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July 15, 2010 at 08:00 PM
Credit rating agencies say 3 large insurers are continuing to do a good job of managing their finances.
Companies that have seen strong ratings affirmed recently include New York Life Insurance Company, New York; Guardian Life Insurance Company of America, New York; and the Teachers Insurance and Annuity Association of America (TIAA) and a principal TIAA subsidiary, TIAA-CREF Life Insurance Company, Charlotte, N.C.
Four rating agencies — Moody’s Investors Service Inc., New York; Standard & Poor’s Financial Services L.L.C., New York; Fitch Inc., New York; and A.M. Best Company Inc., Oldwick, N.J. – say they will continue to assign top-level AAA financial strength ratings or the equivalent, with a stable outlook, to New York Life.
“New York Life has performed well in a very difficult economic environment, and we expect continued improvement in earnings and capital generation as investment losses subside, albeit to higher than historical levels,” Moody’s says in a comment on its decision to affirm the Aaa it has given New York Life. “Although the company has not been immune to industry stresses, its modest financial leverage, prudent investment portfolio, strong liquidity profile, and conservative product designs have limited financial stress during a period in which many other life insurers had seen considerably greater strain.”
In other ratings news, Moody’s has affirmed the Aaa insurance financial strength ratings of TIAA and TIAA-CREF Life. Moody’s also has affirmed the Aa1 long-term issuer rating of TIAA and the Aa1 rating on the guaranteed debt of TIAA Global Markets Inc.
