PORTLAND, Ore. & ST. PAUL, Minn., December 01, 2022--(BUSINESS WIRE)--Standard Insurance Company ("The Standard") and Securian Financial Group, Inc. ("Securian Financial") today announced the closing of the acquisition of Securian Financial’s retirement plan recordkeeping business by The Standard, in accordance with the terms of the agreement reported on Oct. 18, 2022.
"This transaction brings together two respected organizations and is an important milestone in our measured growth in the retirement plan marketplace," said Dan McMillan, president and CEO of The Standard. "I look forward to welcoming Securian Financial’s retirement plan employees, customers and partners to The Standard."
The acquisition combines the recordkeeping business of two providers with deep expertise in retirement plan administration, award-winning customer service and a shared focus on fiduciary protections. The business will operate under The Standard brand and include Securian Financial’s retirement solutions employees, management, client relationships and distribution networks. The companies are committed to a seamless transition for clients.
"This transaction positions Securian Financial to accelerate our growth in priority markets and help our customers build secure tomorrows," said Chris Hilger, Securian Financial’s chairman, president and CEO. "After collaborating with The Standard in recent months, I am confident bright days lie ahead for both companies."
"The Standard is deeply committed to the retirement plan business, and the wealth of talent joining us from Securian Financial furthers our capabilities to offer differentiated service for plan sponsors, participants and distribution partners," said AJ Ijaz, vice president of the Asset Management Group at The Standard. "I’m excited to bring to market our combined expertise, comprehensive suite of retirement solutions and customer-first approach."
About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit standard.com or follow us on Facebook, Twitter or LinkedIn.
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries. StanCorp Equities, Inc., member FINRA, wholesales a group annuity contract issued by Standard Insurance Company and a mutual fund trust platform for retirement plans. Standard Retirement Services, Inc., provides financial recordkeeping and plan administrative services. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc., are subsidiaries of StanCorp Financial Group, Inc., and all are Oregon corporations.
About Securian Financial
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose of helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We provide insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most. For more information about Securian Financial, visit securian.com or follow us on Facebook, Twitter or LinkedIn.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Securian Financial's retirement plan products are offered through a fixed annuity contract issued by Minnesota Life Insurance Company or Securian Life Insurance Company, Securian Financial Group subsidiaries.
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