December 10, 2014Mr. Jason CavalierAdvantage Insurance Network2801 Townsgate Rd.Westlake Village, CA 91361Dear Jason:The life insurance industry’s struggle with low interest rates remained in the first nine months of 2014 as ratescontinued to trend downward, a reversal from the higher interest rates for the second half of 2013. Specifically, the10-Year Treasury interest rate finished 2013 just over 3.00%, but fell to just 2.51% at 9/30/14, and fell almost another30 basis points through early December. The low and falling rates continue to pressure investment returns,profitability on older business, boosted hedging costs for variable products and interest rates, and reduced reservediscount rates especially for long duration products. All of these factors contributed to the downturn in reportedoperating returns on equity and assets in the first nine months of 2014, in spite of the rising equity markets and verylow levels of investment impairments.The low interest rate environment also continues to depress revenue and premium growth for the industry, exhibitedby the minimal growth in annualized direct premiums in the first nine months of 2014 and a slight decrease in netpremiums written. This is due to a number of factors, including: the relative lack of interest of companies in issuingnew products (or maintain current ones), additional changes (unfavorable to consumers) to existing policyterms/conditions, continued depressed consumer demand due to the tepid economic recovery, tightcorporate/individual discretionary dollars, and perhaps especially the lower perceived attractiveness of currentproducts as compared to prior years’ versions in the eyes of distributors, advisors, and current or prospectivepolicyholders.This lack of growth makes achieving solid, long-term profitability a challenge, as the ability to offset lower (or no)profit legacy products with newer, more profitable products is reduced. These trends have led to the rationalization ofoperations (products, distribution channels, presence in the industry altogether), and has resulted in some companiesopting to exit certain products, markets, or the industry altogether. This has opened the door for alternative investors’entrance into the industry, especially as the traditional insurers have thus far had a limited appetite for consolidation.Interest rates may have to rise for an extended period of time to materially alter these current industry dynamics.However, should insurance company investors, managements, rating agencies, etc. become increasingly focused onresumed revenue and profitability growth (after a multi-year hiatus), insurers could be pressured/incented to takeincreased product or investment risks. This could be especially true if equity markets do not move materially lowerand/or investment losses remain benign.Beginning on the next page is an executive summary review of all the life insurers in your report that raised four ormore ALIRT “Flags” based upon their financial results or that we believe warrant additional attention at this time.Sincerely,ALIRT Insurance ResearchALIRT Insurance ResearchPage 1December 10, 2014
AEGON N.V.: Transamerica Financial Life Insurance Company, Transamerica Premier Life InsuranceCompany AEGON USA is one of the largest U.S. life insurance groups, with significant businesses in individualannuities (fixed and variable), group annuities, and individual life insurance.The U.S. life insurance and annuity operations comprise a major portion of the publicly-tradedNetherlands-based AEGON N.V., an international provider of insurance and related financial services.This is in contrast with most other European holding companies where the U.S. business is a muchsmaller percentage of the group’s total operations.Like many of its peers, AEGON sold or downsized several businesses over the last few years, includingits Taiwanese life business, U.S. institutional market division, U.S. reinsurance unit, and its UK-basedGuardian life and pension business. The group also placed its U.S. executive non-qualified benefit planbusiness (including BOLI/COLI) into run-off.AEGON’s U.S. life subsidiaries are (mostly) currently rated “A ” (2nd highest) by A.M. Best, “A1” (5thhighest) by Moody’s, and “AA-” (4th highest) by both S&P and Fitch Ratings.Transamerica Financial Life Insurance Company Transamerica Financial Life Insurance Company (TFL) is licensed in all 50 states, though it does themajority of its business in New York State. The company primarily issues group annuities, though italso has some business in the individual annuity and life lines, and a small amount of group life andhealth insurance.In July 2014, TFL merged with small affiliate Transamerica Advisors Life Insurance Company ofNew York (TALNY). TALNY had not issued new business for several years, and the majority of itsbusiness was variable annuities