AM Best Downgrades Issuer Credit Rating of Mutual of America Life Insurance Company, Affirms Financial Strength Rating – QNT Press Release

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AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of the Long-Term ICR has been revised to stable from negative, while the FSR is stable.

These Credit Ratings (ratings) reflect MofA’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The rating downgrade of the Long-Term ICR reflects AM Best’s view of the company’s operating performance assessment as marginal, and considers the continuing deterioration and recent volatility in Mutual of America’s operating performance. Furthermore, the company’s Long-Term ICR also reflects the continued weakness in its balance sheet strength assessment, driven by market volatility and continued declines in risk-adjusted capitalization with increased losses.

The stable outlooks reflect AM Best’s expectation that MofA will continue to execute on the necessary steps to curb volatility, improve its overall operating performance and its strategic business profile in …

Full story available on Benzinga.com

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