AFLIACAllmerica Financial Life Insurance and Annuity Company
References in periodicals archive ?
Best believes AFLIAC may encounter challenges in building its annuity book of business, namely re-establishing former business relationships and building new ones in an industry where a number of new entrants with low cost structures are also competing for business.
The reinsurance transaction by AFLIAC will be entirely funded by The Goldman Sachs Group, Inc.
Best will review the FSR and ICR of AFLIAC for possible upgrades, at the close of the transactions, which are all pending regulatory approval.
The $45 million decrease in projected proceeds is driven by a $60 million decrease in the projected statutory adjusted capital of AFLIAC at the close of the transaction.
AFLIAC will continue to be well capitalized and will benefit from a strong parent company in Goldman Sachs.
AFLIAC will receive the benefit of FAFLIC's capital base for statutory capital and RBC purposes through consolidation.
On October 7, 2002, AFC announced that going forward, FAFLIC and AFLIAC will discontinue new sales and will focus on servicing their current blocks of business.
Historically, Fitch considered the credit profiles of AFC's property/casualty subsidiaries and FAFLIC and AFLIAC to be loosely linked.
Fitch does not expect to take further rating actions concerning AFC, FAFLIC or AFLIAC as a result of its comprehensive review of all ratings for North American life insurance companies.
AFC is a holding company and the ultimate parent of AFLIAC, FAFLIC, and Allmerica P&C.
The Stable Rating Outlook reflects Fitch's belief that FAFLIC and AFLIAC will maintain current risk-adjusted capital levels and that AFC's 2002 operating performance will improve relative to 2001.
In addition to FAFLIC and AFLIAC, AFC has a property/casualty operation led by The Hanover Insurance Companies (Hanover) and Citizens Insurance Company of America (Citizens).