Friday, March 20, 2009
"Global Contagion" - Canada Life Insurers Face Downgrades by A.M. Best
Canadian life insurers face downgrades as a “global contagion” in equity markets hurts earnings of companies such as Manulife Financial Corp. and Sun Life Financial Inc.
A.M. Best Co. lowered its outlook today for Canada’s life insurance industry to “negative” from “stable” due to the impact of the economic slump on the country. A.M. Best said in a statement that it may downgrade credit ratings and financial strength grades as the insurers face “mounting pressures” from a worldwide financial crisis that hampers their ability to maintain capital and sustain earnings.
...Manulife, Canada’s largest insurer, and No. 2 Great-West Lifeco Inc. posted their first quarterly losses in at least a decade last month, while Sun Life said profit fell 77 percent as the industry suffered from debt writedowns and plunging stock prices. Insurers guarantee returns on some equity-based retirement products even when stock markets fall...
Bloomberg: Canada Life Insurers Face Downgrades, A.M. Best Says
A.M. Best Co. lowered its outlook today for Canada’s life insurance industry to “negative” from “stable” due to the impact of the economic slump on the country. A.M. Best said in a statement that it may downgrade credit ratings and financial strength grades as the insurers face “mounting pressures” from a worldwide financial crisis that hampers their ability to maintain capital and sustain earnings.
...Manulife, Canada’s largest insurer, and No. 2 Great-West Lifeco Inc. posted their first quarterly losses in at least a decade last month, while Sun Life said profit fell 77 percent as the industry suffered from debt writedowns and plunging stock prices. Insurers guarantee returns on some equity-based retirement products even when stock markets fall...
Bloomberg: Canada Life Insurers Face Downgrades, A.M. Best Says
Permalink posted by markw @ 5:07 AM 
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