DBRS confirms Empire Life

DBRS said it confirmed Empire Life Insurance Co.'s issuer rating of A and its subordinated debt rating of A (low).

The trend is stable.

The ratings reflect the company's smaller scale and less product diversification, according to the agency.

The company enjoys only modest levels of profitability but has yet to suffer a major loss despite the recent difficult market conditions, the agency noted.

Mitigating the risk of the individual insurance segment are the more stable business segments of wealth management and employee benefits, Fitch said.

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