9.84%QQQQ 30.60 8.96%XLF 15.45 10.85%
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CHICAGO - Fitch Ratings said it may cut the ratings of Torchmark Corp. because of competitive pressure the insurer faces in selling life and supplemental health care policies.
| TMK | 40.98 |  -5.62 |
Fitch affirmed its "AA+" ratings on Torchmark, but gave the insurer an outlook of "negative," down from "stable." The outlook implies a decrease in the company's ratings is likely, usually sometime within the next eight to 12 months.
The agency said competition is "negatively impacting sales and retention levels."
Fitch also said Torchmark's statutory capital levels are becoming insufficient for its current rating after the company tapped $350 million in financing.
Torchmark shares fell 26 cents to $59.45 in afternoon trading.
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