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January 08, 2003 at 07:00 PM
NU Online News Service, Jan. 8, 5:01 p.m. – Allmerica Financial Corp., Worcester, Mass., says it is taking four major steps to increase the statutory capital levels at its life insurance companies.
The company today announced an agreement to sell its fixed universal life business to a unit of John Hancock Financial Services Inc., Boston. The move will increase Allmerica’s statutory capital by $106 million.
The company is also refinancing long-term funding agreements, reinsuring variable-annuity death benefit guarantees, and rearranging the ownership structure of its life insurance subsidiaries.
The moves should increase the value of the life companies’ statutory capital to $475 million, up 46% from Sept. 30, 2002, Allmerica says.
