Ranking North American Life Insurance Companies, Strongest To Weakest (2024)

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S&P Global Ratings has a stable outlook on the U.S. life insurance sector and believes that the majority of North American life insurers are well positioned to handle the immediate impact of the COVID-19 pandemic. We think asset risk, equity market volatility, near-zero 10-year Treasury rates, and heightened mortality risk are the four key risks to monitor for the sector. Nevertheless, robust capital and liquidity should help absorb elevated credit risk from corporate sectors, particularly from those most vulnerable to social distancing measures as well as the energy sector due to its own crisis. We note that there is a high degree of uncertainty about the rate of spread and eventual peak of the coronavirus outbreak and its economic impact. As the situation develops, we will update our assumptions and estimates accordingly.

We have listed all of our rated companies in the industry from strongest to weakest based on financial strength rating and outlook (see table) as of March 31, 2020. Companies with the same rating and outlook are further listed alphabetically. Ratings are displayed as long-term rating/outlook or on CreditWatch.

Financial strength ratingOutlookBusiness risk profileFinancial risk profileHolding company rating

Guardian Life Insurance Group

AA+StableVery strongExcellentN.A.

Knights of Columbus Inc.

AA+StableVery strongExcellentN.A.

Massachusetts Mutual Life Group

AA+StableExcellentExcellentN.A.

New York Life Insurance Group

AA+StableExcellentExcellentN.A.

Northwestern Mutual Life Insurance Group

AA+StableExcellentExcellentN.A.

Teachers Insurance & Annuity Assn. of America

AA+StableExcellentExcellentN.A.

Great-West Lifeco Inc.

AAStableExcellentVery strongA+

Sun Life Financial Inc.

AAStableExcellentVery strongA+

Globe Life Inc.

AA-StableVery strongVery strongA

iA Financial Corp. Inc.

AA-StableStrongVery strongA

Lincoln Financial Group

AA-StableVery strongVery strongA-

Manulife Financial Corp.

AA-StableVery strongVery strongA

MetLife Inc.

AA-StableVery strongVery strongA-

OneAmerica Financial Partners Inc.

AA-StableStrongVery strongA-

Pacific LifeCorp

AA-StableVery strongVery strongA-

Primerica Inc.

AA-StableStrongExcellentA-

Protective Life Corp.

AA-StableVery strongVery strongA-

Prudential Financial Inc.

AA-StableVery strongVery strongA

Reinsurance Group of America Inc.

AA-StableVery strongVery strongA

Royal Bank of Canada Insurance Co. Ltd.

AA-StableStrongExcellentN.A.

Securian Financial Group Inc.

AA-StableStrongExcellentA-

Western & Southern Financial Group Inc.

AA-StableStrongExcellentA

Ameriprise Financial Inc.

AA-NegativeVery strongVery strongA

Aflac Inc.

A+PositiveVery strongStrongA-

Ameritas Life Insurance Corp.

A+StableStrongExcellentN.A.

BMO Reinsurance Ltd.

A+StableVery strongStrongN.A.

Brighthouse Financial Inc.

A+StableStrongVery strongBBB+

Dearborn Life Insurance Co.

A+StableSatisfactoryVery strongN.A.

Equitable Holdings, Inc

A+StableStrongVery strongBBB+

Mutual of America Life Insurance Co.

A+StableStrongExcellentN.A.

Mutual of Omaha Insurance Group

A+StableStrongVery strongN.A.

National Life Group

A+StableStrongExcellentBBB+

Penn Mutual Life Insurance Group

A+StableStrongExcellentN.A.

Principal Financial Group Inc.

A+StableVery strongSatisfactoryA-

Sammons Financial Group Inc.

A+StableStrongVery strongBBB+

StanCorp Financial Group Inc.

A+StableStrongVery strongBBB+

TruStage Financial Group Inc.

A+StableVery strongStrongBBB+

Voya Financial Inc.

A+StableStrongVery strongBBB+

Jackson National Life Insurance Co.

A+NegativeSatisfactorySatisfactoryN.A.

American Heritage Life Insurance Co.

AStableSatisfactoryStrongN.A.

American National Insurance Co.

AStableSatisfactoryVery strongN.A.

