NU Online News Service, Nov. 24, 2004, 4:30 p.m. EST
A rating agency has downgraded 4 life insurance units of a Lincoln, Neb., insurance group.[@@]
Standard & Poor’s Ratings Service, New York, says it has lowered its financial strength ratings on 4 life insurance units of AmeritasAcacia Companies to AA minus, from AA, because managers of the companies have been taking too conservative of an approach to using their capital.
The companies affected are Ameritas Life Insurance Corp., First Ameritas Life Insurance Corp. of New York, Ameritas Variable Life Insurance Company and Acacia Life Insurance Company.
The companies have suffered from soft life and annuity sales in recent years because they have focused so much on minimizing risk, S&P analysts write in a comment about the rating change.