S&P: Torchmark view negative

Standard & Poor's said it revised the outlook on Torchmark Corp. to negative from stable and affirmed its A counterparty credit rating.

"The outlook revision reflects the group's increased credit risk in its investment portfolio and significant unrealized investment losses, largely on concentrations in the financial sector," S&P analyst Kevin Maher said in a statement.

"In addition, TMK has an aggressive share buyback program that draws excess capital from operating company dividends, reducing operating company capitalization to levels that are still adequate for the ratings but below prior levels," the analyst said.

Ratings reflect the company's extremely strong operating performance and improving competitive position, the agency noted.

© 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.