Major Rating Factors: Poor overall capitalization (0.0 on a scale of 0 to 10) based on excessive policy leverage and weak risk adjusted capital (severe loss scenario). Weak profitability (1.7) with operating losses during 2021. Return on equity has been low, averaging -10.4%. Weak overall results on stability tests (0.0) including weak risk adjusted capital in prior years, weak results on operational trends.
Other Rating Factors: High quality investment portfolio (8.1). Excellent liquidity (10.0).
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Group annuities (29.7%), ind annuities (27.6%), other (42.7%)
Licensed in: All states except NH, NY, PR