02:47 PM EDT, 05/07/2024 (MT Newswires) -- Brookfield Reinsurance ( BNRE ) announced Monday that its wholly-owned operating subsidiary American Equity Investment Life Insurance Company (AEL) has received an upgrade to its Insurer Financial Strength rating from S&P Global Ratings to "A" from "A-".

In a statement it said the upgrade reflects AEL being "core" to the overall Brookfield Reinsurance ( BNRE ) group and benefitting from the "strong capital position and earnings profile" of Brookfield Reinsurance ( BNRE ).

Tuesday's statement noted American National Insurance Company's "A" IFS rating has been reaffirmed, with credit watch removed following completion of Brookfield Reinsurance's ( BNRE ) American Equity Investment Life Holding Co (AEILHC) buy.

As a result, it also noted, the existing senior bonds of AEILHC will receive a rating increase to "BBB" from "BBB-", and the outstanding preferred shares of AEILHC will receive a rating increase to "BB+" from "BB" from S&P. The rating for American National Group LLC's existing senior bonds has been reaffirmed at "BBB", with credit watch removed.

Additionally, Fitch Ratings has upgraded AEILHC's existing senior unsecured notes to "BBB" from "BBB-", and its preferred shares to "BB+" from "BB".

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