S&P upgrades Securian Life

S&P said it raised its long-term counterparty credit ratings on Minnesota Life Insurance Co. and Securian Life Insurance Co. (together, Securian) to AA- from A+.

At the same time, the agency assigned its A- long-term counterparty credit rating to Securian Financial Group Inc.

The outlook is stable.

“While operating performance dipped in 2016 on unfavorable mortality in the group insurance segment, Securian has taken several key steps, including enhancing its underwriting process and repricing that led to an improvement in the overall earnings,” S&P said in a news release.

“In 2017, Securian Financial reported GAAP pretax earnings (EBIT) of about $441 million that exceeded our expectations. At the same time, it has shown solid retention in almost every segment, managing profitable growth while maintaining market share.”

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