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Aug. 20, 2013 /PRNewswire/ -- Delaware Life today received confirmation of a Baa2 insurance financial strength (IFS) rating, along with a stable future outlook, from Moody's Investors Services as part of a review of Sun Life Assurance Company of
The new organization, launched
Aug. 2, 2013, with the completion of Delaware Life Holdings LLC's purchase of the domestic U.S. annuity business and certain life and corporate market insurance businesses of Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF), supports more than 450,000 policies, representing
$40 billion of in-force business.
"We are pleased to see this affirmation of Delaware Life's strong and stable financial position," said
David Sams, president of Delaware Life. "Our new organization brings with it vast expertise and deep resources to serve our existing policyholders. As we build our business in the months and years to come, we remain focused on maintaining strong capital levels and continuing to improve our ratings."
In a statement, Moody's explained that the confirmed rating "reflects the company's own current intrinsic business and financial profile under the private ownership of certain Guggenheim shareholders, with the expectation of improved profitability and strong capital adequacy."
The agency's statement also noted Delaware Life's plans to "refresh the company's product portfolio and reactivate sales sometime in the future."
About Delaware LifeDelaware Life is a leading provider of annuity and life insurance products in the U.S. The organization currently manages about 450,000 in-force policies, including variable annuity, fixed annuity and fixed index annuity products, as well as variable life insurance products, including corporate and bank-owned variable life.
Delaware Life was established in
August 2013 with the purchase of the domestic U.S. annuity business and certain life and corporate market insurance businesses of Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF). Approximately 500 former Sun Life employees have joined Delaware Life, serving policyholders from facilities in
Wellesley, Mass., as well as
Waterford, Ireland, and
Lethbridge, Alberta, Canada.
The terms and conditions of all Sun Life contracts and policies remain in-force and unchanged under Delaware Life.