S&P Raises Rating of Fidelity & Guaranty Life to Investment Grade Level
By Paul Tyler
Fidelity & Guaranty Life
BALTIMORE--July 17, 2013-- Standard & Poor’s Rating Services raised its financial strength rating of Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York, collectively referred to as FGL, to BBB- from BB+. The rating of BBB- moves FGL to S&P’s investment grade category.
In its public release explaining the upgrade for FGL, the rating agency cited a number of business-related factors, including FGL’s strong competitive position in the fixed indexed annuity marketspace, focus on deepening relationships with core distribution partners, and solid product development efforts. S&P also placed FGL on positive outlook.
“We are pleased that Standard & Poor’s recognizes our consistent execution of the strategic plan set at the time of the acquisition by Harbinger Group Inc. two and a half years ago,” said Lee Launer, CEO. “Consistent, quarter-by-quarter execution of our game plan is achieving the results we sought.”
From a financial perspective, S&P recognized the capital adequacy, historical earnings, a balanced risk management program, and a solid investment portfolio as reasons for the upgrade.
Two major rating agencies, S&P and Fitch, have now rated FGL at investment grade levels. In addition, Moody’s has FGL on positive outlook.
About Fidelity & Guaranty Life:
Incorporated in 1959, Fidelity & Guaranty Life Insurance Company has a solid commitment to serving the individuals it knows best -- middle market consumers seeking the safety, protection, accumulation and income features of secure life insurance and annuity products. Fidelity & Guaranty Life offers its series of focused life insurance and annuity products through its network of independent marketing organizations. Insurance products are offered through Fidelity & Guaranty Life Insurance Company in every state, other than New York, as well as the District of Columbia. In New York, products are offered through a wholly owned subsidiary, Fidelity & Guaranty Life Insurance Company of New York. Policies are distributed nationwide via independent distribution.
For more information, please contact Paul Tyler, Senior Vice President, Strategy & Corporate Development (firstname.lastname@example.org) or visit www.fglife.com.