S&P rates Old Mutual Life BBB-

S&P said it assigned BBB- global scale long-term issuer credit and insurer financial strength ratings to Old Mutual Life Assurance Co. (South Africa) Ltd.

The outlook is negative.

S&P said the ratings reflect Old Mutual Life’s strong position in the South African life insurance market, as demonstrated by its leading positions in diversified product segments and its diversified sales forces.

Other credit strengths include Old Mutual Life’s resilient balance sheet, resulting from prudent capital and reserve buffers.

On the downside, the agency said it takes into account the difficult operating environment in the South African life insurance industry. Exposure to the South African economy weighs on the market and credit risk of Old Mutual Life’s assets.

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