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Asset Managers' Woes Raise Questions About Global Insurers Nov 03
Standard & Poors, Nov 2003
Abstract
In the wake of the growing scandal surrounding asset management firms' use of market timing and late trading-practices that hurt mutual fund shareholders-Standard & Poor's is looking more closely at the potential effects on insurance companies. Numerous insurers own asset management subsidiaries, and many of them manage money themselves through 401k and annuity products offered directly to their clients. 'We may need to reassess the strategic value and diversification benefits applied to insurance firms that own asset management companies,' explained Steven Dreyer, credit analyst and managing director in Standard & Poor's insurance sector. Up until now, asset management subsidiaries provided insurers with stable earnings that helped offset the volatility of traditional business lines caused by movements in interest rates, pricing...
Companies mentioned in this report are: American International Group Inc.,Lincoln National Corp.,Marsh & McLennan Cos.,The Travelers Cos. Inc.,Massachusetts Mutual Life Insurance Co.,New York Life Insurance Co.,Northwestern Mutual Life Insurance Co. ,Penn Mutual Life Insurance Co.,Sun Life Assurance Co. of Canada,Teachers Insurance & Annuity Association of America,Allianz SE,ING Groep N.V.,AXA Financial Inc.,Nationwide Financial Services Inc.,MetLife Inc.,Prudential Financial Inc.,Phoenix Cos. Inc.,Pacific LifeCorp
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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