A.M. Best Affirms the A Rating Of Irish Life Assurance plc.Business/Insurance Editors OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 27, 2000 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the A (Excellent) rating of Irish Life Assurance plc, Dublin, Ireland. The rating reflects the company's dominance in the Irish life market, strong capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper , consistent earnings and multi-channel distribution network. Offsetting these strengths are increasing competition in the Irish bancassurance Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels. Notes: The result is a bank that can offer banking, insurance, lending, and investment products to a customer. segment and thinning margins in the Irish mortgage lending market. In 1998, Irish Life merged with Irish Permanent plc--a leading bank in Ireland. The merger created a holding company, Irish Life and Permanent The Irish Life and Permanent (ISE: ILB) LSE: IPM (Irish: Cuideachta Bheatha na hÉireann) group is a leading provider of personal financial services in the Republic of Ireland. plc. Irish Life, the insurance subsidiary, has met its internal target dates for integration, which should help the company compete in the bancassurance segment through increased cross-selling opportunities. The merger also is expected to reduce costs, create operational efficiencies and provide a full spectrum of financial-service products. Irish Life maintains a strong capital position. Management has focused on the increase in embedded value Embedded Value A common valuation measure used outside North America particularly in the insurance industry. It is calculated by adding the adjusted net asset value and the present value of future profits of a firm. , which at year-end 1998 was 1.0 billion Irish punts (1 punt = U.S. $1.2863). Embedded value has increased consistently due to reduced expenses, increased new business production and improved efficiency from technological advances. With over a 20% market share, Irish Life is the largest life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. in Ireland, offering products through individual business and group pension business units. The company maintains a competitive market advantage by selling its products through independent brokers and agents, direct sales, Irish Permanent branches and institutional relationships. These strengths are offset by the challenges of operating in a consolidating financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market. In particular, Irish Life faces strong competition in the bancassurance and mortgage lending markets from several large local competitors. Also, while the company has met its integration timetable, A.M. Best notes that Irish Life must now execute its business plan. The A rating also was affirmed for Irish Life's three U.S. life insurance subsidiaries: Inter-State Assurance Co., Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, ; First Variable Life Insurance Co., Little Rock, Ark.; and Guarantee Reserve Life Insurance Co., Indianapolis, Ind. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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