and related general account reserves. To account for thisintercompany merger, all ALIRT Model metrics and ratios for TFL were restated, as though the twocompanies had been merged for all prior years.TFL’s Total ALIRT Score was a slightly above average 52 at 9/30/14, which reflected its strongoperating earnings, solid capitalization, reasonable investment risks, acceptable (though declining)operating cash flow, and steady premium growth of late, but also the lower operating earnings, highseparate account (in large part variable annuity) leverage, consistently below average investmentreturns, and the continued subpar financial performance for AEGON (through 2013).TFL’s ALIRT qualitative credit rating remains “A” (6th highest).ALIRT Insurance ResearchPage 2December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Transamerica Premier Life Insurance Company (formerly Monumental Life Ins. Co.) Transamerica Premier Life Insurance Company (TPL) has a relatively diversified business mix,including: individual, credit and group insurance for the life, annuity, and health lines.The company also offers guaranteed investment contracts and funding agreements, but de-emphasizedthis business in recent years.In October 2014, TPL merged with affiliate Western Reserve Life Assurance Company of Ohio(WRL), which primarily sold individual variable life and variable annuity products. As such, ALIRTModel results and financial ratios were adjusted for 2009-2013 for TPL, as though TPL and WRLwere merged for all prior years.TPL’s Total ALIRT Score fell 11 points in the first nine months of 2014 to a well below average 36 at9/30/14, with the decline in score influenced significantly by a reversal to operating losses, from strongearnings reported in each year 2011-2013. Management stated that the primary cause of the operatinglosses was a 204 million increase (strengthening) of long-term care insurance reserves in the thirdquarter 2014, though the company also noted strain from increased sales of health insuranceproducts, as well as higher taxes relating to timing issues between financial results filed for taxversus financial reporting purposes.TPL’s Total ALIRT Score was also influenced by a 12% reduction in surplus in the first nine months of2014 (due to the operating losses as well as net capital losses), the resulting deterioration incapitalization metrics, elevated usage of reinsurance, moderate health insurance leverage, weak cashflow, long bond maturities, elevated exposure to non-investment grade bonds, and continued subparfinancial performance for parent AEGON (through 2013).However, TPL’s investment risk and leverage measures are reasonable in the aggregate.We should also note that TPL makes considerable use of affiliated reinsurance and its asset leverage isadversely impacted by wide use of both modified coinsurance and funds withheld reinsurancetransactions with affiliates which boosts its general account assets (and liabilities) relative to its surplusbase. This results in higher reported asset leverage and exposures to higher risk assets, while a portionof this risk is borne by its affiliated reinsurers.TPL currently has an ALIRT qualitative credit rating of “A ” (5th highest).ALIRT Insurance ResearchPage 3December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Athene Holding Ltd.: Athene Annuity & Life Assurance Company, Athene Annuity & Life AssuranceCompany of New York, Athene Annuity and Life Company, Iowa, Athene Life Insurance Company ofNew York Athene Holding Ltd. (AH) is a Bermuda-based life insurance holding company focused on issuing andreinsuring fixed and indexed annuities through its subsidiaries.AH is owned by a group of private investors led by private equity firm Apollo Global ManagementLLC.AH entered the U.S. insurance business in 2011 through its acquisition of Liberty Life InsuranceCompany, which was subsequently renamed Athene Annuity & Life Assurance Company (AALA). Allnon-annuity business of Liberty Life was ceded via reinsurance to Protective Life.AH expanded its business in 2012, with the acquisition of Presidential Life Corporation (PLFE) and itslead subsidiary Presidential Life Insurance Company, which was renamed Athene Annuity & LifeAssurance Company of New York. Management stated that this transaction boosted the assets andannuity reserves of the AALA group and provided an entry into New York State.In October 2013, AH acquired Aviva plc’s U.S. insurance operations (Aviva USA), and subsequentlysold the life insurance business of Aviva USA (largely in Aviva Life & Annuity) to CommonwealthAnnuity & Life Insurance Company (CWAL). The transaction involved CWAL acquiring AHsubsidiary Presidential Life Insurance Company – USA (which had no business at the time), whichwas renamed Accordia Life and Annuity Company (Accordia). Accordia then assumed viareinsurance Aviva USA’s non-New