...Extremely Strong Capital: Fitch Ratings view s the statutory capitalization of Western & Southern Financial Group, Inc.'s (W&SFG) insurance subsidiar ies as extremely strong w ith a combined RBC ratio of 508% as of Sept. 30, 2015. Fitch expects the group's RBC ratio to remain above 450% in the near ter m. Consolidated operating leverage remains among the low est in Fitch's universe at 5.4x. Exceptionally Low Leverage: W&SFG's financial leverage remains low at 6.6% as of Sept. 30, 2015, w hich is Fitch's pr imary rationale for the narrow notching betw een the holding company Issuer Default Rating (IDR) and the insurance company Insurer Financ ial Strength (IFS) rating. Strong Interest Coverage: GAAP interest coverage remains very strong at 16.9x as of Sept. 30, 2015. Earnings have been stable despite the difficult environment due, in part, to active management of annuity crediting rates and ongoing expense reduction initiatives. W&SFG's cash interest coverage is extremely strong at 40x as...
