MCCSRMinimum Continuing Capital and Surplus Requirements (insurance)
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The MCCSR ratio measures the Minimum Continuing Capital and Surplus Requirements of a financial institution.
The acquisition funding structure will ensure that Great-West Lifeco maintains its strong liquidity position and investment grade credit ratings, combined with a targeted MCCSR ratio above 210% at transaction close.
This would include the MCCSR ratio falling below 200%;
As indicated earlier, the Company's principal operating subsidiary, Sun Life Assurance, is subject to the MCCSR capital rules for a life insurance company in Canada.
These forward-looking statements include but are not limited to, statements with respect to earnings for the fiscal quarter ended June 30, 2009 and MCCSR levels, as well as statements with respect to reserves.
The equity, interest rate and MCCSR sensitivities above are forward- looking statements.
The Manufacturers Life Insurance Company ("MLI") reported an MCCSR ratio of 228 per cent as at March 31, 2009, up from 198 per cent last year.
The Manufacturers Life Insurance Company ("MLI") reported an MCCSR ratio of 233 per cent as at December 31, 2008, up from 221 per cent last year.
Sun Life Assurance, the Company's principal operating subsidiary in Canada, is subject to the MCCSR requirements of the Office of the Superintendent of Financial Institutions (OSFI).
125 billion of common equity and the remaining $2 billion credit facility, and reflecting global equity market levels as of the end of November 2008, the consolidated capital ratio or MCCSR is estimated to be approximately 235%, one of the highest in the company's history.
Fitch believes that SLF is well-capitalized, with a MCCSR for Sun Life Sun Life Canada of 221% at year-end 2009.
The pro forma MCCSR after reflecting the new financing, the latest capital requirements for segregated fund guarantees, and market movements since September 30th is estimated at a very robust 225 per cent, which is well above the Company's target range of 180 to 200 per cent.