York life insurance business, while its New York State lifeinsurance business was reinsured by CWAL subsidiary First Allmerica Financial Life InsuranceCompany.The acquisition of the Aviva U.S. business was approved by state regulators in Iowa and New York,subject to the following conditions: In Iowa, Aviva Life & Annuity (since renamed Athene Annuity and Life Company, Iowa)agreed to not pay any dividends for 5 years or change its plan of operations without priorapproval. The company also agreed to submit its affiliated agreements and investments forregulators’ review, and meet some more conservative reserving standards (following actuarialguideline 33) for new non-variable deferred annuities beginning in 2014. In New York, AH will maintain the risk-based capital level (RBC) of its New York Stateinsurer at least 450%, establish a separate backstop trust of 35 million in the event its riskbased capital ratio falls below 450%, seek prior approval for changes to its plan of operations(including investments, dividends, and reinsurance), and file quarterly risk-based capitallevel reports to regulators that include certain corporate and operational disclosures to thedepartment.In April 2014, AH raised 1.05 billion in a stock offering to private investors. The company stated thatthis additional capital will support its efforts to achieve a ratings upgrade and further opportunisticmergers and acquisitions.AALA, AH’s lead insurer, is currently rated “B ” (5th highest) by A.M. Best and “BBB ” (8th highest)by Fitch Ratings. The company also recently received a rating of “A-” (7th highest) from Standard &Poor’s.ALIRT Insurance ResearchPage 4December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Athene Annuity & Life Assurance Company Athene Annuity & Life Assurance Company (AALA) is the lead insurer within AH, and its primarybusiness focus is writing fixed and indexed annuity business directly and reinsuring existing blocks ofannuities.As a part of its acquisition by AH in 2011, AALA ceded all existing life and health insurance businessto Protective Life Insurance Company and 75% of its deferred index-annuity business with Bermudaaffiliate Athene Life Re Ltd. (ALRE). In early 2014, AALA increased its modified coinsuranceagreement with ALRE from 75% to 80% of its annuity business.AALA has been growing rapidly, both in terms of direct business and assumed reinsurance. Netpremiums rose sharply in 2011 as AALA reinsured a block of fixed annuities from Transamerica LifeInsurance Company. Net premium volume was also strong in 2012, as AALA assumed a large block ofannuities from Presidential Life (which it acquired) and 500 million of fixed annuities from nonaffiliate Liberty Bankers Life, though most of this business was retroceded to ALRE (in both casesunder modified coinsurance agreements).AALA’s reported leverage ratios are adversely affected by its extensive use of modified coinsuranceagreements that it has executed with ALRE. Under this arrangement, AALA retains the assets andliabilities of the reinsured business, though the economics of the transaction are the responsibility ofALRE. If the reinsurance transaction were executed in a more “traditional” manner, AALA’scapitalization and leverage ratios would be higher.Further, adjusting for this transaction would reduce AALA’s investment risk to surplus measures, bothfrom the lower asset leverage and reduced holdings of alternative investments, asset/mortgage-backedsecurities, and non-investment grade bonds.That said, this business is ultimately AALA’s responsibility in the event that its affiliated reinsurer isnot able to meet its obligations. Financial statements for reinsurers based in Bermuda are notpublicly available.However, upon closing of the Aviva acquisition in October 2013, AALA received a capital contributionof 671 million which largely consisted of ownership of Aviva Life & Annuity Company and AvivaLife & Annuity Company of New York. AALA’s surplus jumped sharply (214%) as a result of thecapital contribution and strong net capital gains. The company’s surplus gained another 7% in the firstnine months of 2014 as its net capital gains and 39 million capital infusion more than offset operatinglosses and a charge for its aforementioned reinsurance transaction.AALA’s increased capitalization has helped reduce its asset leverage and investment exposures, whichhave contributed to improvement in its ALIRT Score over the last few years. However, the bulk of thisimproved capitalization was the result of AALA acquiring Athene Annuity & Life of Iowa in 2013,which did boost reported capital but also affiliated investments.Nevertheless, the company’s ALIRT Score climbed to 48 at 9/30/14, which is in line with the currentALIRT Life Composite score of 49. However, AALA’s score also reflects its continued operatinglosses (by design as 80% of the