A.M. Best has affirmed the financial strength rating of A+ (superior) and the long-term issuer credit ratings of “aa” of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company.
In addition, A.M. Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of “a+” of Securian Casualty Company and the financial strength rating of A (excellent) and the long-term issuer credit rating of “a” of Canadian Premier Life Insurance Company, based in Toronto.
The ratings reflect Securian’s balance sheet strength, which A.M. Best categorises as strongest, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management (ERM).
A.M. Best suggested that the balance sheet assessment is supported by the strongest level of risk-adjusted capitalisation, which is qualitatively enhanced by the retention of Guideline XXX/AXXX reserves, as opposed to utilising captive reinsurance and external financing.
Securian’s investment portfolio maintains high credit quality with favourable sector diversification and only modest exposure to higher risk asset classes, which A.M. Best explained is further enhanced by a strong asset-liability matching programme.
According to the rating company, operating results have been consistently favourable and supported by a diversified product portfolio and strong market positions in its core markets.
The company also benefits from the diversification of Securian’s holding company, Securian Financial Group, which includes asset management and distribution businesses, in addition to its insurance operations.
A.M. Best said the ratings reflect both Securian Casualty and Canadian Premier’s balance sheet strength, which is categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
