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Insurance ratings actions: S&P upgrades Liberty Life after acquisition

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Insurance ratings actions: S&P upgrades Liberty Life after acquisition

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.

Life and health

A.M. Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a+" of West Des Moines, Iowa-domiciled Farm Bureau Life Insurance Co.

Concurrently, A.M. Best has affirmed the long-term issuer credit rating of "bbb+" of FBL Financial Group Inc., the holding company of Farm Bureau Life.

The outlook of these ratings is stable.

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S&P Global Ratings raised the long-term issuer credit and financial strength ratings assigned to Liberty Life Assurance Co. of Boston to AA- from A following its acquisition by the Lincoln Financial Group.

The outlook is stable.

The upgrade reflects S&P's belief that Liberty Life is core to the overall Lincoln group. S&P expects the company to be fully merged into Lincoln National Life Insurance Co. over the next 18 months.

The stable outlook on Lincoln Financial and its core subsidiaries reflects the rating agency's expectation that the group will sustain its very strong competitive position, very strong capital position commensurate with the ratings and robust enterprise risk management capabilities appropriate for its complex risk profile.

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S&P Global Ratings has affirmed its financial strength and long-term issuer credit ratings on Japan-based NN Life Insurance Co. Ltd. at A-.

The outlook remains stable. The affirmation was based on the agency's assessment that NN Life Japan's stand-alone credit profile remains at "bbb+", with a one-notch uplift for support from Netherlands-based NN Group NV due to its strategically important status.

The stable outlook on NN Life Japan reflects that on the core subsidiaries of NN Group.

Managed Care

Moody's has withdrawn the B3 corporate family rating of Puerto Rico-based MMM Holdings LLC and the Ba3 insurance financial strength rating of its subsidiary MMM Healthcare LLC for business reasons.

The ratings had positive outlooks before being withdrawn.

Multiline

A.M. Best took action on the subsidiaries of Lebanon-based Nasco Insurance Group Ltd.

The agency has upgraded the long-term issuer credit rating to "bb+" from "bb" and affirmed the financial strength rating of B (Fair) of Al Ittihad Al Watani (L'Union Nationale) Société Générale D'Assurances du Proche Orient sal.

The outlooks of these ratings have been revised to positive from stable.

The ratings reflect Al Ittihad's very strong balance sheet, marginal operating performance, limited business profile and marginal enterprise risk management.

A.M. Best has also affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Bankers Assurance SAL.

The outlook of these ratings is stable.

Property and casualty

A.M. Best has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and the long-term issuer credit rating to "aa-" from "a+" of Madison, Wis.-based Rural Mutual Insurance Co.

The outlook of these ratings has been revised to stable from positive.

The ratings reflect Rural Mutual's balance sheet categorized as strongest, strong operating performance, neutral business profile and appropriate enterprise risk management.

The upgrades reflect management's disciplined underwriting strategy, which has produced strong underwriting results and multiple years of consistent policyholder surplus growth.

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A.M. Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of "a-" to Taiwan-based Union Insurance Co. Ltd.

The outlook assigned to these ratings is stable.

The ratings reflect Union's very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of "a-" to Auto-Owners Specialty Insurance Co.

The outlook assigned to these ratings is stable.

These ratings reflect the company's very strong balance sheet, adequate operating performance, very limited business profile and appropriate enterprise risk management.

The ratings further reflect the benefits that the company receives from being owned by Lansing, Mich.-domiciled Auto-Owners Insurance Co.

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A.M. Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of PT Asuransi Tokio Marine Indonesia.

The outlook of these ratings is stable.

The ratings reflect the company's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management. A.M. Best also said the ratings recognize the support provided by the company's ultimate parent, Tokio Marine Holdings Inc.

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 and here.

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