company’s business and profits are ceded to ALRE), minimal/fallingpremium volume, negative cash flow, and elevated exposures to affiliate investments, schedule BAassets, and structured securities (RMBS and ABS).AALA receives an ALIRT qualitative credit rating of “A-” (7th highest).ALIRT Insurance ResearchPage 5December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Athene Annuity & Life Insurance Company of New York (formerly Presidential Life InsuranceCompany) Athene Annuity & Life Insurance Company of New York (AANY) is a mid-sized company with abusiness concentration in individual fixed annuities.AANY was acquired by Athene Holding Ltd. (AH) in 2012 and the company subsequently reinsured90% of its annuity block of business on a funds withheld basis to lead AH insurer Athene Annuity &Life Assurance Company (AALA).Also, AANY ceased selling substantially all life and accident and health insurance products in 2013.AANY’s Total ALIRT Score 37 at 9/30/14 reflected its weak/falling operating earnings, highreinsurance leverage (as most of its business is ceded to AALA), minimal/declining premium volume,elevated investment leverage and high exposures to non-investment grade bonds, schedule BA(alternative) assets, and mortgage/asset-backed securities.The company’s surplus fell 40% in 2012 as it paid 134 million in shareholder dividends and declinedanother 12% in 2013 due to several miscellaneous items. Surplus jumped 10% in the first nine monthsof 2014 due to strong net capital gains and minimal operating earnings.Management stated that the bulk of the earnings related to AANY’s business are ceded to AALA, whichrenders remaining statutory earnings in AANY to low levels.AANY’s ALIRT qualitative credit rating was lowered one notch to “A-” (7th highest) upon review ofits year-end 2013 financials due to the company’s reduced surplus and capitalization metrics.ALIRT Insurance ResearchPage 6December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Athene Annuity and Life Company, Iowa (formerly Aviva Life & Annuity Company) Athene Annuity and Life Company, Iowa (AALIA) is currently focused on issuing fixed and indexedannuities. However, most of this business is being reinsured to affiliate Athene Life Re Ltd. (ALRE).Until late 2013, AALIA was the lead company of Aviva plc’s U.S. life insurance operations, sellingprimarily indexed annuities and universal life insurance. The company was previously known as AvivaLife and Annuity Company, but changed its name in March 2014.AALIA was acquired by Athene Holding Ltd. (AH) in October 2013. AALIA retained its annuitybusiness, but sold its life insurance business to Commonwealth Annuity & Life (CWAL), a subsidiaryof the privately-held Global Atlantic Financial Group, via a reinsurance transaction with GAFGsubsidiary Accordia Life and Annuity Company (Accordia).In connection with the above transactions, AALIA reported significant negative premium volume in2013 as it ceded 7.5 billion in life insurance reserves to Accordia and reinsured (via modifiedcoinsurance) another 30 billion in annuity reserves with new affiliate Athene Life Re Ltd. (ALRE), aBermuda reinsurer.AALIA’s surplus fell 59% in 2013 as it paid 2.2 billion in shareholder dividends prior to its acquisitionby AH. The large dividend was somewhat offset by capital infusions of 684 million, which was partlycomprised of AH subsidiary Athene Annuity and Life Assurance Company of New York.AALIA also ceded 1.2 billion of structured settlements to Structured Annuity Reinsurance Company,which remains an Aviva subsidiary.AALIA’s Total ALIRT Score of 38 a 9/30/14 reflected the low pure capital ratio and high reinsuranceleverage (both byproducts of the substantial use of intercompany reinsurance with ALRE).However, it should be noted that AALIA’s leverage ratios are adversely affected by its substantial useof modified coinsurance agreements executed with ALRE. Under this arrangement, AALIA retains theassets and liabilities of the reinsured business, though the economics of the transaction are theresponsibility of ALRE. If the reinsurance transaction were executed in a more “traditional” manner,AALIA’s capitalization and leverage ratios would be enhanced.As a result of the high reported asset leverage, AALIA itself has well above average surplus exposure to“riskier” asset classes - especially to non-investment grade bonds, mortgage loans, affiliate investments,mortgage/asset-backed securities, and schedule BA (alternative) assets.Adjusting for this transaction would reduce AALIA’s investment risk to surplus measures, both fromthe lower asset leverage and especially reduced holdings of alternative investments, asset/mortgagebacked securities, and non-investment grade bondsAALIA’s subpar operating returns, negative cash flow, and distorted premium growth also relate to thereinsurance, both the premiums and reserves