18 Insurers See Ratings Updates
Ratings Corner, December 24, 2013
S&P believes that the long-term support for MAL by the parent is reduced from historical levels, primarily because MAL's medium-term prospects of success in its chosen market are limited. The U.K. bulk annuity market is highly competitive and MAL has failed to achieve scale in the six years since its inception. MetLife's decision to reallocate MAL's surplus, so that it could potentially withdraw capital from the subsidiary supports the view that management does not intend to invest heavily in the business. S&P expects MAL to write little new business.
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