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Business Men's Assurance Co. of America
Standard & Poors, Nov 2004
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
Very strong CAR of 157% at year-end 2003 Demonstrated support from new parent ($70 million capital contribution in fourth quarter 2003) Improved asset mix providing strong liquidity and modest credit and investment risk No scale on variable and wealth management businesses Relatively slow implementation of new product and distribution strategies since being acquired Little demonstrated strategic importance to parent, despite support from parent in 2003 Execution risk for operating performance as strategies are implemented 2004 results largely dependent on a closed block of business The insurer financial strength rating on Business Men's Assurance Co. of America (BMA) reflects the company's small size in very competitive markets, which has pressured earnings growth in the past year, as well as the company's...
Companies mentioned in this report are: Business Men's Assurance Co. of America,Royal Bank of Canada,Royal Trust Corp. of Canada,RBC Centura Bank,Royal Trust Co. (The),RBC Bank (USA),Centura Capital Trust I,BMA Guaranteed Investment Contract Separate Account No. 1,Royal Bank of Canada Insurance Co. Ltd.,RBC Capital Trust,Royal Bank Mortgage Corp.
Action: Review
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