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  • A.M. Best Assigns ICR to National Western Life Group, Inc.; Affirms Ratings of National Western Life Insurance Company

    July 6, 2016 by Press Release

    Press Release – JUNE 29, 2016

    A.M. Best Assigns ICR to National Western Life Group, Inc.; Affirms Ratings of National Western Life Insurance Company

    CONTACTS:
      Keith Behrmann
    Financial Analyst
    +1 908 439 2200, ext. 5733
    keith.behrmann@ambest.com

    Thomas Rosendale
    Assistant Vice President
    +1 908 439 2200, ext. 5201
    thomas.rosendale@ambest.com

    Christopher Sharkey
    Manager, Public Relations
    +1 908 439 2200, ext. 5159
    christopher.sharkey@ambest.com

    Jim Peavy
    Assistant Vice President, Public Relations
    +1 908 439 2200, ext. 5644
    james.peavy@ambest.com

    FOR IMMEDIATE RELEASE

    OLDWICK – JUNE 29, 2016
    A.M. Best has assigned an issuer credit rating (ICR) of “bbb” to National Western Life Group, Inc. (NWLG) (headquartered in Austin, TX) [NASDAQ:NWLI]. The outlook assigned to the rating is stable. Concurrently, A.M. Best has affirmed the financial strength rating of A (Excellent) and the ICR of “a” of National Western Life Insurance Company (NWLIC) (Denver, CO). The outlook for each of these ratings is stable. NWLG is the recently formed parent holding company of NWLIC.

    The rating assignment for NWLG reflects the holding company’s recent formation as the publicly traded parent of NWLIC. NWLG has modest operations outside of its primary insurance subsidiary and has no outstanding financial leverage.

    The rating affirmations reflect NWLIC’s favorable operating performance, which has supported growth in statutory capital, consolidated stockholders’ equity and risk-adjusted capitalization. NWLIC benefits from international diversification by offering primarily equity indexed life and annuity products within the United States and to residents of international countries. International sales are generated from applications submitted by residents of South America, the Caribbean, Eastern Europe and Asia. A.M. Best notes that NWLIC mitigates the additional risk of international exposure by accepting applications to its Texas office from foreign nationals in upper socioeconomic classes and by denominating policies in the U.S. dollar. Furthermore, A.M. Best views the company’s risk management procedures favorably, proactively mitigating and hedging its primary risk exposures, including changes to interest rates and duration mismatches, equity market volatility, currency fluctuations and sovereign risks.

    Partially offsetting these positive rating factors is NWLIC’s large exposure to interest-sensitive liabilities, due to growth in annuities and equity-indexed life products. Additionally, the inclusion of indexed annuities in the Department of Labor’s recently announced regulatory changes could have a material impact on NWLIC’s annuity sales when implemented. The company’s domestic life market has been challenged to maintain sales growth and has recorded large statutory losses and only modest GAAP earnings, which partially offset the profitability provided by other lines of business. Additionally, NWLIC has made the strategic decision to stop accepting applications from certain international markets, which is expected to cause a reduction in the segment’s new business premium in the near term.

    A positive rating action could occur following material expansion of the business profile into more creditworthy product lines that reduce the concentration of the business profile in interest sensitive products. Factors that could result in a negative rating action include an increased concentration of revenue or earnings in single product segments, an unfavorable trend in consolidated operating performance, and a material decline in equity or risk-adjusted capitalization as a result of operating losses or investment impairments.

    This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activityweb page.

    A.M. Best is the world’s oldest and most authoritative insurance rating and information source.

     

    European Union Disclosures
    A.M. Best – Europe Rating Services Limited (AMBERS), a subsidiary of A.M. Best Rating Services, Inc., is an External Credit Assessment Institution (ECAI) in the European Union (EU). Therefore, credit ratings issued and endorsed by AMBERS may be used for regulatory purposes in the EU as per Directive 2006/48/EC.

    Australian Disclosures
    A.M. Best Asia-Pacific Limited (AMBAP), Australian Registered Body Number (ARBN No.150375287), is a limited liability company incorporated and domiciled in Hong Kong. AMBAP is a wholesale Australian Financial Services (AFS) Licence holder (AFS No. 411055) under the Corporations Act 2001. Credit ratings emanating from AMBAP are not intended for and must not be distributed to any person in Australia other than a wholesale client as defined in Chapter 7 of the Corporations Act. AMBAP does not authorize its Credit Ratings to be disseminated by a third-party in a manner that could reasonably be regarded as being intended to influence a retail client in making a decision in relation to a particular product or class of financial product. AMBAP Credit Ratings are intended for wholesale clients only, as defined.

    Credit Ratings determined and disseminated by AMBAP are the opinion of AMBAP only and not any specific credit analyst. AMBAP Credit Ratings are statements of opinion and not statements of fact. They are not recommendations to buy, hold or sell any securities or any other form of financial product, including insurance policies and are not a recommendation to be used to make investment /purchasing decisions.

    Important Notice: A.M. Best’s Credit Ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. For additional information regarding the use and limitations of credit rating opinions, as well as the rating process, information requirements and other rating related terms and definitions, please view Understanding Best’s Credit Ratings.

    A.M. Best receives compensation for rating related services provided to organizations that it rates. A.M. Best does not offer consulting or advisory services.

    Originally Posted at AM Best on June 29, 2016 by Press Release.

    Categories: Industry Articles
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