On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Based on our new criteria, Sammons Financial Group's capital adequacy continues to be redundant above the very strong confidence level. We affirmed our 'BBB+' rating on Sammons Financial Group and our 'A+' ratings on its core operating subsidiaries. We also assigned our 'BBB+' senior debt rating to Sammons Financial Group's planned senior unsecured notes issuance due in 2034. The stable outlook reflects our expectation that Sammons will have consistent operating performance while maintaining capital redundancy at least above the very strong (or 99.95%) confidence level. On March 25, 2024, S&P Global Ratings affirmed its 'BBB+' long-term issuer credit rating