These ratings upgrades reflect Standard & Poor's assessment that GALIC
and AILIC are core to AFG's specialty insurance operations.
Management has committed to maintain NAIC risk-based capital (RBC) at GALIC
above 300% of the company action level, and financial leverage below 30%.
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.