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Moody’s raises Fidelity & Guaranty
Moody's Investors Service said it upgraded the senior unsecured debt rating of Fidelity & Guaranty Life Holdings, Inc. (FGLH), a wholly owned subsidiary of Fidelity & Guaranty Life (FGL, unrated), to Ba2 from Ba3 and the insurance financial strength rating of FGLH's primary operating company, Fidelity & Guaranty Life Insurance Co. (FGLIC), to Baa2 from Baa3.
The outlook on these entities is now stable.
Moody’s said the upgrade was driven by the improvement in FGLIC's underlying credit profile, as reflected in the company's growing market position, especially in the fixed indexed annuity (FIA) space, as well as its good profitability, and higher investment yield from portfolio repositioning efforts.
FGLIC has been able to balance the healthy growth of its FIA business while expanding its footprint in the indexed universal life insurance market, the agency added.
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