09/11/2015

Topeka, Kan. – September 11, 2015 – Security Benefit Corporation (Security Benefit), a leader in the U.S. retirement savings market, today announced that A.M. Best raised the outlook to positive and affirmed the financial strength ratings of B++ (Good) for the firm’s insurance entities, Security Benefit Life Insurance Company (SBL) and its affiliate, First Security Benefit Life Insurance and Annuity Company of New York.

 

The positive outlook reflects the continued execution of the company’s strategic plan to further diversify its retirement product offerings and distribution channels. A.M. Best cited SBL’s position as a market leader in fixed indexed annuities sales, its long history in the education retirement market, and favorable distribution diversification as reasons for the positive outlook.

 

“A.M. Best’s positive outlook further supports Security Benefit’s position as a leader in the U.S. retirement market,” said Mike Kiley, CEO of Security Benefit. “Our sustained success in recent years is a result of our commitment to providing a diversified product set that appeals to pre- and postretirement clients and leveraging a powerful distribution strategy.”

 

Additionally, A.M. Best cited the company’s consistent financial performance in recent years, including strong earnings on statutory and U.S. GAAP basis, favorable investment spreads and reduction of administration costs as other contributors to the positive outlook.

 

Since 2010, the companies have received favorable ratings action seven times and currently have a “positive” outlook and an “A-” financial strength rating from Standard & Poor’s. At the end of 2014 the companies held $1.6 billion in total adjusted capital and $30 billion in assets under management.

 

“Our strong, consistent performance across many of our key financial indicators, including assets under management, earnings, and capital validates our strategy to increase Security Benefit’s share of the growing retirement market,” Kiley said. “Our differentiated investment management approach continues to produce favorable results, and our lower administration costs allow us to offer industry-leading products at competitive rates designed to meet the financial needs of our clients to and through retirement.”

 

About Security Benefit

 

Security Benefit Life Insurance Company, a 123-year-old, Kansas-based insurance company with approximately $30 billion in assets under management, is a leading retirement savings and income solutions provider. Through a combination of innovative products, exceptional investment management and a unique distribution strategy, Security Benefit is a leader in a full range of retirement markets and wealth segments. First Security Benefit Life Insurance and Annuity Company of New York (FSBL), New York, NY, is an affiliate of SBL and both are subsidiaries of Security Benefit. To learn more about Security Benefit, visit www.securitybenefit.com.

 

Certain products are offered through Security Distributors, Inc., a wholly-owned subsidiary of Security Benefit Life Insurance Company.

 

Media Contacts:

Peter MacKellar, Communications Strategy Group
(303) 433-7020
pmackellar@csg-pr.com

 

Suzie Gilbert, Security Benefit
(785) 438-3035
suzie.gilbert@securitybenefit.com

In all states except New York, the EliteDesigns Variable Annuity (form V6029) is a flexible purchase payment deferred variable annuity issued by Security Benefit Life Insurance Company (SBL). In New York, the EliteDesigns Variable Annuity (form FSB242 (1-07)) is a flexible purchase payment deferred variable annuity issued by First Security Benefit Life Insurance and Annuity Company of New York (FSBL), New York, NY. Variable annuities are distributed by Security Distributors. Security Benefit Life Insurance Company is not authorized in the state of New York and does not transact the business of insurance in the state of New York.


Security Distributors is a subsidiary of SBL. SBL and FSBL are affiliates and are wholly owned by Security Benefit Corporation (“Security Benefit”). EliteDesigns may not be available in all states. The obligations under the EliteDesigns Variable Annuity are solely those of the issuing insurer.


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