S&P: Mutual of Omaha view negative

Standard & Poor's said it affirmed Mutual of Omaha Insurance Co., Companion Life Insurance Co. and United of Omaha Life Insurance Co.'s AA- counterparty credit rating and revised the outlook to negative from stable.

"The revised outlook reflects the group's weakened level of statutory capitalization," S&P analyst Jon Reichert said in a statement. "The ratings continue to reflect the group's strong competitive position, very strong operating performance, and very strong liquidity."

Ratings reflect expectation that the group will be able to maintain, over the longer term, a level of capitalization redundant at the AA level, the agency said.

"The negative outlook reflects our concern that investment losses realized over the next one to two years could weaken Mutual of Omaha's statutory capitalization enough to warrant a one-notch downgrade," Reichert added.

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