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Moody's: OneAmerica outlook positive
Moody's Investors Service said it changed the outlook on OneAmerica Financial Partners, Inc. to positive from stable and affirmed its senior unsecured debt at Baa2.
The outlook change reflects improvements in OneAmerica's financial profile, according to the agency. In particular, the company has continued strengthening its GAAP and statutory operating profitability, and management has carefully managed expense levels. Moody's said OneAmerica's business strategy to exit the reinsurance and credit insurance markets and place greater focus on retirement services, individual life insurance and annuities should result in greater earnings stability and predictability.
However, despite these improvements, the agency said OneAmerica faces intense competition in its core business segments - competition in which it faces entrenched, larger players benefiting from more favorable brand recognition. Moody's also believes that OneAmerica is also challenged by its relatively modest size and scale in a consolidating industry.
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