AM Best Affirms Credit Ratings of Securian Financial Group and Its Subsidiaries

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OLDWICK, N.J. — AM Easiest has affirmed the Monetary Power Ranking (FSR) of A+ (Awesome) and the Lengthy-Time period Issuer Credit score Rankings (Lengthy-Time period ICR) of “aa” (Awesome) of Minnesota Lifestyles Insurance coverage Corporate and its subsidiary, Securian Lifestyles Insurance coverage Corporate, in combination known as Securian Monetary Insurance coverage Staff (Securian). AM Easiest additionally has affirmed the FSR of A (Very good) and the Lengthy-Time period ICR of “a+” (Very good) of Securian Casualty Corporate (Securian Casualty). As well as, AM Easiest has affirmed the FSR of A (Very good) and the Lengthy-Time period ICR of “a” (Very good) of Canadian Premier Lifestyles Insurance coverage Corporate (Canadian Premier) (Toronto, Ontario, Canada).

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At the same time as, AM Easiest has affirmed the Lengthy-Time period ICR of “a” (Very good) of Securian Monetary Staff, Inc. (SFG) (Delaware) and the Lengthy-Time period Factor Credit score Ranking (Lengthy-Time period IR) of “a” (Very good) of SFG’s $500 million, 4.8% senior unsecured notes, due 2048. AM Easiest additionally has affirmed the Lengthy-Time period IR of “a+” (Very good) at the $125 million, 8.25% surplus notes, due 2025, issued by means of Minnesota Lifestyles Insurance coverage Corporate.

The outlook of those Credit score Rankings (scores) is solid. All corporations are headquartered in St. Paul, MN, aside from the place specified.

The scores replicate Securian’s stability sheet energy, which AM Easiest assesses as most powerful, in addition to its robust running efficiency, favorable trade profile and suitable undertaking threat control.

Securian’s risk-adjusted capitalization, as measured by means of Easiest’s Capital Adequacy Ratio (BCAR), is classified on the most powerful degree, and helps the gang’s insurance coverage, trade and funding dangers. The gang’s high quality of capital is just right, supported by means of the retention of its XXX/AXXX reserves, natural profits expansion and a well-developed hedging program. Monetary leverage is manageable and hobby protection metrics are supportive of its scores. Invested property are of prime credit score high quality, with just right sector diversification and modest allocations to raised threat property. AM Easiest notes that Securian has increased allocations in business loan loans, however that is in part mitigated by means of its robust loan underwriting program and total just right efficiency.

Securian is extremely different by means of income, profits and distribution, and continues to amplify its succeed in, maximum significantly in Canada. Top rate expansion is strong relative to the existence insurance coverage trade moderate, with an important quantity of industrial coming from fresh acquisitions. Whilst profits had been in most cases solid in recent times, profits had been impacted by means of upper mortality associated with the COVID-19 pandemic, and the volatility of the monetary markets, which has led to unrealized losses on its fairness holdings and spinoff techniques used to hedge listed merchandise. Monetary marketplace volatility additionally has ended in decrease charge source of revenue. AM Easiest additionally notes that profits for Securian is decrease relative to its peer team.

The scores of Securian Casualty replicate its stability sheet energy, which AM Easiest assesses as very robust, in addition to its ok running efficiency, impartial trade profile and suitable undertaking threat control.

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Securian Casualty’s stability sheet energy is supported by means of most powerful risk-adjusted capitalization, as measured by means of BCAR, forged liquidity and leverage measures and a conservative funding portfolio. Working efficiency has been successful, despite the fact that metrics path the credit score composite moderate. The corporate has a longtime presence within the contractual legal responsibility marketplace and continues to leverage its assets to beef up long run product and marketplace expansions. As well as, the scores replicate enhancement given Securian Casualty’s integration inside the group, and the corporate stays an important contributor and offers added diversification to Securian.

The scores of Canadian Premier replicate its stability sheet energy, which AM Easiest assesses as very robust, in addition to its ok running efficiency, impartial trade profile and suitable undertaking threat control. Thru natural expansion and trade acquisitions in recent times, Canadian Premier is turning into increasingly more distinguished within the finance corporate and auto-dealer markets, as proven by means of upper premiums in 2022. The scores additionally replicate the strategic significance of Canadian Premier in regard to its dad or mum.

This press unlock pertains to Credit score Rankings which were revealed on AM Easiest’s web page. For all score knowledge with regards to the discharge and pertinent disclosures, together with main points of the place of business answerable for issuing each and every of the person scores referenced on this unlock, please see AM Easiest’s Fresh Ranking Task internet web page. For more information in regards to the use and obstacles of Credit score Ranking reviews, please view Information to Easiest’s Credit score Rankings. For info on the correct use of Easiest’s Credit score Rankings, Easiest’s Efficiency Tests, Easiest’s Initial Credit score Tests and AM Easiest press releases, please view Information to Right kind Use of Easiest’s Rankings & Tests.

AM Easiest is a world credit standing company, information writer and information analytics supplier that specialize in the insurance coverage trade. Headquartered in america, the corporate does trade in over 100 international locations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Town. For more info, talk over with www.ambest.com.

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Contacts

Frank Walko – L/H
Monetary Analyst
+1 908 439 2200, ext. 5072
[email protected]

Janet Hernandez – P/C
Senior Monetary Analyst
+1 908 439 2200, ext. 5767
[email protected]

Christopher Sharkey
Supervisor, Public Members of the family
+1 908 439 2200, ext. 5159
[email protected]

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
[email protected]

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