Best indicated that its “primary concern has been the potential for additional adverse loss reserve development and the resulting earnings drag associated with this development.” However, the rating agency indicated that this “concern has diminished somewhat in recent calendar years with the improvement in accident year development, combined with declining levels of adverse loss reserve development. Notwithstanding these reserve charges, while the group’ s pre-tax operating profitability has improved with underwriting performance in recent years, return measures continue to trail its peer composite. “The affirmation of the ratings of Liberty Life recognizes its established market profile strong risk-adjusted capital position and improved statutory operating results.