The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit ratings of "a" of six domestic life insurance subsidiaries of American International Group, Inc. (AIG) (NYSE: AIG): SunAmerica Annuity and Life Assurance Company (SALAC) (Phoenix, AZ), SunAmerica Life Insurance Company (SLIC) (Phoenix, AZ), Western National Life Insurance Company (WNLIC) (Amarillo, TX), American General Assurance Company (AGLA) (Schaumburg, IL), American General Life and Accident Insurance Company (AGLAIC) (Nashville, TN) and American General Life Insurance Company of Delaware (AGLICDE) (Wilmington, DE).
Effective December 31, the aforementioned companies merged with and into American General Life Insurance Company (AGLIC) (Houston, TX), AIG's lead U.S. life insurance company. These transactions are part of AIG's ongoing strategy to streamline its insurance company structure into fewer operating companies in order to maximize efficiency. As a result of the mergers, SALAC, SLIC, WNLIC, AGLA, AGLAIC and AGLICDE policyholders have become policyholders of AGLIC.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.
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