(The following statement was released by the rating agency)
Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'Api' counterparty credit and financial strength ratings on Gerber Life Insurance Co. (GLIC).
The ratings on GLIC reflect the company's very strong capital adequacy and good liquidity. Offsetting these strengths is the company's declining operating performance. In 2011, GLIC's statutory pretax return on assets declined to 0.04% from 1.27% in 2010 and 1.67% in 2009.
GLIC is licensed in all 50 states, Puerto Rico, the District of Columbia, and Canada. The company offers a mix of individual life and group life and health insurance products. We rate GLIC on a stand-alone basis.
Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List Ratings Affirmed Gerber Life Insurance Co. Counterparty Credit Rating Financial Strength Rating Api
(Caryn Trokie, New York Ratings Unit)