A.M. Best Downgrades Credit Ratings of The Savings Bank Life Insurance Company of Massachusetts
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The ratings of SBLI-MA reflect its strong brand and position as a low-cost term life insurance provider in its target market, offset by product concentration and declining surplus and capital trends.
The ratings downgrades reflect SBLI-MA's overall modest profitability, reliance on reserve financing and modestly lower quality of capital relative to peers. While capitalization is reduced from historical higher levels, risk-adjusted capital remains acceptable for the ratings.
Earnings have fluctuated in recent periods due to a combination of costs associated with infrastructure investment and new business sales strain along with mortality results, which were pressured by higher claims due to the social security death match industry issue in 2014. This press release relates to Credit Ratings that have been published on
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