AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
24 Abril 2024 - 11:20AM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR)
of “a+” (Excellent) of Symetra Life Insurance Company and its
subsidiary, First Symetra National Life Insurance Company of New
York (New York, NY), together referred to as Symetra Life Group.
Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+”
(Good) and the Long-Term Issue Credit Rating of “bbb+” (Good) on
$250 million 4.25% senior unsecured notes, due 2024 of Symetra
Financial Corporation (Symetra). The outlook of these Credit
Ratings (ratings) is stable. All companies are headquartered in
Bellevue, WA, unless otherwise specified.
The ratings reflect Symetra Life Group’s balance sheet strength,
which AM Best assesses as very strong, as well as its adequate
operating performance, favorable business profile and appropriate
enterprise risk management (ERM).
AM Best views Symetra Life Group’s balance sheet as strong, as
measured by quantitative Best’s Capital Adequacy Ratio (BCAR), and
qualitative measures with financial support afforded by the
ultimate parent, Sumitomo Life Insurance Company, which supports
the group’s strategic initiatives. Through past debt capital
investments, the parent has enabled the group to execute on key new
product development projects and enhanced distribution efforts and
current conditions. In 2023, Symetra Life Group paid $207 million
in dividends to Symetra to provide capital for new annuities
business that the life company ceded to Symetra Bermuda Re, a
subsidiary of Symetra. Future dividends are expected to be
dependent on operating results.
An early trend of profitability has returned to the group, which
is expected to help contribute organically to future business
growth efforts. AM Best views the group’s ERM as being matched to
the scope of its operation, while adjusting through changing and
challenging market conditions. Continued organic capital growth
through profitable operations has been factored into the current
ratings, which is expected to continue.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Anthony McSwieney Senior Financial Analyst +1
908 882 2113 anthony.mcswieney@ambest.com
Jacqalene Lentz Director +1 908 882 2011
jacqalene.lentz@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com