Moody's Investors Service has upgraded Los Angeles-based Farmers Insurance Group, saying the group's current and future business and financial profile have improved.

Financial strength ratings for Farmers Insurance Group and four of Farmers' exchanges rose from "A3" to "A2," and the surplus note debt ratios increased from "Baa3" to "Baa2." The rating outlook is stable.

The move reflects improvements in profitability, reserve adequacy and financial flexibility "which have benefited from the group's efforts to re-underwrite its books of business and exit complex, highly volatile commercial lines of business," Moody's said.

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