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 at GAFR has made moves to address balance sheet strength.
Total revenue at GAFR for the first six months of 2003 was $445 million, up more than 6% from the comparable period in 2002.
Since this time, GAFR has contributed $25 million to GALIC's capital, and is finalizing a reinsurance deal on its Manhattan National Life Insurance block of business which was recently acquired from Conseco.
Total revenue at GAFR for the first nine months of 2002 was $691 million, up a modest 4% from the comparable period in 2001.
The Rating Outlook is Negative due to high leverage at GAFR
and its parent, American Financial Group.