L&G and NU downgraded as life sector suffers

In its latest review of the sector, S&P lowered the counterparty credit and insurer financial strength ratings on the insurance giants although Standard Life Assurance's was raised. It found around 40% of insurers were on a 'negative' outllook, which means there is a greater than one in three chance they may face a ratings downgrade over the next two years. NU has already been downgraded in the review from AA to AA- for CULAC and CGNU, which make up NU Life, with the future outlook for the group 'stable'. "This action reflects S&P's view that the current financial market conditions ha...