Press Release - FEBRUARY 23, 2017
A.M. Best Revises Outlooks to Stable for Woodmen of the World Life Insurance Society
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 23, 2017
The outlook revisions to stable reflect actions taken by WoodmenLife’s management to offset the impact of low interest rates by reducing the guaranteed minimum interest rates (GMIR) on its annuities and universal life policies, converting older policies to lower GMIRs, and increasing sales of more credit-worthy traditional life products. Additionally, the organization has reported positive trends in operating earnings supporting strong risk-adjusted capitalization and sustained growth in unassigned funds. Partially offsetting Credit Rating (rating) factors are trends of increasing reserves related to interest-sensitive products, declining portfolio yields impacting spread margins, and declining membership totals.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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