S&P: Delphi Financial unaffected

Standard & Poor's said ratings on Delphi Financial Group (BBB+/stable) were not affected by its earnings decline in the first quarter.

The decline was primarily attributable to mark-to-market losses in investments in limited partnerships and limited liability companies and the group's trading account portfolio, the agency said.

Ratings reflect management's willingness to take leveraged and concentrated investment risk, S&P said.

Capitalization remains strong, and insurance operating performance continues to develop favorably, the agency said. More severe and sustained deterioration in investment performance could hurt ratings.

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