S&P affirms Friends Provident

Standard & Poor's said it affirmed its A+ long-term counterparty credit and insurer financial strength ratings on Friends Provident Life And Pensions Ltd.

At the same time, the agency said that the long-term counterparty credit and insurer financial strength ratings were removed from CreditWatch, where they had originally been placed with negative implications on July 23.

Furthermore, S&P said it affirmed the A- long-term counterparty credit rating on Friends Provident plc.

Additionally, the agency noted that the long-term counterparty credit rating was removed from CreditWatch, where it had originally been placed with negative implications on July 23.

The outlook on both is stable.

According to the agency, the ratings on Friends Provident reflect the company's strong competitive position, strong capitalization and effective risk and financial management while these positive factors are partially offset by the challenge faced by the company to improve operating performance given the relatively low, albeit growing, new business contribution, the challenging operating environment for U.K. life insurers,

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.