ST. PAUL, Minn.--(BUSINESS WIRE)--Fitch Ratings has upgraded Securian’s financial strength rating from AA- to AA with a stable outlook. The rating and outlook apply to Securian Financial Group subsidiaries Minnesota Life and Securian Life.
In a news release, Fitch said the upgraded rating and stable outlook reflect Securian’s “strong balance sheet fundamentals, conservative risk profile and improved earnings.” Securian’s “competitive position in the group life insurance market along with the continued competitive environment in which it operates” are also contributing factors, Fitch said.
Fitch notes that Securian’s “extremely strong balance sheet fundamentals reflect the company’s solid capitalization, low operating leverage and low financial leverage.”
The ratings agency continues to take a favorable view of Securian’s investment and liquidity profile, noting Securian’s “large, investment-grade, publicly traded bond portfolio, low exposure to risky assets and a stable liability structure.” Fitch adds that Securian has “balanced, diversified sources of revenue that serve to moderate earnings volatility.”
Fitch’s full news release can be read here.
Securian’s life insurance companies are among the highest rated in the nation. AA with a stable outlook is considered “Very Strong” by Fitch and is the ratings agency’s third highest of 19 ratings. In addition, Minnesota Life and Securian Life are rated A+ with a stable outlook by A.M. Best (“Superior” and the second highest of 16 ratings), Aa3 with a stable outlook by Moody’s (“Excellent” and the fourth highest of 21 ratings) and A+ with a stable outlook by Standard & Poor’s (“Strong” and the fifth highest of 21 ratings).
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
Securian Financial Group, Inc. is part of an insurance company holding group. These ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, Minn. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.