Standard & Poor’s Ratings Service raised its outlook on Mutual of America Life Insurance Co. to stable from negative and affirmed the company’s AA- rating.

Mutual of America, New York, sells retirement and pension products as well as variable universal life and group life and disability insurance.

Despite operating income that remains below the industry average, Mutual of America is well capitalized, S&P said. Conservative management of investments and continued new business growth helped offset the company’s relatively low operating income, according to the rating agency.