NEW YORK, Nov. 3, 2011 /PRNewswire/ -- Mutual of America announced today that Standard & Poor's® (S&P®) has affirmed the Company's financial strength rating of AA- (Very Strong) with a stable outlook.
In its October 19, 2011, report, S&P stated that this rating reflects "the company's well-established market position as a leading provider of pension and retirement products and services to small and midsize nonprofit organizations," and "extremely strong capitalization, which was 12% redundant at the 'AAA' level as of June 30, 2011, based on [S&P's] capital model."
S&P added that as a well-capitalized mutual insurer, Mutual of America has been able to focus "on enhancing its competitive position by charging lower fees and crediting higher interest rates on its products than its competitors do. We believe this low-cost strategy in conjunction with MoA's strong emphasis on providing superior customer service has been a key driver of the company's very strong market position and consistently strong growth."
John R. Greed, Senior Executive Vice President and Chief Financial Officer for Mutual of America, said, "In light of the continued uncertainty in the U.S. economy and related volatility of the financial markets, this rating affirmation is tremendous news and another important independent confirmation of our continued financial strength."
In addition to focusing on the Company's continued financial strength and consistently strong growth, S&P recognized the value of Mutual of America's commitment to customer service as part of the Company's core strategy within the retirement plan marketplace. S&P stated: "MoA's salaried sales force, based in regional field offices strategically located in major cities across the country, focuses on building long-term relationships with its customer base. ... We believe cultivating and maintaining these strong relationships, while requiring higher levels of investment, continues to differentiate MoA through high-touch customer service."
William Rose, Executive Vice President and Chief Marketing Officer for Mutual of America, noted, "Our commitment to customers has always been our top priority. This includes addressing the needs of employers regarding plan compliance and administration, and giving individuals the tools, resources, services and an array of investment options to help them achieve their financial goals for a secure retirement."
About Mutual of America
Mutual of America specializes in providing retirement products and services to organizations and their employees, as well as to individuals. Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. For more information, visit mutualofamerica.com.
Before investing in our variable accumulation annuity contracts, you should consider the investment objectives, risks, charges and expenses (a contract fee, Separate Account expenses and Underlying Funds expenses) carefully. This and other information is contained in the contract prospectus or brochure and Underlying Funds prospectuses. Please read the prospectuses and brochure carefully before investing. The prospectuses and brochure can be obtained by calling 1-800-468-3785 or visiting mutualofamerica.com.
While these ratings do not apply to the safety or investment performance of the Separate Account investment funds available under Mutual of America's products, they do reflect the Company's ability to fulfill its General Account obligations, which include its obligations under the Interest Accumulation Account, annuity purchase rate guarantees and annuity benefit payouts, as well as life insurance and disability income payments. Third party ratings are subject to change.
Standard & Poor's® is an independent rating agency. Standard & Poor's® and S&P® are trademarks of Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
SOURCE Mutual of America