Securian Adds Jobs in Takeover of Retirement Plan Assets from Pan-American

ST. PAUL, MN, December 3, 2003 -- Securian Retirement Services, a business unit of Minnesota Life Insurance Company, has added 55 jobs. Minnesota Life remains the second largest private-sector employer in downtown St. Paul, with 2,200 full- and part-time employees.

The new jobs were created to provide service to more than 800 401k retirement plans acquired in a recent transaction with Pan-American Life Insurance Company of New Orleans. The deal, announced in June, was finalized in November with the transfer of approximately $580 million in retirement plan assets from Pan-American to Securian.

Five of the 55 positions were filled with Pan-American Life account representatives or enrollment specialists who will be located at field offices in New Orleans, West Palm Beach, Fla., and San Diego.

This is the third acquisition Securian Retirement Services has made in the last six years. The company purchased the retirement plan businesses Fort Dearborn Life in 1999 and Allmerica Financial in 2001.

"Growth through acquisition is a key strategy for us," said Bruce Shay, vice president, Securian Retirement Services. "We are focused on the small- to mid-size plan market and plan to grow in that niche. We will continue to look for opportunities to acquire business that fits our strategy."

Securian has won many awards for its superior products and services, including the Dalbar Seal of Excellence for its web sites and 18 "Best of Class" awards in the 2003 PLANSPONSOR magazine survey of employers.

Securian Retirement Services (www.securian.com) manages more than $6.5 billion in assets for 3,300 retirement plans and nearly 250,000 participants nationwide.

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