GAFRIGreat American Financial Resources, Inc.
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The sharp increase in annuity sales since 2009 has enabled GAFRI to report continued improvement of its statutory operating earnings.
Best has downgraded the ICR to "bbb" from "bbb+" and affirmed the FSR of B++ (Good) for United Teacher Associates Insurance Company (UTA) (headquartered in Austin, TX), a life/health subsidiary of GAFRI.
Although the supplemental benefits line should continue to provide some revenue and earnings diversification for GAFRI, the percentage is expected to decrease considerably in the near term.
In 1993, he joined American Annuity Group, a predecessor company to GAFRI, as Senior Vice President and General Counsel.
Furthermore, those GAFRI supplemental health companies that sell annuities as a complimentary product to their life and supplemental health products continue to de-emphasize that line of business.
Teachers can send their name, school, address, phone number and email address, along with a photo and short description to: GAFRI, CMS-Classroom Makeover, 301 E Fourth Street, 11S, Cincinnati, Ohio 45202.
The sharp increase in annuity sales has enabled GAFRI to report much improved statutory operating earnings.
Fitch views policyholders' surplus levels at GAIC and GAFRI as adequate for the rating category.
AFG's annuity and supplemental insurance operating companies are housed in its wholly owned subsidiary, GAFRI.
GAFRI selected Lincoln Investment, based in suburban Philadelphia, PA, due to its high service standards and expertise in the qualified plans arena.
However, GAFRI will continue to sell variable annuities through unaffiliated broker/dealers and operate GAA as an SEC registered broker/dealer and registered investment advisor to service its variable annuity and retirement plans businesses.
GAFRI has responded to these changes by creating a third-party administrator, which should facilitate client retention as well as new sales.