Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Minnesota Life Reports Lower 2001 Net Income

Your article was successfully shared with the contacts you provided.

NU Online News Service, Feb. 14, 4:15 p.m. – Minnesota Life Insurance Company, St. Paul, Minn., is reporting $70 million in net income for 2001 on $2.5 billion in sales revenue, compared with $235 million in net income on $2.3 billion in sales revenue for 2000.

The drop in earnings was caused by lower returns on stock investments, lower interest rates on bonds, and one-time charges for legal expenses, the company says.

Minnesota Life, a mutual insurer, does not publish the same sorts of detailed quarterly earnings updates that publicly traded insurers usually release.

But net income fell to $29 million for the fourth quarter of 2001, from $33 million for the fourth quarter of 2000.

Results for the latest quarter include higher claims and marketing expenses in one business unit.

Loss of seed money in a mutual fund depressed earnings for the fourth quarter of 2000.

Life insurance in force rose 21%, to $300 billion at the end of 2001, because of strong group life insurance sales in the large employer market, Minnesota Life says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.