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MINNESOTA MUTUAL CHAIRMAN ANNOUNCES RETIREMENT AND RECORD 1992 FINANCIAL RESULTS

 ST. PAUL, Minn., Feb. 9 /PRNewswire/ -- Coleman Bloomfield, chairman and chief executive of The Minnesota Mutual Life Insurance Company, today announced that the company had record sales and earnings in 1992 and that its capital strength reached an all-time high.
 Bloomfield also announced that he plans to retire as chief executive April 30, 1993, after 22 years as head of the 112-year old company, but will remain as chairman of the board of trustees. John Clymer, the company's president and chief operating officer, will succeed Bloomfield as chief executive.
 "Sales of insurance and annuities increased 19 percent in 1992, achieving new sales records in all of our business units," Bloomfield said.
 Total revenue from premiums and investments grew to $1.8 billion, including $1.3 billion in premium income and $504 million in investment revenue.
 Record net earnings of $31.8 million increased the company's capital 13 percent to an all-time high of $383 million.
 "We attribute these records to our strong investment results, our continuing focus on expense control and the excellent persistency of our business," Bloomfield said. "Our strong capital position provides absolute assurance to our clients that all guarantees and commitments to them will be honored."
 Assets under management by the company and its subsidiaries grew to $8.0 billion, and the net rate of return on investments was 8.92 percent. This result continues to exceed the industry average, reflecting the high quality of Minnesota Mutual's assets.
 "In 1992 we continued to increase the quality of our investment portfolio which is comprised primarily of very high quality bonds and mortgages," Bloomfield said. "We avoid high risk investments, and our clients continue to benefit from our sound investment strategy."
 Life insurance in force grew to more than $107 billion, providing protection for more than nine million people nationwide.
 Minnesota Mutual's strong performance is affirmed by high ratings for financial strength and claims-paying ability from major independent analysts: A++ from A.M. Best, AA+ from Standard and Poor's and Aa1 from Moody's Investors Services.
 "Despite the troubled 1992 economy, Minnesota Mutual continued to demonstrate growth and success," Bloomfield said. "Our results continue to distinguish us from the vast majority of insurers."
 The company has grown more than ten-fold since Bloomfield was named president in 1970. At that time, the company had $10 billion of insurance in force, $618 million in assets and $36 million in capital. Today, Minnesota Mutual has 4,000 associates nationwide and employs 1,600 people at its downtown St. Paul headquarters.
 -0- 2/9/93
 /CONTACT: Mark Hier of Minnesota Mutual, 612-298-3672/


CO: The Minnesota Mutual Life Insurance Company ST: Minnesota IN: INS SU: ERN, PER

MP -- MN009 -- 4709 02/09/93 13:22 EST
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Date:Feb 9, 1993
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