The financial strength rating for National Life Group’s insurance companies was boosted by Standard & Poor’s on Friday, August 12, based on the company’s improved capital strength and stronger credit quality.
S&P Global Ratings formally raised the rating of National Life Insurance Company and Life Insurance Company of the Southwest to “A+” from “A.” At the same time, S&P Global raised its issuer credit rating on NLV Financial Corp., National Life’s holding company, to “BBB+” from “BBB.”
“We’re delighted we’re being recognized by S&P for the financial strength of our 167-year-old company,” said Mehran Assadi, president and CEO of National Life Group.
S&P praised National Life’s focus on the fundamentals. “The upgrade reflects our view that NL Group has improved its capital strength, resulting in stronger credit quality,” S&P said.
“We now view the insurer’s financial risk profile as extremely strong, compared to our prior opinion of very strong. Over the past few years, NL Group has organically grown its capital, more effectively managed its investments in structured securities, and successfully completed a closed block reinsurance transaction. We view the improved capital position as sustainable.”
S&P said National Life’s “business risk profile remains strong” and noted that premiums and deposits are almost evenly split between protection and retirement savings.
The outlook by S&P was listed as stable and “reflects our expectation that NL Group will maintain its strong business risk profile encompassing engaged and productive distribution and favorable operating performance.”
At National Life, our story is simple: For more than 167 years we’ve worked hard to deliver on our promises to millions of people with our vision of providing peace of mind in times of need. It’s our cause, stemming from a deep passion to live our values to do good, be good and make good, every day. Learn more at NationalLife.com.