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DUFF & PHELPS: NATIONAL LIFE INSURANCE, VERMONT LIFE INSURANCE, CHAMPLAIN LIFE INSURANCE CLAIMS PAYING ABILITY UPGRADED TO AA FROM AA-

 CHICAGO, Aug. 6 /PRNewswire/ -- Duff & Phelps Credit Rating Co. announced today that it has upgraded the claims paying ability rating of National Life Insurance Company (National Life) and its wholly owned subsidiaries, Vermont Life Insurance Company and Champlain Life Insurance Company to "AA" (Double-A) from "AA-" (Double-A-Minus). The upgrade reflects the company's strong niche in targeted market segments, consistent operating profits, conservative investment portfolio, and experienced management team.
 National Life is a mutual life insurance company headquartered in Montpelier, Vt., with consolidated assets of $4.9 billion and adjusted surplus of $266 million at yearend 1992. The company specializes in providing products that meet the insurance and investment needs of high income individuals and small business owners. Operating results have been good for the last several years due to favorable mortality and persistency, as well as stable investment returns. Consolidated statutory operating income for 1992 was $28.9 million on premium volume of $517.8 million.
 At yearend 1992, invested assets were concentrated in bonds (61 percent of invested assets), policy loans (18 percent), and mortgage loans (13 percent). Investments in bonds are primarily in corporate issues and mortgage backed securities with 96 percent of all fixed income securities owned rated investment grade. Mortgage loan investments focus on office and retail properties. National Life's mortgage loan portfolio is well-diversified geographically. The company's experience regarding problem mortgage loans is well below industry norms.
 -0- 8/6/93
 /CONTACT: James B. Auden, CFA of Duff & Phelps Credit Rating Co., 312-368-3146/


CO: National Life Insurance Company ST: Vermont IN: INS SU: RTG

TS -- NY028 -- 0281 08/06/93 11:08 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
Words:268
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