Research Update: Sammons Financial Group 'BBB+' And Core Subsidiaries 'A+' Ratings Affirmed; Outlook Stable

Sammons has a track record of consistent operating performance relative to peers, supported by very strong capital adequacy. We are affirming our 'BBB+' issuer credit rating on Sammons Financial Group and our 'A+' issuer credit and financial strength ratings on Sammons' core operating subsidiaries. The stable outlook reflects our expectation that Sammons will display consistent operating performance while maintaining capital redundancy at least above the 'AA' confidence level based on our risk-based capital model. On Aug. 14 2019, S&P Global Ratings affirmed its 'BBB+' long-term issuer credit rating on Sammons Financial Group Inc. and its 'A+' long-term issuer credit and financial strength ratings on Midland National Life Insurance Co. and North American Co. for Life&Health Insurance (collectively, Sammons).

...Business Risk Profile Strong Competitive position Strong IICRA Low risk Financial Risk Profile Very Strong Capital and earnings Very Strong Risk exposure Moderately low Funding structure Neutral Anchor* a+ Modifiers Governance Neutral Liquidity Exceptional Comparable ratings analysis 0 Financial Strength Rating A+ *This is influenced by our view of Sammons's well-balanced product portfolio with substantial market share and consistency of operating performance....

Research Update