Omaha, Neb. – (December 24, 2008) Standard & Poor’s financial rating agency recently affirmed the AA- (Very Strong) insurer financial strength ratings of Mutual of Omaha. The ratings affirmation also includes Mutual of Omaha affiliates United of Omaha and Companion life insurance companies.
The AA- (Very Strong) rating is the fourth highest of Standard & Poor’s 21 ratings.
According to Standard & Poor’s, the ratings reflect “very strong capitalization, strong competitive position, broad array of product offerings and diverse distribution channels. Mutual of Omaha’s brand recognition and strong service reputation have helped it maintain its geographic diversity, wide range of products and multiple distribution channels. At the same time, management has instilled increased profitability discipline to the organization, resulting in a more-focused product portfolio with less risk and higher profitability.”
In affirming Mutual of Omaha’s rating, Standard & Poor’s also issued a “Stable” outlook. “The outlook is stable because the group’s competitive position is expected to remain strong, enabling earnings to remain strong and very strong capitalization to be maintained,” reported Standard & Poor’s.
In 2007 A.M. Best upgraded Mutual of Omaha’s financial strength rating to A+ (Superior), the second highest of their 16 ratings, and Forbes magazine, in their Oct. 13 edition, listed Mutual of Omaha among five insurance companies with strong balance sheets and ratings. In November, because of its strong capital position and good liquidity, Mutual of Omaha announced it would not participate in the U.S. Treasury Department’s Troubled Asset Relief Proposal (TARP) Capital Purchase Program.
Mutual of Omaha is a full-service, multi-line provider of insurance and financial services products for individuals, businesses and groups throughout the United States. Founded in 1909, Mutual of Omaha and its affiliate companies manage assets in excess of $22 billion.
