A.M. Best Places NN Life Rating Under Review With Positive Implications on News of Acquisition Plan.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 10, 2000 A.M. Best Co. has placed the A- (Excellent) rating of the NN Life Insurance Company of Canada, Don Mills Don Mills is a new town and neighbourhood in Toronto, recognized as the first planned and fully integrated post-war community developed by private enterprise in North America. , Ontario, under review with positive implications, following the announced sale of the company to the Transamerica Life Insurance Company of Canada (TLCOC). The rating will remain under review pending the close of the transaction and A.M. Best meetings with the TLCOC management, which is owned by Aegon N.V. The ratings of Aegon's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. affiliates are unaffected by this transaction. NN Life, a subsidiary of ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. N.V., had been a poor financial performer that did not meet its parent's profit expectations. A.M. Best views the acquisition by TLCOC positively, as the companies' product portfolios are complementary and expense savings are expected as a result of the transaction. NN Life's capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. is considered strong, historically supported by the significant capital contributions by the ING Group. A.M. Best expects NN Life to also benefit from its new ultimate parent, Aegon NV. Despite the positive rating considerations, NN Life remains challenged to improve its earnings, given the highly competitive nature of the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. individual life insurance market. However, several management actions over the past two years have better aligned pricing assumptions with current interest rates and actual lapse (language) LAPSE - A single assignment language for the Manchester dataflow machine. ["A Single Assignment Language for Data Flow Computing", J.R.W. Glauert, M.Sc Diss, Victoria U Manchester, 1978]. experience. These actions, coupled with expected cost savings and the integration of operations with TLCOC, should enable NN Life to achieve better operating results during 2000 and beyond. 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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