In the proposed settlement, GALIC
has agreed (i) to create a fund against which certain former policyowners who were not permitted to annuitize their policies can submit claims for all or a portion of their surrender charges and payment of additional interest, (ii) to make a one-time lump-sum credit of additional interest to existing policyholders holding fixed rate annuities (with certain minor exceptions) whose policies remain in force one year after the effective date of the settlement, and (iii) to make a one-time offer to certain annuity holders to allow the transfer of all or a portion of their existing two-tier annuity to a single-tier market based annuity issued by GALIC
or another of the Company's subsidiaries (subject to proration).
He has been involved in developing new markets and in special projects with the organization since 1997 as Senior Vice President of GALIC.
AAG's subsidiaries include GALIC, Annuity Investors Life Insurance Company, Retirement Resource Group, Inc.
Johnson has been an Assistant Vice President of GALIC
Management at GAFR continues to make moves to address balance sheet strength and has committed to maintain NAIC RBC at GALIC
above 300% of the company action level and manage debt and preferred securities to a level below 30% of total capital.
Management has committed to maintain NAIC RBC at GALIC
above 300% of the company action level.
Standard & Poor's expects GALIC
to maintain a strong business position in the annuity market and continue to grow annuity premiums by at least 5% annually.
GAFR offers fixed and variable annuities to both qualified and non-qualified markets, life and accident and health insurance through its insurance operating subsidiaries GALIC
, Loyal and AILIC.
), and GALIC
subsidiaries, Loyal American Life Insurance Co.
The rating also recognizes the level of available cash flow from AAG's primary operating subsidiary, GALIC, to fund AAG's debt servicing requirements.
GALIC specializes in writing fixed annuities to individuals in tax qualified markets, particularly in the K-12 education market.
GAFR offers fixed, equity-indexed and variable annuities to both qualified and non-qualified markets, life and accident and health insurance through its insurance operating subsidiaries GALIC
, Loyal and AILIC.