AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of Mountain Life Insurance Company (Mountain Life) (headquartered in Lexington, KY). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Mountain Life’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

The ratings also reflect the company’s strongest level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR) and its strong liquidity position. These factors are partially offset by the low absolute level of capital and a very high level of financial leverage and associated interest expense. Mountain Life maintains a good quality investment portfolio with notable allocations to corporate bonds, structured securities and mortgages. While Mountain Life’s earnings profile is in line with other new entrants into the annuity space, the operating losses are eroding the low level of absolute capital.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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