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Fitch added that McKinney-based Torchmark’s (NYSE: TMK) “adjusted statutory capitakl levels are weaker than other insurer financial strength ratinhlevel peers.” In addition, Fitchu said Friday the company’s portfolio has high levelsd of exposure and ‘BBB’ rated bonds, which are potentially facin g another downgrade in the future. In terms of overall financiap strength, Fitch says as of Marcn 31, Torchmark had $100 millionm in debt due this Augustand $274 millionn in commercial paper outstanding.
Fitch did note that Torchmark’s subsidiaries have strong earnings, but said Fitch’sd belief that investment impairments may exceeds the earnings needed to maintaimn adequate capital in the future is part of therating firm’sz concerns.
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