S&P Raises Rating of Fidelity & Guaranty Life to Investment Grade Level
July 19, 2013 by BUSINESS WIRE
Also Increases from Stable to Positive Outlook
BALTIMORE, Jul 18, 2013 (BUSINESS WIRE) — On July 17, 2013, Standard & Poor’s Rating Services raised its financial strength rating of Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York, collectively referred to as FGL, to BBB- from BB+. The rating of BBB- moves FGL to S&P’s investment grade category.
In its public release explaining the upgrade for FGL, the rating agency cited a number of business-related factors, including FGL’s strong competitive position in the fixed indexed annuity marketspace, focus on deepening relationships with core distribution partners, and solid product development efforts. S&P also placed FGL on positive outlook.
“We are pleased that Standard & Poor’s recognizes our consistent execution of the strategic plan set at the time of the acquisition by Harbinger Group Inc. two and a half years ago,” said Lee Launer, CEO. “Consistent, quarter-by-quarter execution of our game plan is achieving the results we sought.”
From a financial perspective, S&P recognized the capital adequacy, historical earnings, a balanced risk management program, and a solid investment portfolio as reasons for the upgrade.
Two major rating agencies, S&P and Fitch, have now rated FGL at investment grade levels. In addition, Moody’s has FGL on positive outlook.
About Fidelity & Guaranty Life
Incorporated in 1959, Fidelity & Guaranty Life Insurance Company has a solid commitment to serving the individuals it knows best — middle market consumers seeking the safety, protection, accumulation and income features of secure life insurance and annuity products. Fidelity & Guaranty Life offers its series of focused life insurance and annuity products through its network of independent marketing organizations. Insurance products are offered through Fidelity & Guaranty Life Insurance Company in every state, other than New York, as well as the District of Columbia. In New York, products are offered through a wholly owned subsidiary, Fidelity & Guaranty Life Insurance Company of New York. Policies are distributed nationwide via independent distribution. For more information, please contact Paul Tyler, Senior Vice President, Strategy & Corporate Development (paul.tyler@fglife.com) or visit www.fglife.com.
Form Numbers: API-1044 (11-12), ACI-1044 (11-12), et al.
C13-007
ADDITIONAL MEDIA:
Interview with Lee Launer, CEO: YouTube http://youtu.be/rpBLih-ysVU
B-roll of Fidelity & Guaranty: YouTube http://youtu.be/roi-zRzKvPA
Photos of Lee Launer: High resolution; web ready
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130718005839r1&sid=cmtx6&distro=nx
SOURCE: Fidelity & Guaranty Life Insurance Company
