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In This List

Insurance ratings actions: Fitch acts on Great-West Lifeco, subsidiaries

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Insurance ratings actions: Fitch acts on Great-West Lifeco, subsidiaries

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

U.S. and Canada

Demotech assigned the A, Exceptional, financial stability rating to Pulaski & Giles Mutual Insurance Co., Farmers and Mechanics Fire and Casualty Insurance Co. and Farmers & Mechanics Mutual Insurance Co. of West Virginia.

The rating reflects exceptional financial stability related to maintaining a positive surplus with regard to policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.

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Fitch Ratings affirmed the A+ long-term issuer default ratings of Great-West Lifeco Inc. and GWL&A Financial Inc., as well as the AA- long-term issuer default ratings and AA insurer financial strength ratings of Canada Life Assurance Co. and Irish Life Assurance PLC.

Fitch also affirmed the AA insurer financial strength ratings of Great-West Life & Annuity Insurance Co., Great-West Life & Annuity Insurance Co. of New York and Canada Life Re Ireland DAC. The outlooks are stable.

Additionally, the rating agency withdrew the ratings of London Life Insurance Co., Canada Life Financial Corp. and Great-West Life Assurance Co. after Great-West Lifeco's board unanimously approved the plan to combine the companies and their holding companies into Canada Life Assurance.

The ratings reflect Great-West Lifeco's very strong capitalization, strong competitive position in the Canadian market, stable core insurance earnings, low-risk investment profile and conservative liability profile.

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S&P Global Ratings assigned the A financial strength and issuer credit ratings to Athene Life Re International Ltd. and ACRA International.

The outlook is stable, reflecting the outlook of Athene Holding Ltd. as core entities of the group. Athene's outlook reflects the rating agency's expectation that the group will maintain its return targets as it grows its core business segments.

The ratings reflect the rating agency's view that the companies are core to Athene's current and future profile. S&P Global Ratings expects that the companies will have the full financial support of the group if needed.

Asia-Pacific

Fitch assigned the A+ insurer financial strength rating to China Export & Credit Insurance Corp. The outlook is stable.

The rating reflects the company's unique and leading role in the export credit insurance segment in China, as well as its strong solvency position. The rating also considers the company's ownership linkage with China's central government as the sole state-owned policy-oriented credit insurer, according to the rating agency.

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S&P Global Ratings assigned the AA- local currency long-term issuer credit and financial strength ratings to Sun Life Hong Kong Ltd.

The outlook is stable, reflecting the outlook on Sun Life Financial Inc.'s core operating entities. The outlook also reflects the rating agency's view that the group will maintain its group status over the next two years.

The ratings reflect the rating agency's view that the company plays a very important role in supporting Sun Life Financial's expansion in Asia as one of the key contributors to the group's business growth and profits in the region. S&P Global Ratings expects that the company will receive implicit support from the group as a highly strategic subsidiary.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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