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Business Men's Assurance Co. of America
Standard & Poors, Sep 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
The insurer financial strength rating on Business Men's Assurance Co. of America (BMA) reflects the competitiveness in its markets, which has pressured earnings growth in the past year, as well as the company's new product mix, new distribution, and uncertainty in execution of a business strategy to sell variable products through existing and newly affiliated distribution. Offsetting these negative factors is BMA's strategic importance to its ultimate parent, Royal Bank of Canada (RBC); its strong capitalization; its good, but still developing, business position; and implied support from RBC. The company's spin off from the Assicurazioni Generali SpA (Generali) group in the second quarter of 2003-in which the former parent, Generali, sold the direct life and annuity businesses to RBC/Liberty Life...
Companies mentioned in this report are: Business Men's Assurance Co. of America,Royal Bank of Canada
Action: Review
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