Printer Friendly

DUFF & PHELPS: Life Insurance Company of Georgia, Southland Life Insurance Company Claims Paying Ability Ratings Reaffirmed at 'AAA'

 CHICAGO, July 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed the `AAA' (Triple-A) claims paying ability ratings of the Life Insurance Company of Georgia (LOG) and Southland Life Insurance Company (Southland). Both insurance companies are ultimately owned by Internationale-Nederlanden Groep N.V. (ING). ING is located in the Netherlands and ranks as one of the largest insurance groups and diversified financial services organizations in the world.
 LOG and Southland are mid-sized life insurance companies. LOG's new sales are derived primarily from home service life insurance and GIC products, while Southland's new sales are generated primarily from universal life products sold through personal producing general agents. Admitted assets as of March 31, 1993, were $2,333 million and $1,059 million, respectively. Both companies exhibit low operating leverage ratios and good quality investment portfolios. Also, both companies benefit from steady earnings and cash flow generated by large in-force books of home service life insurance.
 LOG provides common operational management to Southland and the two companies are operated as an integrated whole. Statutory profitability of the two companies remained good during 1992, with LOG's results benefiting from expense control while Southland's statutory returns were affected by strain of high levels of new sales and repayment of surplus relief that was being provided by LOG. Southland's return on surplus was a still strong 15.6 percent even with these occurrences. LOG's operating leverage (adjusted liabilities to adjusted surplus) was 5.1 times at the end of 1992 (when adjusted for surplus relief provided to affiliate Security Life of Denver Insurance Company), and Southland's ratio was 5.8 times.
 LOG's investment portfolio quality improved somewhat during 1992, as problem mortgage investments were reduced. Commercial mortgage loans foreclosed, delinquent and restructured and real estate owned as a percentage of mortgage loans outstanding is well below the ACLI industry comparable figure. Exposure to below investment grade securities was also reduced in 1992. Southland's investment portfolio quality followed a similar pattern of improvement in both its mortgage portfolio and its bond portfolio.
 -0- 7/19/93
 /CONTACT: Kevin A. Ceurvorst of Duff & Phelps Credit Rating Company, 312-368-3144/


CO: Life Insurance Company of Georgia ST: Georgia IN: INS SU: RTG

CK -- NY060 -- 3078 07/19/93 13:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 19, 1993
Words:372
Previous Article:DUFF & PHELPS: SECURITY LIFE OF DENVER INSURANCE COMPANY CLAIMS PAYING ABILITY RATING REAFFIRMED AT 'AAA'
Next Article:ROGER W. VOGEL JOINS WOOD, STRUTHERS & WINTHROP MANAGEMENT CORP.
Topics:


Related Articles
THE VARIABLE ANNUITY LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATING REAFFIRMED AT 'AAA'
NATIONAL HOME LIFE ASSURANCE COMPANY CLAIMS PAYING ABILITY RATING UPGRADED TO 'AA' FROM 'AA-' BY DUFF & PHELPS
AMERICAN GENERAL LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATING REAFFIRMED AT 'AAA'
DUFF & PHELPS: SOUTHLAND LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATINGS REAFFIRMED AT 'AAA'
DUFF & PHELPS: THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY
D&P: AETNA PROPERTY/CASUALTY INTERCOMPANY POOLS CLAIMS PAYING ABILITY RATING LOWERED TO 'AA-' AND REMOVED FROM RATING WATCH--DOWN
LIFE INSURANCE COMPANY OF GEORGIA, SOUTHLAND LIFE INSURANCE COMPANY, SECURITY LIFE OF DENVER INSURANCE COMPANY,
CANADA LIFE ASSURANCE COMPANY CLAIMS PAYING ABILITY REAFFIRMED AT 'AAA' BY DUFF & PHELPS
DUFF & PHELPS: MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATING PLACED ON RATING WATCH -- DEVELOPING
DCR: THE MANUFACTURERS LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATING PLACED ON RATING WATCH - DEVELOPING

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters