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MINISTERS LIFE CONSOLIDATES INTO MINNESOTA MUTUAL

 ST. PAUL, Minn., July 1 /PRNewswire/ -- The consolidation of mutual insurer, Ministers Life, into Minnesota Mutual takes effect July 1, 1993, following approval by the Minnesota Department of Commerce and by more than 95 percent of Ministers Life policyowners who voted. Simultaneously, a new Minnesota Mutual subsidiary -- Ministers Life Insurance Company -- has been activated to provide financial services to religious professionals.
 With the consolidation, policyowners of Ministers Life become policyowners of Minnesota Mutual. Operations involving current and new business will gradually shift to Minnesota Mutual's downtown St. Paul headquarters.
 "Ministers Life prides itself on helping, understanding and serving the needs of the religious community," said Jack McElhaney, president and chief executive officer of both the old and the new Ministers Life. "Combining forces with Minnesota Mutual will enable us to continue to fulfill our mission of 'serving those who serve' with the superb financial strength and expertise necessary to provide a broader offering of products and services to our policyowners."
 Reflecting its relationship with Minnesota Mutual, Ministers Life will be rated A++ Superior by A.M. Best and AAA by Duff & Phelps.
 Minnesota Mutual Profile
 With more than $6 billion of assets under management, Minnesota Mutual provides nine million policyowners nationwide with over $106 billion insurance protection. Organized in 1880, the company offers a full line of life, disability and annuity products to groups as well as individuals.
 Ministers Life Profile
 Founded in 1900, Ministers Life, is one of the nation's primary providers of personal insurance to religious professionals, principally individual life insurance and annuities. In addition to the clergy and other individuals actively involved in church-related professions, the company also serves professionals in organizations such as the Salvation Army, the YMCA and YWCA, as well as seminary students and professors, and teachers at church-related colleges and parochial schools
 -0- 07/01/93
 /CONTACT: Marian McLain-Johnson of Minnesota Mutual, 612-298-3674, (Evenings) 612-941-3789/


CO: Minnesota Mutual ST: Minnesota IN: INS SU: TNM

DB -- MN008 -- 7703 07/01/93 11:55 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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