Protective Life Corp. says it believes it is doing a good job of addressing the current economic challenges.
Protective, Birmingham, Ala., issued a statement about its finances in response to an announcement suggesting that Moody’s Investors Service, New York, might cut its long-term credit ratings.
“This year has been a time of extraordinary challenge and volatility in the financial services industry,” Protective says in the statement.
“Even in the current environment, we continue to have a strong capital position and believe that our current statutory capital ratio is in a range consistent with historic requirements for our rating category,” Protective says. “We have ample liquidity to meet our projected outflows from currently available sources, and we expect our capital position to strengthen in 2009 in the normal course of business.”
Protective has weathered many challenging economic circumstances in the past century, it is confident that it can handle the current economic environment, the company says.