial Experience Report
Claim Statistics by Coverage
For the Period January 1, 2024 through December 31, 2024 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.
Experience by Coverage
For the Period January 1, 2024 through December 31, 2024
Basic Term Life $17,642 $70,041 397.0%
Supplemental Term Life 243,563 500,880 205.6%
Spouse Life 39,919 10,000 25.1%
Child Life 7,671 0 0.0%
Total Life Coverages $308,795 $580,921 188.1%
Employee Voluntary AD&D $4,099 $12 0.3%
Employee & Family Voluntary
AD&D 28,554 42 0.1%
Total AD&D Coverages $32,653 $54 0.2%
Ported Coverage $8,012 $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
Summary of Incurred Claims
For the Period January 1, 2024 through December 31, 2024
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 $0.00 $0.00 $70,000.00 $0.00 $0 $0 $617 $576 $0 $70,041
Supplemental Term Life 0.00 0.00 500,000.00 0.00 0 0 9,760 9,405 525 500,880
Spouse Life 0.00 0.00 10,000.00 0.00 0 0 0 0 0 10,000
Employee Voluntary
AD&D 0.00 0.00 0.00 0.00 0 0 120 108 0 12
Employee & Family Voluntary AD&D 0.00 0.00 0.00 0.00 0 0 833 791 0 42
Total $0.00 $0.00 $580,000.00 $0.00 $0 $0 $11,330 $10,880 $525 $580,975
| Cover Page |
| Cumulative Page |
| Claim Statistics by Coverage |
| Loss Ratio |
| Incurred Claims |
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