The insurer financial strength rating on William Penn Life Insurance Co. of NY, a member of the Legal & General America Group (LGA), reflects LGA's strong business profile, very strong earnings, and extremely strong capitalization. In addition, the ratings reflect LGA's strategic importance to its ultimate parent, Legal & General Group PLC (Legal & General). LGA's management is successfully executing a strategy of exclusively selling term insurance to upper-middle income consumers through the brokerage channel. LGA has gone from a top-50 writer of term insurance in 1997 (when the strategy was implemented) to the second-largest brokerage channel writer in the U.S. in 2002. GAAP earnings have been extremely strong, with a year-end 2002 GAAP earnings adequacy ratio of 422%, based
