DUFF & PHELPS: KEYPORT LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATING REAFFIRMED AT 'AA-'
CHICAGO, July 9 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed the claims paying ability rating of Keyport Life Insurance Company at `AA-' (Double-A-minus). The rating reflects Keyport's continued success in its core annuity business which is characterized by stable profitability, consistent sales growth, a well managed investment portfolio, and improved operating leverage. Keyport Life is a subsidiary of Liberty Financial Companies which is headquartered in Boston, and is ultimately owned by Liberty Mutual Insurance Company. The company specializes in writing single premium deferred annuities (SPDA's) and variable annuities through independent brokers and financial institutions. SPDA's accounted for approximately 85 percent of 1992 premium volume, but the emphasis of future sales growth is in variable annuities. At March 31, 1993, Keyport Life reported $9.5 billion in net admitted assets and $489 million in adjusted surplus. For the year ended Dec. 31, 1992, Keyport Life reported statutory after-tax operating profits of $60.4 million on premium volume of $1.0 billion. Operating leverage as measured by the ratio of adjusted liabilities to adjusted surplus was 17.5 times at March 31, 1993, representing an improvement from the yearend 1991 level of 19.5 times. -0- 7/9/93 /CONTACT: James B. Auden, CFA, of Duff & Phelps Credit Rating Co., 312-368-3146/
CO: Keyport Life Insurance Company ST: Massachusetts IN: INS SU: RTG
LR -- NY039 -- 9919 07/09/93 12:39 EDT
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|Date:||Jul 9, 1993|
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