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Fitch affirms Liberty Life
Fitch Ratings said it affirmed Liberty Life Ltd.'s ratings at national Insurer Financial Strength AA(zaf) and national long-term AA-(zaf).
The outlook remains stable.
The actions follow Fitch's assessment of the risks arising from the recent Pension Fund Adjudicator's rulings. Fitch believes that Liberty Life's current capitalization level remains strong and expects the company to maintain its published capital adequacy requirement (CAR) cover within the medium-term target range of 1.5 times to 1.7 times subsequent to the Capital Alliance acquisition.
The agency said it is comforted by the company's very strong earnings capacity. Fitch also notes Liberty Life's intention to raise subordinated debt, which will have the effect of improving regulatory CAR cover.
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