A.M. Best Affirms Ratings of Subsidiaries of Securian Financial Group, Inc.
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Concurrently,
The ratings reflect Minnesota Life’s continued strong reported risk-adjusted capitalization and improved overall earnings levels, although statutory earnings remain somewhat below historical levels. In addition, Minnesota Life’s financial leverage remains at modest levels for its ratings, with no pending debt maturities.
The ratings also recognize the group’s diversified sources of earnings, conservative investment management philosophy, sound liquidity position and diverse product portfolio. In recent years, the group has focused on expense management initiatives as well as additional distribution capacity. Minnesota Life recorded increased sales of individual life insurance in the last two years due to efforts to strengthen its independent distribution group agent channel.
Offsetting rating factors include the organization’s exposure to equity market volatility through its asset management and separate account business lines, as well as in its corporate pension program. The group also maintains exposure to commercial real estate through direct mortgage loans, alternative assets and commercial mortgage-backed securities.
The rating upgrades for Securian Casualty reflect
The FSRs of A- (Excellent) and ICRs of “a-” have been affirmed for the following subsidiaries of
American Modern Life Insurance Company - Cherokee National Life Insurance Company
CNL/Insurance America, Inc.
The FSR of B++ (Good) has been upgraded to A- (Excellent) and the ICR of “bbb” to “a-” for Southern
The following debt rating has been affirmed:
Minnesota Life Insurance Company—
-- “a” on
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. Key criteria utilized include: “Understanding BCAR for Life/Health Insurers”; “Understanding BCAR for Property/Casualty Insurers”; “A.M. Best’s Ratings & the Treatment of Debt”; “Rating Members of Insurance Groups”; “Assessing Country Risk”; and “Risk Management and the Rating Process for Insurance Companies.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
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Copyright: | Copyright Business Wire 2012 |
Wordcount: | 706 |
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