Delaware Life Receives Confirmation of Baa2 Rating with Moody's
Rating and Stable Outlook Affirm New Organization’s Strong Finances and CapitalizationWELLESLEY, Mass. (Aug. 20, 2013) – Delaware Life today received confirmation of a Baa2 insurance financial strength (IFS) rating, along with a stable future outlook, from Moody’s Investors Services as part of a review of Sun Life Assurance Company of Canada (U.S.).
The new organization, launched Aug. 2, 2013, with the completion of Delaware Life Holdings LLC’s purchase of the domestic U.S. annuity business and certain life and corporate market insurance businesses of Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF), supports more than 450,000 policies, representing $40 billion of in-force business.
“We are pleased to see this affirmation of Delaware Life’s strong and stable financial position,” said David Sams, president of Delaware Life. “Our new organization brings with it vast expertise and deep resources to serve our existing policyholders. As we build our business in the months and years to come, we remain focused on maintaining strong capital levels and continuing to improve our ratings.”
In a statement, Moody’s explained that the confirmed rating “reflects the company’s own current intrinsic business and financial profile under the private ownership of certain Guggenheim shareholders, with the expectation of improved profitability and strong capital adequacy.”
The agency’s statement also noted Delaware Life’s plans to “refresh the company’s product portfolio and reactivate sales sometime in the future.”
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