Summary: Sammons Financial Group

S&P Global Ratings' ratings on Sammons Financial Group reflect its strong business risk profile (BRP) and a very strong financial risk profile (FRP). The BRP reflects low industry and country risk and favorable operating performance relative to peers. The very strong FRP stems from very strong capital and earnings, and strong financial flexibility. Under our criteria, a strong BRP and very strong FRP assessment leads to a dual anchor of a+/a. We chose the former due to the relative strength and consistency of its operating performance versus peers. The stable outlook reflects our expectation that the group will sustain its strong BRP and very strong FRP. We expect Midland National Life Insurance Co. and North American Co. for Life&

...S&P Global Ratings' ratings on Sammons Financial Group reflect its strong business risk profile (BRP) and a very strong financial risk profile (FRP). The BRP reflects low industry and country risk and favorable operating performance relative to peers. The very strong FRP stems from very strong capital and earnings, and strong financial flexibility. Under our criteria, a strong BRP and very strong FRP assessment leads to a dual anchor of a+/a. We chose the former due to the relative strength and consistency of its operating performance versus peers. Outlook The stable outlook reflects our expectation that the group will sustain its strong BRP and very strong FRP. We expect Midland National Life Insurance Co. and North American Co. for Life & Health Insurance to continue to generate favorable operating earnings in 2018-2019. In our base-case macroeconomic assumptions, we expect combined U.S. statutory operating pretax income for Sammons of $600 million-$700 million annually in 2018-2019....

Summary