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July 17, 2009 at 08:00 PM
Some major life insurance companies may be affected by the financial problems of a leading lender, according to U.S. analysts for Credit Suisse A.G., Zurich.
Credit Suisse released a report Thursday citing the exposures of American life insurance companies to a debt restructuring of financially troubled CIT Group Inc., New York. CIT admitted in a statement released Wednesday that it was not expecting government bailout money.
AFLAC Inc., Columbus, Ga., has the highest number of CIT securities, with a conditional fair value of $218 million, accounting for 3.3% of equity, excluding accumulated other comprehensive income, Credit Suisse notes.
Genworth Financial Inc., Richmond, Va., has the second-most in CIT securities with $140 million, which amounts to 1.5% of equity, excluding AOCI, Credit Suisse reports.
Lincoln Financial Corp., Radnor, Pa., is listed by the report as having $76 million in CIT securities. That makes up 1% of the insurer’s equity, excluding AOCI.
