AMP’s Pearl Assurance unit in the UK is one of eight British life insurers to have its rating downgraded by AM Best. The agency said it cut the ratings following recent slumps in stock markets. “These actions are largely due to current pressures from the fall in the UK and US equity markets,” AM Best said.

Among the companies affected are Aviva-owned operations CGNU Life Assurance, Commercial Union Life and Norwich Union Life & Pensions.