Rating agency Moody's released a brief that expresses a bit of optimism regarding life and annuity insurance companies:
"Even if markets turn sour again, life insurers and reinsurers are considered to be fit enough to weather the financial and economic crisis because of their solid balance sheets..."
While Moody's indicated that additional ratings downgrades may result if market conditions worsen, their own stress tests indicate that companies should be able to maintain their investment grade ratings.
Source: Wall Street Journal (subscription required)
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