TOPEKA, Kan., Sept. 11, 2015 (GLOBE NEWSWIRE) -- Security Benefit Corporation (Security Benefit), a leader in the U.S. retirement savings market, today announced that A.M. Best raised the outlook to positive and affirmed the financial strength ratings of B++ (Good) for the firm's insurance entities, Security Benefit Life Insurance Company (SBL) and its affiliate, First Security Benefit Life Insurance and Annuity Company of New York.
The positive outlook reflects the continued execution of the company's strategic plan to further diversify its retirement product offerings and distribution channels. A.M. Best cited SBL's position as a market leader in fixed indexed annuities sales, its long history in the education retirement market, and favorable distribution diversification as reasons for the positive outlook.
"A.M. Best's positive outlook further supports Security Benefit's position as a leader in the U.S. retirement market," said Mike Kiley, CEO of Security Benefit. "Our sustained success in recent years is a result of our commitment to providing a diversified product set that appeals to pre- and post-retirement clients and leveraging a powerful distribution strategy."
Additionally, A.M. Best cited the company's consistent financial performance in recent years, including strong earnings on statutory and U.S. GAAP basis, favorable investment spreads and reduction of administration costs as other contributors to the positive outlook.
Since 2010, the companies have received favorable ratings action seven times and currently have a "positive" outlook and an "A-" financial strength rating from Standard & Poor's. At the end of 2014 the companies held $1.6 billion in total adjusted capital and $30 billion in assets under management.
"Our strong, consistent performance across many of our key financial indicators, including assets under management, earnings, and capital validates our strategy to increase Security Benefit's share of the growing retirement market," Kiley said. "Our differentiated investment management approach continues to produce favorable results, and our lower administration costs allow us to offer industry-leading products at competitive rates designed to meet the financial needs of our clients to and through retirement."
About Security Benefit
Security Benefit Life Insurance Company, a 123-year-old, Kansas-based insurance company with approximately $30 billion in assets under management, is a leading retirement savings and income solutions provider. Through a combination of innovative products, exceptional investment management and a unique distribution strategy, Security Benefit is a leader in a full range of retirement markets and wealth segments. First Security Benefit Life Insurance and Annuity Company of New York (FSBL), New York, NY, is an affiliate of SBL and both are subsidiaries of Security Benefit. To learn more about Security Benefit, visit www.securitybenefit.com.
Certain products are offered through Security Distributors, Inc., a wholly-owned subsidiary of Security Benefit Life Insurance Company.
Source: Security Benefit