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Fitch added that McKinney-based Torchmark’s TMK) “adjusted statutory capital levels are weakee thanother ‘AA’ insurer financial strength ratingy level peers.” In addition, Fitch said Friday the company’x portfolio has high levels of exposure and rated bonds, which are potentially facing anotherf downgrade in the future. In terms of overallk financial strength, Fitch says as of March 31, Torchmar had $100 million in debt due this Augustand $274 milliomn in commercial paper outstanding.
Fitch did note that Torchmark’s subsidiarieds have strong earnings, but said Fitch’d belief that investment impairments may excees the earnings needed to maintain adequatw capital in the future is part of therating firm’a concerns.
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