S&P Global Ratings has raised Minnesota Life Insurance Co. and Securian Life Insurance Co.'s long-term counterparty credit and financial strength ratings to AA- from A+.
The rating agency also assigned an A- long-term counterparty credit rating to Securian Financial Group, the insurers' intermediate holding company.
The outlook is stable.
S&P said the upgrade reflects its view that Securian's diversified business profile, solid market position in group life and indexed universal life markets, and stable operating performance are comparable with higher-rated peers. The company in 2017 reported GAAP pretax earnings of about $441 million, which the rating agency said exceeded its expectations.
The company has shown solid retention across the board and is managing profitable growth while maintaining market share, according to S&P.
Minnesota Life is an affiliate of Securian Financial.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
