DBRS confirms Empire Life

DBRS said it confirmed Empire Life Insurance Co.’s issuer rating at A, as well as its subordinated debt rating at A (low).

The preferred shares rating was confirmed at Pfd-2.

The trends are stable.

The agency said the confirmation reflects the company’s position as a consistently performing life insurer with a proven track record of generating stable earnings while maintaining a conservative risk profile.

“The company has experienced some deterioration in its leverage and fixed-charge coverage ratios during the last quarter,” DBRS said in a news release.

“However, these metrics are expected to improve as the company executes its planned redemption of C$300 million of subordinated debt at the end of May 2018.”

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