ceded, and most of the operating returns associated withAALIA’s business is ceded to Bermuda as well, which would tend to produce weak positive earnings ormodest operating losses in AALIA.That said, this business is ultimately AALIA’s responsibility in the event that its affiliated reinsurer isunable to honor its obligations. Financial statements for reinsurers based in Bermuda are notpublicly available.AALIA’s ALIRT qualitative credit rating was lowered one notch to “A-” (7th highest) upon review ofits 2013 annual financial statements due to the company’s sharply lower surplus and much higherbusiness leverage metrics.ALIRT Insurance ResearchPage 7December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Athene Life Insurance Company of New York (formerly Aviva Life and Annuity of New York) Athene Life Insurance Company of New York’s (ALNY) operations are limited as it is no longeractively selling annuities and is selling only minimal life insurance business that is reinsured to GlobalAtlantic Financial Group. The company was previously known as Aviva Life and Annuity Company ofNew York, but changed its name in March 2014.As previously mentioned, ALNY was acquired by Athene Holding Ltd. (AH) in October 2013. ALNYkept its annuity business, but subsequently reinsured (largely on a funds withheld basis) the vastmajority of its life insurance business to First Allmerica Financial Life Insurance Company (FAF), asubsidiary of the privately-held Global Atlantic Financial Group.ALNY’s Total ALIRT Score of 41 at 9/30/14 reflected its high investment leverage, minimal premiumvolume, long bond maturities, and high general account and reinsurance leverage. However, thecompany’s investment exposures to “riskier” asset classes are low and its investment results are decent.S&P downgraded its financial strength rating 2 notches on ALNY in November 2014 to “BBB” (9 thhighest) and subsequently withdrew its rating at the company’s request. The agency noted that thecompany is nonstrategic to the group since it is not issuing business anymore.ALNY’s ALIRT qualitative credit rating remains “A-” (7th highest).Columbus Life Insurance Company Columbus Life Insurance Company (CLIC) is a relatively small company offering individual lifeinsurance and individual fixed annuity business. The company is a member of the Western & SouthernFinancial Group (WSFG).CLIC’s Total ALIRT Score has been on a downward trend over the last several years, falling in each ofthe last three full years to scores below that of the ALIRT Life Composite. This decline has been due tosteadily rising investment leverage, growing exposure to unaffiliated stocks, deteriorating operatingresults, and falling premium volume.CLIC’s Total ALIRT Score fell another 4 points in the first nine months of 2014 to 38, which wasbelow the ALIRT Life Composite score of 49 at 9/30/14. The company’s score reflects its sizableoperating losses, flat/lower surplus position, elevated investment leverage, elevated exposures tomortgage/asset-backed securities (RMBS/CMBS/ABS), schedule BA assets, and unaffiliated stocks,elevated general account leverage, and declining premium volume.However, the company’s capitalization and cash flow is solid and its investment results remainreasonable.CLIC’s ALIRT qualitative credit rating remains “A” (6th highest).ALIRT Insurance ResearchPage 8December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Genworth Financial, Inc.: Genworth Life and Annuity Insurance Company, Genworth Life InsuranceCompany, Genworth Life Insurance Company of New York Genworth Financial, Inc. (GNW) is a publicly-traded insurance holding company providing lifeinsurance, long-term care insurance, and fixed annuities through its life insurance companies andmortgage insurance through its property/casualty insurers.The group took numerous steps to simplify its operations and narrow its business focus the last fewyears. Specifically, GNW ceased issuing variable annuities and sold its Medicare Supplement insurancebusiness in 2011, while it sold an affiliated broker/dealer in 2012. The GNW companies also boostedpricing and tightened product offerings in the long-term care insurance business.In early 2013, GNW reorganized its holding company structure, specifically to address the relationshipof its mortgage insurance operations and the life insurance operations and holding company. As part ofthis, the life insurers and mortgage insurers were placed into different downstream holding companies.GNW also greed to sell its wealth management unit for 413 million in 2013. The company also notedthat it planned to keep the proceeds at the holding company level to repay 2014 debt at maturity orbeforehand.Finally, after a delay of several years, GNW sold shares of its Australian mortgage insurance business inan initial public offering (IPO) in 2014. GNW received 514 million