A.M. Best Affirms Ratings of Industrial Alliance Insurance and Financial Services Inc.; Revises Outlook to Stable
2009年2月12日 - 11:44PM
ビジネスワイヤ(英語)
A.M. Best Co. has affirmed the financial strength rating
(FSR) of A (Excellent) and issuer credit ratings (ICR) of �a+� of
Industrial Alliance Insurance and Financial Services Inc.
(IA) (Quebec) (TSX: IAG) and its subsidiary, Industrial Alliance
Pacific Insurance and Financial Services Inc. (IAP) (Vancouver,
British Columbia). A.M. Best also has affirmed all debt ratings of
IA. The outlook for these ratings has been revised to stable from
positive.
Concurrently, A.M. Best has assigned an FSR of A- (Excellent)
and an ICR of �a-� to IA�s other subsidiary, IA American Life
Insurance Company (IA American) (Atlanta, GA). The outlook
assigned to both ratings is stable. (See below for a detailed
listing of the debt ratings.)
The ratings of IA and IAP reflect their profitability from a
somewhat diversified earnings stream and favorable risk-adjusted
capitalization. Their risk-adjusted capital, as measured by the
regulatory MCCSR, has benefited from the issuance of preferred
shares and subordinated debt, as well as changes made to the
Canadian regulatory capital formula. The ratings also reflect IA�s
continued growth through acquisitions and its ability to
successfully integrate these operations into the organization.
The revised outlook recognizes A.M. Best�s concern with the
group�s exposure to the equity market in Canada, primarily through
its segregated fund and mutual fund operations. A.M. Best expects
that continued negative and volatile equity markets will have a
dampening impact on the group�s profitability due to lower fee
income from assets under management and administration, potential
for higher reserve charges as well as lower sales from its savings
and investment products due to lower consumer confidence in the
markets.
In recent years, IA has grown its asset management business,
with IA Clarington becoming a notable player in this market. IA�s
fourth quarter loss of CAD 110 million reflects the drop in the
Canadian equity market, lower interest rates, credit impairments
and strengthening of policyholder reserves for future policy
benefits.
The ratings assigned to IA American reflect the support the
company will receive from IA, both through capital contributions as
well as through a reinsurance agreement. The ratings also
acknowledge the experience IA has in the U.S. market through the
branch operations of IAP.
Partially offsetting these positive factors are the expected
weak operating results due to statutory strain from new business,
lack of scale and limited brand recognition. IA American will face
challenges to gain market share in a highly competitive life and
annuity insurance market in the United States, where it will face
larger, more established players.
The following debt ratings have been affirmed:
Industrial Alliance Insurance and Financial Services
Inc.�
-- �bbb+� on CAD 125 million 4.60% non-cumulative
perpetual preferred shares Series B
-- �bbb+� on CAD 100 million 6.20% non-cumulative
perpetual preferred shares Series C
-- �a-� on CAD 150 million 5.13% subordinated debentures, due
2019
Industrial Alliance Capital Trust---
-- �bbb+� on CAD 150 million 5.714% trust securities Series A,
due 2053
The following indicative ratings on securities available under
shelf registration have been affirmed:
Industrial Alliance Insurance and Financial Services
Inc.�
-- �a� on senior unsecured debt
-- �a-� on subordinated debt
-- �bbb+� on preferred shares
For Best�s Debt Ratings, all other Best�s Ratings, an overview
of the rating process and rating methodologies, please visit
www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors, which may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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