Hit hard by the coronavirus pandemic, the life insurance sector witnessed an 18.6 per cent drop in the first year premium to Rs 49,335 crore in the April-June quarter of the current financial year, according to a report by CARE Ratings. The overall sum assured also declined 12.9 per cent to Rs 8.8 lakh crore in the June 2020 quarter, compared with Rs 10 lakh crore (which was an increase of 17.6 per cent) in the corresponding period of the previous year. The sector had seen their first-year premium declines of 32.6 per cent and 27.9 per cent in April 2020 and May 2020, respectively, the report said adding that the June 2020 quarter figures are indicative that the sector is moving towards...
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INDIANAPOLIS, May 5, 2020 /PRNewswire/ -- AM Best Rating Service, Inc. has affirmed the Financial Strength Ratings (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" for Renaissance Life...
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Insurance Company Independent Financial Ratings Guide There are independent firms who provide ratings for life and health insurance companies we use. These independent firms include A.M. Best Company, Standard and Poor’s, Moody’s and Duff & Phelps among others. These independent ratings reflect the opinions of the rating agencies and are not implied warranties of the insurer’s ability to met contractual obligations. A.M. Best Ratings represent an independent opinion from a provider of insurer ratings of a company’s financial strength and ability to meet its obligations to policyholders. Standard & Poor’s Claims-paying ability rating is an opinion of an operating insurance company’s...
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Many people shop for life insurance based on the amount of coverage they want and the cost of the monthly premium they will pay. But an important element to consider when shopping around is the financial strength ratings of a life insurance company. After all, life insurance coverage is a legal contract between you and the insurance company. You want to be sure that the company you’re entrusting to protect your family is financially strong and will be around to pay the full value of your coverage to your beneficiary when you’re gone. Rating agencies – why should I trust these sources? Insurance companies are rated by independent agencies, which assess and report on the current financial...
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QUEBEC CITY, Sept. 19, 2019 /CNW Telbec/ - SSQ Insurance is very pleased with the decision by A.M. Best Co. to upgrade the credit ratings for SSQ, Life Insurance Company Inc. The international rating agency specializing in insurance upgraded the insurer's rating for financial strength from "A-" to "A (excellent)." The issuer credit rating has also been increased to "a." The outlook attributed to both ratings is stable. "We are very proud of the ratings we've received from A.M. Best following its rigorous review. The upgrades confirm the relevance of the company's transformation initiated in 2016, which has enabled us to improve our operational efficiency. The results, which are based on...
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The A.M. Best Insurance Ratings Explained And How To Use Them With technology as expansive as it is today, we can check reviews and ratings on just about anything. And often these reviews and ratings can play a critical role in helping us decide which company or product to purchase from. When it comes to the insurance industry, A.M. Best is the Nationally Recognized Statistical Rating Organization (NRSRO) in the U.S. by both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners. This simply means that the U.S. federal government has certified Best’s ratings, and to put it simply – are trustworthy ratings and opinions. A.M. Best...
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Overview AIG has managed periods of volatility through robust capital adequacy and enhanced reinsurance. Weaker general insurance (GI) performance than many global multiline peers, although we expect the gap to narrow We are affirming our 'A+' ratings on AIG's rated subsidiaries. The stable outlook reflects that AIG's remediation actions should result in more-predictable and higher-quality earnings. Rating Action On July 25, 2019, S&P Global Ratings affirmed its 'A+' insurer financial strength and 'BBB+' long-term issuer credit ratings on the core subsidiaries of American International Group Inc. (NYSE: AIG). The outlook is stable. We also affirmed our 'A' long-term issuer credit and...
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The global coronavirus pandemic is “not only one of the most significant credit events” in most of our lifetimes, it’s also “unquestionably the fastest developing,” according to Keith Buckley, managing director and global head of insurance ratings at Fitch Ratings. The global credit ratings agency, which provides insurance sector and company outlooks, is in the process of analysing the potential impact of COVID-19. But the speed at which events are unfolding and changing are creating what Buckley described as “tremendous uncertainty,” making forward-looking analysis an immense challenge. These elements manifest themselves in the insurance sector in...
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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of The Northwestern Mutual Life Insurance Company (Northwestern Mutual) and its subsidiary, Northwestern Long Term Care Insurance Company . The companies are domiciled in Milwaukee, WI, and collectively are known as Northwestern Mutual Group (NMG). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of Northwestern Mutual’s outstanding surplus notes. The outlook of these Credit Ratings (rating) is stable. (See below for a detail list of the Long-Term IRs.) The ratings reflect NMG’s balance sheet...
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Western & Southern Financial Group Western & Southern Financial Group, also commonly referred to as Western & Southern, is a Cincinnati, Ohio -based diversified family of financial services companies with assets owned and managed in excess of $67.5 billion as of March 2017. Through its member companies, Western & Southern offers a variety of financial services such as life insurance, annuities, mutual funds and investment management. Western & Southern's member companies include The Western & Southern Life Insurance Co, Western-Southern Life Assurance Co, Columbus Life Insurance Co, Lafayette Life Insurance Co, IFS Financial Services, Fort Washington Investment...
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