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Article: DCR Lowers Claims Paying Ability Ratings of Mutual of America Life Insurance Company and The American Life Insurance Company of New York
- Article from:
- PR Newswire
- Article date:
- September 17, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO (September 17, 1998) -- Duff & Phelps Credit Rating Co. (DCR) has lowered the claims paying ability ratings of Mutual of America Life Insurance Company (Mutual of America) and its wholly owned subsidiary, The American Life Insurance Company of New York (American Life), to 'AA' (Double-A) from 'AA+' (Double-A-Plus). This rating action results from increased competition in the company's core small-to-medium size case, not-for-profit pension and annuity business. The rating outlook is stable.
Mutual of America is a mutual life insurance company based in New York with total admitted assets of $8.7 billion and adjusted surplus of $896 million at June 30, ...