A.M. Best Affirms Ratings of National Western Life; Revises Outlook
19 Giugno 2007 - 4:49PM
Business Wire
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and issuer credit rating (ICR) of �a-� of National
Western Life Insurance Company (NWL) (Denver, CO) [NASDAQ: NWLIA].
The outlook for both ratings has been revised to positive from
stable. The rating actions reflect NWL�s diverse business profile
marketing both to the U.S. and international markets, its solid
operating results, superior risk-adjusted capitalization and
increasing statutory capital and surplus and GAAP equity trends.
Offsetting these strengths are the challenges to manage its
increasing exposure to interest-sensitive annuity and universal
life liabilities and continuing to grow its domestic ordinary life
businesses. In revising the outlook, A.M. Best acknowledges NWL�s
competitive position in its international markets that continues to
provide diversification of revenue, insurance risk and profitable
operating results. In addition, the revised outlook reflects
management�s concentrated efforts to grow its U.S. domestic
ordinary life segment that A.M. Best believes will further
diversify NWL�s business profile, as well as its initiatives to
further enhance and refine its asset/liability and enterprise risk
management processes. NWL�s net premium growth in recent years has
been primarily driven by its equity-indexed annuity (EIA) segment.
While NWL�s annuity growth has resulted in significant interest
rate risks, the company�s strong risk-adjusted capitalization,
surrender charge protection and market value adjustment features
partially mitigate these risks. In noting NWL�s growth in EIAs,
A.M. Best acknowledges its prudent product design and customer
profiles, effective hedging programs and active market conduct and
compliance programs. However, A.M. Best remains cautious over the
potential declines in the industry�s future EIA sales and its
impact on earnings given the increasing due diligence demanded to
comply with the prevailing heightened regulatory environment. For
Best�s Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings. Founded in
1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services
industries, including the banking and insurance sectors. For more
information, visit www.ambest.com.
Grafico Azioni National Western Life Insurance Company (MM) (NASDAQ:NWLIA)
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Grafico Azioni National Western Life Insurance Company (MM) (NASDAQ:NWLIA)
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