Moody's changes Penn Mutual outlook to stable

Moody's Investors Service said it changed the outlook on the ratings of Penn Mutual Life Insurance Co. and its subsidiary, Penn Insurance and Annuity Co., to stable from negative and affirmed their ratings, including the A2 (hyb) rating on the outstanding surplus notes.

The change in Penn Mutual's outlook is driven by the company's product management actions to reduce the risk of new business and improving profitability, the agency said.

Moody's said the affirmation reflects the company's strong capitalization and asset quality, excellent liquidity and recently improving profitability, offset by a relatively weaker business profile.

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