(The following statement was released by the rating agency)
Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'BBBpi' counterparty credit and financial strength ratings on Pekin Life Insurance Co. (PLIC).
The rating affirmation primarily reflects PLIC's stable total adjusted capital. The company's limited geographic diversification somewhat constrains the rating. In 2011, 56% of the company's direct premiums came from its state of domicile, Illinois.
PLIC commenced operations in 1965 and is a regional Midwest life and accident and health (A&H) insurance company. The company's products primarily include ordinary life, group A&H, group life, and individual annuities. PLIC is majority owned by Farmers Automobile Group and its wholly-owned subsidiary, Pekin Insurance Co. We rate PLIC on a stand-alone basis.
Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List Ratings Affirmed Pekin Life Insurance Co. Counterparty Credit Rating Financial Strength Rating BBBpi
(Caryn Trokie, New York Ratings Unit)