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These rating assignments reflect the company's geographic concentration of business where marketing efforts are divided into three principal lines of business: individual hospital/surgical, individual life insurance and individual short-term disability income insurance. While the company plans expansion into additional territories, currently the geographic concentration exposes it to various regulatory and economic pressures. In addition, Standard Life is a small company with limited capital and resources. While Standard Life's capital and surplus position has increased over the past several years, the total dollar amount is relatively modest and leaves the company a small margin for error for product pricing. To date, Standard Life has sold at a loss and has written down some of its troubled investments. A.M. Best believes the company's portfolio still holds a sizeable amount of investments with potential credit impairment, which could require future write-downs.
Standard Life has a more diverse business mix with the addition of its hospital/surgical line in 2007. Additionally, Standard Life has maintained profitable operations over the past few years, with all lines of business retaining profitability as well. The company does not have any broker business, but it utilizes a few independent marketing organizations and maintains very good relations.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
SOURCE: A.M. Best Co.
A.M. Best Co. Analysts Jeffrey Lane, 908-439-2200, ext. 5567 jeffrey.lane@ambest.com or Carl Austin, 908-439-2200, ext. 5500 carl.austin@ambest.com or Public Relations Jim Peavy, 908-439-2200, ext. 5644 james.peavy@ambest.com or Rachelle Morrow, 908-439-2200, ext. 5378 rachelle.morrow@ambest.com
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