With its established career agency force, WSFG
complements its core life insurance business through its asset-management and retirement-savings subsidiaries, which leverage its investment management capabilities and provide fee income to the group.
Michael Furr, president of WSFG
, said, "We are delighted to be representing such an exciting and dynamic company as PINC.
The three largest blocks of WSFG
stock are controlled by the family of Lindley V.
Offsetting rating factors include the challenges WSFG faces in growing its ordinary life insurance line of business in a highly competitive environment and its elevated exposure to interest-sensitive products calculated at approximately two-thirds of total reserves.
The ratings for WSFG are well positioned given its strong risk-adjusted capitalization and good liquidity relative to its large interest sensitive liabilities.
is a top, Hong Kong based financial communications agency which provides integrated public relations and investor relations services.
continues to reduce the non-agency portfolio through sales and impairments.
Through internal growth and acquisitions, WSFG
has established a diversified product mix and distribution system, giving the group a strong regional presence, particularly in the Midwest.
Best also notes that WSFG
recorded a 36% increase in GAAP consolidated equity in 2009.
Best notes that WSFG
recorded a 17% decline in its year-end 2008 adjusted statutory capitalization, with a larger reduction on a GAAP basis.
The ratings also recognize the strong regional presence WSFG
has built, particularly in the upper Midwest.