Major Rating Factors: Fair quality investment portfolio (4.7 on a scale of 0 to 10). Fair Liquidity (4.2) as cash from operations and sale of marketable assets may not be adequate to cover a spike in claims or a run on policy withdrawals. Good overall profitability (5.6). Return on equity has been good over the last five years, averaging 14.3%.
Other Rating Factors: Weak overall results on stability tests (2.8) including fair financial strength of affiliated AXA Financial Inc and weak results on operational trends. Strong capitalization (7.8) based on excellent risk adjusted capital (severe loss scenario).
Stability Factors: A - Financial problems or weaknesses of a parent or affiliate company. I - Past results on our Investment Safety Index. L - Past results on our liquidity tests. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Ind annuities (99.8%), group annuities (0.1%)
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