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.”
Montpelier, Vermont – May 2014 - Standard & Poor’s has affirmed its A (Strong) financial strength ratings for National Life Insurance Company and Life Insurance Company of the Southwest, the two insurance companies of National Life Group.
At the same time the rating agency revised the outlook on the group’s insurance companies to positive from stable.
According to Standard & Poor’s, the “positive outlook reflects our expectation of continued improvement in operating performance, very strong capital adequacy, and strong fixed-charge coverage.”
Mehran Assadi, president and chief executive officer of National Life Group, said he was extremely pleased with S&P’s decision to revise the group outlook to positive from stable.
“This action reflects our strong positive growth over the past few years,” he said. “We have been setting sales records as well as setting records in net income, total assets under management, insurance in force and statutory surplus.”
Assadi noted that 2013 marked the 165th anniversary of the founding of National Life Insurance Co.
“We are built for the long term and we are always focused on the future, looking for innovative ways to fulfill our vision of bringing peace of mind to everyone we touch,” he said.
The rating of A (Strong) is the sixth highest of the 21 categories used by Standard & Poor’s in its ranking of financial strength. The financial strength rating is designed to provide an opinion of a company’s ability to meet its policyholder obligations.
The companies of National Life Group offer a broad range of financial products, including life insurance, annuities and financial solutions in the form of estate, business succession and retirement planning strategies. They are a leading provider of 403(b) and 457(b) tax-deferred retirement plans, primarily in the K-12 school marketplace.
Contact: Chris Graff, vice president, corporate communications, National Life Group.
National Life Group® is a trade name of National Life Insurance Company, Montpelier, Vt., Life Insurance Company of the Southwest, Addison, Texas, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York, does not conduct insurance business in New York, and was chartered in 1955.
Ratings are subject to change without notice.