Standard & Poor’s announced, Minnesota Life Insurance Co. Ratings lowered to “AA-” Outlook stable
Standard & Poor’s - Standard & Poor’s Ratings Services has lowered its counterparty credit and financial rating in Minnesota Life Insurance Co. (MLIC) “AA-” from “AA”, because its merits and GAAP pretax ROA fall short of expectations and quality results can not expect much to the improvement in the years 2004 and 2005.
The view is stable.
MLIC to continue to diversify their activity in rapid growth with a variable annuity (VA) accretive business should increase the contribution of results and their own exposure to market volatility of capital. The benefits of diversification are more than offset by higher potential volatility of asset-based additional revenue and reduce the quality of the result, usually under the VA business. The life business has always been the strength of the rating and remains the main source of revenue for the company.
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