The upgrades reflect Universal Life's well-established marketing presence and brand name recognition in the
Partially offsetting these positive rating factors are Universal Life's geographic concentration risk in an economically challenged environment and its high interest-sensitive product concentration. While the company does market variable annuities, there is minimal risk to Universal Life as benefit guarantees are reinsured.
Key rating factors that may result in positive rating actions include improvement in Universal Life's operating results in its ancillary lines of business, the decrease in its product concentration and stabilized high risk-adjusted capitalization. Key rating factors that may result in negative rating actions include loss of support from its financially stronger parent, significant operating losses and further product concentration.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of
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