NU Online News Service, Jan. 8, 2004, 11:46 a.m. EST – Moody’s Investors Service, New York, has increased the insurance financial strength rating of The Penn Mutual Life Insurance Company, Horsham, Pa., and a subsidiary, The Penn Insurance and Annuity Company, to Aa3, from A1.[@@]

The rating outlook for the companies is stable, Moody’s says.

Penn Mutual faces stiff competition, but it has done a good job of building its sales network, managing risk and showing its commitment to keeping its mutual life insurance company charter, Moody’s says in a comment on the rating upgrade.