OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group (Securian). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Securian Casualty Company (Securian Casualty), and the FSR of A (Excellent) and the Long-Term ICR of “a” of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON).
Concurrently, AM Best has affirmed the Long-Term ICR of “a” of Securian Financial Group, Inc. (SFG) (Delaware) and the Long-Term Issue Credit Rating (Long-Term IR) of “a” of SFG’s $500 million 4.8% senior unsecured notes, due 2048. AM Best also has affirmed the Long-Term IR of “a+” on the $125 million 8.25% surplus notes, due 2025, issued by Minnesota Life Insurance Company. The outlook of all of these aforementioned Credit Ratings (ratings) is stable. All companies named above are headquartered in St. Paul, MN, except where specified.
The ratings reflect Securian’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). The balance sheet assessment is supported by the strongest level of risk-adjusted capitalization, which is qualitatively enhanced by the retention of Guideline XXX/AXXX reserves, as opposed to utilizing captive reinsurance and external financing. Securian’s investment portfolio maintains high credit quality with favorable sector diversification and only modest exposure to higher risk asset classes, which is further enhanced by a strong asset-liability matching program. Operating results have been consistently favorable and supported by a diversified product portfolio and strong market positions in its core markets. The company also benefits from the diversification of Securian’s holding company, SFG, which includes asset management and distribution businesses, in addition to its insurance operations.
The ratings reflect Securian Casualty’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. Securian Casualty has established itself as a significant competitor in the contractual liability market, and continues to leverage its resources to support future product and market expansions. In recent years, Securian Casualty has focused on case management, which has further stabilized risk-adjusted capitalization and operating returns.
The ratings reflect Canadian Premier’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The company continues to report favorable earnings growth and growth in capital since the acquisition. The ratings also reflect the financial strength and strategic support provided by the parent organization.
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