S&P revises Torchmark view to negative

Standard & Poor's said it revised its outlook on Torchmark Corp. and wholly owned subsidiaries American Income Life Insurance Co., Liberty National Life Insurance Co., Globe Life & Accident Insurance Co. and United American Insurance Co. to negative from stable.

At the same time, the agency affirmed its A/A-1 counterparty credit rating on Torchmark, as well as its ratings on all of the subsidiaries.

"The outlook revision reflects our view that Torchmark's capital levels, as measured by our risk-based capital (RBC) model, are below our expectations for the ratings when we exclude intercompany preferred shares in consolidation," S&P credit analyst David Zuber said in a news release.

"The ratings reflect our view that Torchmark's capital and earnings profile will remain strong based on the organization's historical ability to generate consistently strong underwriting profits."

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