...Extremely Strong Capitalization: Western & Southern Financial Group, Inc.'s (W&SFG) insurance subsidiaries remain extremely strongly capitalized, and its capitalization remains a key driver of the rating. The company's capital quality is also above average relative to similarly rated peers. This is due to W&SFG's low leverage metrics, lack of captives and no utilization of third-party reinsurance. Exceptionally strong capitalization is supported by a Prism capital model score of 'Extremely Strong' at YE 2025. Favorable Company Profile: W&SFG's company profile is favorable relative to the broader North American life insurance industry, driven by its favorable business risk profile and operating scale. W&SFG's company profile continues to reflect its lower-risk products and steady market position across its core product offerings. W&SFG's interest-sensitive annuity sales, which consist primarily of fixed-rate deferred annuities, remain elevated as markets have stayed favorable. The company's...
