A.M. Best Co. commented on the financial strength rating of A++ (Superior) of Legal & General Assurance Society Ltd (L&G), United Kingdom, following the release of its first six months’ results for 2003.
The rating remains unchanged at A++ with a negative outlook.
Despite industry-wide pressures on new business volumes, margins have remained robust and operating profits in line with A.M. Best’s expectations.
Notwithstanding the favorable performance in the year to date, the outlook remains negative, reflecting A.M. Best’s concerns that risk-based capitalization may be affected by a further fall in asset values or decrease in long-term yields.
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