2008-03-25 23:55:31 -

www.ambest.com - A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of "aa" of Minnesota Life Insurance Company (Minnesota Life) and its subsidiary, Securian Life Insurance Company (Securian Life) (both of St. Paul, MN). In addition, A.M. Best has affirmed the FSR of A (Excellent) and the

ICR of "a" of Cherokee National Life Insurance Company (Macon, GA). The above companies are members of the Securian Financial Group (Securian).

Concurrently, A.M. Best has affirmed the debt rating of "a+" on the $125 million 8.25% existing surplus notes due September 2025 of Minnesota Life. The outlook for all ratings is stable. Minnesota Life's debt-to-capital ratio remains within the range for its rating, and the company maintains a favorable fixed coverage ratio to service its outstanding debt.

The ratings reflect Minnesota Life's excellent risk-adjusted capitalization, diverse sources of earnings, conservative financial management, sound liquidity position and diverse product portfolio. A.M. Best also notes the organization's investment management capabilities and focus on disciplined asset/liability management, which provides considerable insulation from interest rate and disintermediation risks. Offsetting these rating strengths are Minnesota Life's inconsistent statutory earnings performance in certain product lines, which are impacted by the low yields on its investment portfolio, and the competitive pressures the company faces in its core businesses.

Minnesota Life's operating earnings are reflective of increased revenue in many of its core business lines, its conservative financial and expense management strategies and continued focus on increasing distribution and scale. Going forward, A.M. Best expects that Minnesota Life's continued efforts to increase scale and distribution--while maintaining expense efficiencies--will continue to generate more consistency in earnings.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts
Kenneth Monahan, 908-439-2200, ext. 5342
kenneth.monahan@ambest.com
or
Stephanie Guethlein McElroy, 908-439-2200, ext. 5128
stephanie.mcelroy@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com