This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Security Benefit Upgraded To A- Rating By Standard & Poor's Ratings Services





TOPEKA, Kan., May 3, 2012 /PRNewswire/ -- In a much anticipated announcement this morning, Standard & Poor's Ratings Services said that it raised its long-term counterparty credit and financial strength ratings on Security Benefit Life Insurance Co. (SBLIC) and its affiliate, First Security Benefit Life Insurance and Annuity Co. of New York (FSBLIC-NY), to 'A-' from 'BBB+'. The subordinated debt rating on SBLIC's surplus notes is also being raised to 'BBB' from 'BBB-'. The outlook on SBLIC is stable.

"Since we began our partnership with Security Benefit and Guggenheim Partners two years ago, we were confident it was only a matter of time before Security Benefit received this significant improvement in rating. Today marks the culmination of a tremendous amount of focus and determination on the part of the entire Security Benefit and Guggenheim team," said Derek Thompson, Co-Founder at Advisors Excel. SBLIC premiums on a statutory basis increased to more than the 2007 pre-crisis level to $1.6 billion. This was a sharp rebound from a low of $345 million in 2010. The increase was mainly a result of about $950 million of sales of SBLIC's new FIA product, although the 403(b) market also grew during the year. "The quick recovery was a year ahead of our expectations for the company to generate about $1.5 billion of premiums in 2012," said Standard & Poor's credit analyst Jeremy Rosenbaum.Over the last few years, strong financial ratings have never been more important, nor more difficult to achieve. Between 2009 and 2011, S&P issued 54 downgrades on U.S. Life Insurance companies and only eight upgrades. * During that same period, Security Benefit Life was upgraded three times. Now, in 2012, they have achieved an additional fourth upgrade to A-.With unwavering dedication to high quality investments and products for consumers and the unparalleled leadership of CEO of Security Benefit and Vice Chairman of Guggenheim Investments, Michael P. Kiley, the company has positioned itself as a leading force in the fixed index annuity market.  SBLIC successfully launched its first FIA through its new distributor direct channel in 2011. By the end of Q4 2011, Security Benefit held the #4 selling FIA in the industry in the Secure Income Annuity – a proprietary product available exclusively to producers partnering with Advisors Excel.

A significant contributing factor to today's news is the volume of premium generated by those Advisors Excel producers. In just one year's time, they have already written over $1.72 billion in the proprietary Secure Income Annuity. With the recent release of the new Total Value Annuity from Security Benefit and today's ratings upgrade, the outlook for producers aligned with this exclusive distribution channel looks very promising."Today marks a tremendous accomplishment for us all, and truth be told, we're just getting started," noted Advisors Excel Co-Founder, Cody Foster. For more information on the financial products offered by Security Benefit Life Insurance Company and Advisors Excel, visit www.advisorsexcel.com/who-we-are/secure-income-annuity.php or call (888) 834-9435.

*Source: Standard and Poor's U.S. Life Insurance 2012 Outlook



1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs