Standard & Poor’s has affirmed itsA (Strong)financial strength ratings for National Life Insurance Company and Life Insurance Company of the Southwest, the two insurance companies of National Life Group.At the same time the rating agency revised the outlook on the group’s insurance companies to positive from stable.According to Standard & Poor’s, the “positive outlook reflects our expectation of continued improvement in operating performance, very strong capital adequacy, and strong fixed-charge coverage.”
Mehran Assadi, president and chief executive officer of National Life Group, said he was extremely pleased with S&P’s decision to revise the group outlook to positive from stable.
“This action reflects our strong positive growth over the past few years,” he said. “We have been setting sales records as well as setting records in net income, total assets under management, insurance in force and statutory surplus.”
Assadi noted that 2013 marked the 165thanniversary of the founding of National Life Insurance Co.
“We are built for the long term and we are always focused on the future, looking for innovative ways to fulfill our vision of bringing peace of mind to everyone we touch,” he said.
The rating of A (Strong) is the sixth highest of the 21 categories used by Standard & Poor’s in its ranking of financial strength. The financial strength rating is designed to provide an opinion of a company’s ability to meet its policyholder obligations.
The companies of National Life Group offer a broad range of financial products, including life insurance, annuities and financial solutions in the form of estate, business succession and retirement planning strategies. They are a leading provider of 403(b)and 457(b) tax-deferred retirement plans,primarily in theK-12 school marketplace.
Source: National Life Group May 7, 2014