Fitch Ratings Affirms Navy Mutual Aid Association at 'A+'.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed Navy Mutual Aid Association's (NMAA NMAA National Museum of American Art NMAA New Mexico Activities Association NMAA Nursing Mothers Association of Australia NMAA National Museum of African Art NMAA National Multimedia Association of America NMAA Navy Mutual Aid Association NMAA Night Master-At-Arms ) 'A+' insurer financial strength rating. The Rating Outlook is Stable. NMAA insurer financial strength rating is based on its sound capital, strong niche position as a provider of mainly interest-sensitive, term life insurance and fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. products and term life insurance to active, reserve, and retired members of the U.S. Navy, U.S. Marine Corps, U.S. Coast Guard, U.S. Public Health Service (USPHS USPHS United States Public Health Service. USPHS abbr. United States Public Health Service ), National Oceanic and Atmospheric Administration Noun 1. National Oceanic and Atmospheric Administration - an agency in the Department of Commerce that maps the oceans and conserves their living resources; predicts changes to the earth's environment; provides weather reports and forecasts floods and hurricanes and (NOAA NOAA abbr. National Oceanic and Atmospheric Administration Noun 1. NOAA - an agency in the Department of Commerce that maps the oceans and conserves their living resources; predicts changes to the earth's environment; ) and their families, and its focused mission of serving its members. Fitch views as additional strengths NMAA's conservative reserving, outstanding persistency and low mortality, consistently low expense ratios, and a high-quality, liquid bond portfolio. Fitch views as partially offsetting these strengths the volatility of NMAA's adjusted surplus that is caused by a moderately higher-than-industry allocation to common stocks. Fitch also notes that NMAA's longer-than-average bond portfolio duration has played a role in maintaining the association's strong investment yield in recent years at the expense of higher interest-rate risk. Fitch views NMAA's operating performance over the past three years as good, characterized by consistent, moderate operating gains and moderate premium growth. Key drivers were low expense levels, good investment income, and favorable persistency. Fitch believes that NMAA's 'war risk' is being prudently managed and that mortality experience is within expectations. Fitch notes that while NMAA's membership growth has been relatively flat over the past three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time association's asset growth,premiums, policy growth, and insurance in force have has increased due to the popularity of NMAA's family plans, competitively priced products, and value-added service to its membership. NMAA is headquartered in Arlington, Va. and reported total admitted assets of $1.8 billion and adjusted surplus of $144 million at Dec. 31, 2004. The association currently has approximately 100,000 members and more than $13 billion of insurance in force. Fitch expects that NMAA will maintain solid capital levels and a high-quality balance sheet in 2006 and that the association will maintain its strong niche position by providing continued levels of high-quality service and value-added products to its membership. Fitch expects NMAA to report solid 2006 operating performance, driven by low expenses and good levels of investment income. Navy Mutual Aid Association -- Insurer financial strength affirmed at 'A+'/Stable. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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