S&P lowers Minnesota Life view to stable

S&P said it revised the outlook on Minnesota Life Insurance Co., and its subsidiary Securian Life Insurance Co., to stable from positive.

The agency also said it affirmed the A+ long-term counterparty and financial strength ratings on Minnesota Life and Securian Life.

The outlook revision reflects the slower pace of improvements in competitive position and longer path to a stable and diversified earnings profile, S&P said.

Operating performance dipped in 2016 due to unfavorable mortality in the company's group insurance segment, but is expected to improve over the next 2- to 3-years, the agency said.

The outlook change also considers the expected loss of future earnings contributions from non-life insurance subsidiaries, which was viewed as a diversification source, S&P said.

Securian plans to sell its finance company in 2017 to focus on its core businesses and has announced the acquisition of Canadian Premier Insurance and three other companies providing credit-related products and services, the agency said.

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