in net proceeds from thetransaction.GNW’s U.S. mortgage insurance subsidiaries’ operating results improved sharply within the last year,with large operating losses in 2012 reversing to operating earnings in 2013 and the first half of 2014.However, the Federal Housing Finance Agency (FHFA) announced new liquidity proposals formortgage insurance companies that work with Fannie Mae and Freddie Mac in July 2014. The agencyasked for input from the industry and the finalized requirements will be announced later this year. Atthis point, it looks like GNW will have to hold more capital in its mortgage insurance operations andmay have to raise capital for this purpose.Overall financial performance stabilized considerably for GNW from 2010 to 2013 as its investmentresults and mortgage insurance performance improved.However, GNW reported large GAAP losses ( 844 million) in the third quarter of 2014 as it boostedreserves for its long-term care business following an actuarial review of policies presently on claim,and also reduced its goodwill asset. The company is now performing a review of its active lifeinsurance reserves (business not on claim), which will be completed in the coming months. Thiscould lead to further GAAP and statutory operating losses for GNW and its subsidiaries.GNW’s life insurance subsidiaries are currently rated “A3” (7th highest) by Moody’s, “BBB ” (8thhighest) S&P, “BBB” (9th highest) Fitch Ratings, and “A” (3rd highest) by A.M. Best.S&P and Fitch Ratings lowered their financial strength ratings on the GNW companies following theannouncement of the third quarter results (and reserve charge), and maintain their ratings on negativewatch/outlook. The Moody’s rating is under review for a possible downgrade.ALIRT Insurance ResearchPage 9December 10, 2014This review is confidential and intended for the specific internal use of our clients and may not be redistributed without the express written consent ALIRT Insurance Research.
Genworth Life and Annuity Insurance Company Genworth Life and Annuity Insurance Company (GLAIC) primarily offers fixed annuities and lifeinsurance products.Historically, GLAIC sold the bulk of the group’s variable annuity business, and has a sizeable butshrinking block of this business, as it ceased writing new variable annuities in 2011.As GLAIC has no long-term care insurance liabilities (though it owns a minority stake in GLNY), itwas relatively unaffected by the reserve strengthening announced in the third quarter 2014.However, the company’s distribution efforts going forward may be hampered due to the public ratingagency downgrades and/or adverse publicity surrounding the third quarter losses and/or pendingreserve review.GLAIC’s Total ALIRT Score was an average 49 at 9/30/14 due to its strong operating earnings, solidcapitalization metrics, and below average investment risks.However, the company’s operating earnings fell sharply in the first nine months of 2014, whichmanagement stated was the result of higher variable annuity reserves due to the decline in interest ratesin the first nine months of 2014, as well as reduced dividends received from GLAIC’s affiliates.In addition, GLAIC’s investment returns remain subpar, and its use of reinsurance remains high. Thesubstantial use of reinsurance is due to both its legacy business ceded to GE subsidiary Union FidelityLife and the utilization of affiliated reinsurance for Term Life Regulation XXX reserves.GLAIC’s ALIRT qualitative credit rating was upgraded one notch to “AA-” (4th highest) after a reviewof its year-end 2013 financial results.Genworth Life Insurance Company Genworth Life Insurance Company (GLIC) primarily offers life insurance, fixed annuities, and longterm care insurance.As GLIC is the primary issuer of long-term care insurance within GNW, the aforementioned largereserve increase for GNW largely related to business written (or reinsured) by GLIC, and anaffiliated reinsurer in Bermuda. This resulted in GLIC posting losses in the first nine months of2014, which caused surplus to fall 4%.As previously mentioned, GNW is now performing a review of its active life insurance reserves(policies not presently on claim), which will be completed in the coming months. This could lead tofurther losses and lower capitalization for GLIC if there is a reserve shortfall determined by thereview.GLIC’s Total ALIRT Score fell 5 points to 46 at 9/30/14 due to its operating losses, decline in premiumvolume (increased reinsurance), reduced surplus and lower investment y
Transamerica Premier Life Insurance Company (formerly Monumental Life Ins. Co.) . (WRL), which primarily sold individual variable life and variable annuity products. As such, ALIRT . Company of New York, Athene Annuity and Life Company, Iowa, Athene Life Insurance Company of New York Athene Holdi
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