S&P upgrades Talcott

S&P said it raised its ratings for Talcott Resolution Life Inc. and its senior unsecured notes due 2027 and 2031 to BB+ from BB.

“The upgrade indicates our improved view of Talcott's business risk led by its growth strategy and transformation to an aggregator of blocks of annuity and life liabilities from a run-off entity since its acquisition by Sixth Street. This is demonstrated by its track record of closing new transactions with life and annuity insurers like Lincoln National Corp, Allianz Life Insurance Co. of North America, Principal Financial Group, and The Guardian Life Insurance Co. of America.

“With these transactions, Talcott's total assets under management increased from $94 billion to $130 billion and its general account assets increased from $15 billion to $60 billion on a pro forma basis as of June 30, 2022,” S&P said in a press release.

The outlook is stable.

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