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Oldwick, New Jersey, February 15, 2024–(Business Wire)–AM best We have confirmed that CNO Financial Group, Inc.’s life and health insurance subsidiary has a Financial Strength Rating (FSR) of “A” (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent). did. (Headquarters are located in Carmel, Indiana) [NYSE: CNO]. These subsidiaries are collectively referred to as CNO Financial Group (CNO). At the same time, AM Best affirmed CNO Financial Group, Inc.’s long-term ICR ‘bbb’ (Good) and long-term issue credit rating (long-term IR). The outlook for these credit ratings (ratings) is stable. . (Please see below for a detailed list of target companies and long-term IR.)
The rating reflects CNO’s balance sheet strength, which AM Best rates as very strong, as well as its strong operating performance, neutral business profile, and appropriate corporate risk management. There is. The affirmative rating primarily reflects stable and consistently diversified performance supported by favorable premium growth trends. The company’s move to improve the capital efficiency of its operating company, Bankers Life and Casualty Company, through reinsurance with its newly formed affiliate, CNO Bermuda Re, is also a factor in the long-term credit rating. It becomes. In addition to FIA’s new business, the transaction included $6.2 billion in fixed index annuity (FIA) statutory reserves held. CNO has a history of strategically using reinsurance to manage risk on the balance sheet of its operating companies.
CNO has a well-diversified product portfolio and its wide distribution channels offer a wide range of retirement, life insurance, accident and health products. AM Best acknowledges that these markets are highly competitive. However, CNO has developed a competitive position through diversified distribution and enhanced technological capabilities. The recent formation of the Bermuda Prisoners of War was made after thorough consideration of the potential risks involved. AM Best considers the CNO’s risk management capabilities to be adequate. This includes stress testing scenarios and risk measurements to identify, manage, and mitigate risks.
The following major life and health subsidiaries of CNO Financial Group, Inc. have a stable outlook with an FSR of A (Excellent) and a long-term ICR of ‘a’ (Excellent).
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Bankers Life and Casualty Company
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Colonial Penn Life Insurance Company
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Banker Conseco Life Insurance Co., Ltd.
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washington national insurance company
Stable prospects have been confirmed for the following long-term IRs.
CNO Financial Group Co., Ltd.—
— ‘bbb’ (good) on $500 million 5.25% senior unsecured notes due 2025
— ‘bbb’ (good) on $500 million 5.25% senior unsecured notes due 2029
— ‘bbb-‘ (favorable) on $150 million 5.125% subordinated notes due 2060
This press release relates to credit ratings published on AM Best’s website. Please see AM Best’s Recent Rating Activity webpage for all rating information related to the release and related disclosures, including details of the office responsible for issuing the individual ratings referenced in this release. Please see Best’s Credit Rating Guide for additional information regarding the uses and limitations of credit rating opinions. For information on the proper use of Best Credit Ratings, Best Performance Reviews, Best Preliminary Credit Ratings, and AM Best Press Releases, please see the Guide to Proper Use of Best Ratings and Reviews.
AM Best is a global credit rating agency, news publisher, and data analytics provider focused on the insurance industry. The company is headquartered in the United States and operates in more than 100 territories. Countries with branches in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, please visit www.ambest.com.
Copyright © 2024 by AM Best Rating Services, Inc. and/or its affiliates. All rights reserved.
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