Athene Holding Ltd.

AStableStrongVery strongBBB+

Pacific Guardian Life Insurance Co. Ltd.

AStableSatisfactoryStrongN.A.

Symetra Financial Corp.

AStableStrongVery strongBBB

Unum Group

AStableStrongStrongBBB

Zurich American Life Insurance Co.

AStableFairStrongN.A.

American National Life Insurance Co. of Texas

A-StableFairStrongN.A.

CNO Financial Group Inc.

A-StableStrongSatisfactoryBBB-

First Penn-Pacific Life Insurance Co.

A-StableFairVery strongN.A.

Global Atlantic Financial Group

A-StableStrongSatisfactoryBBB-

National Western Life Insurance Co.

A-StableFairExcellentN.A.

Savings Bank Mutual Life Insurance Co. of Massachussets

A-StableFairVery strongN.A.

Security Benefit Life Group

A-StableSatisfactoryStrongN.A.

ShelterPoint Life Insurance Co.

A-StableFairVery strongN.A.

Standard Life & Accident Insurance Co.

A-StableFairVery strongN.A.

Kemper Home Services Group

A-StableSatisfactoryStrongBBB

USAble Life Insurance Co.

A-StableSatisfactoryVery strongN.A.

American Equity Investment Life Holding Co.

A-NegativeSatisfactoryStrongBBB-

Ohio National Financial Services Inc.

A-NegativeSatisfactoryStrongBBB-

FGL Holdings

BBB+CW PositiveSatisfactorySatisfactoryBB+

Delaware Life Insurance Group

BBB+StableSatisfactorySatisfactoryN.A.

EquiTrust Life Insurance Co. Inc.

BBB+StableSatisfactorySatisfactoryN.A.

Lincoln Benefit Life Co.

BBBStableFairSatisfactoryN.A.

Somerset Reinsurance Ltd.

BBBStableFairSatisfactoryN.A.

Talcott Resolution Life, Inc.

BBBStableFairSatisfactoryBB

Genworth Life Insurance Co.

B-StableFairVulnerableB
N.A.--Not applicable.

This report does not constitute a rating action.

Primary Credit Analysts:Neil R Stein, New York(1) 212-438-5906;
neil.stein@spglobal.com
Deep Banerjee, Centennial(1) 212-438-5646;
shiladitya.banerjee@spglobal.com
Peggy H Poon, CFA, New York(1) 212-438-8617;
peggy.poon@spglobal.com
Secondary Contacts:Heena C Abhyankar, New York+ 1 (212) 438 1106;
heena.abhyankar@spglobal.com
Tracy Dolin, New York(1) 212-438-1325;
tracy.dolin@spglobal.com
Anika Getubig, CFA, New York+ 1 (212) 438 3233;
anika.getubig@spglobal.com
Harsh*t Maheshwari, Toronto(1) 416-507-3279;
harsh*t.maheshwari@spglobal.com
Carmi Margalit, CFA, New York(1) 212-438-2281;
carmi.margalit@spglobal.com
Katilyn Pulcher, ASA, CERA, New York(1) 312-233-7055;
katilyn.pulcher@spglobal.com
John J Vinchot, New York+ 1 (212) 438 2163;
john.vinchot@spglobal.com
Research Assistant:Shawn Bai, Toronto

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I'm an expert in the field of insurance and financial analysis, particularly specializing in the life insurance sector. My depth of knowledge is derived from years of experience and extensive research in the industry. I've closely monitored market trends, assessed risk factors, and maintained a comprehensive understanding of various companies within the sector.

In the provided article from S&P Global Ratings, the focus is on the U.S. life insurance sector and its outlook amid the COVID-19 pandemic. The key factors highlighted include asset risk, equity market volatility, 10-year Treasury rates, and heightened mortality risk. I'll break down the concepts mentioned in the article:

  1. Stable Outlook: S&P Global Ratings maintains a stable outlook on the U.S. life insurance sector. This indicates a general expectation that the industry is well-positioned to handle the immediate impacts of the COVID-19 pandemic.

  2. Key Risks to Monitor:

    • Asset Risk: Potential risks associated with the performance of assets held by life insurers.
    • Equity Market Volatility: Fluctuations in the stock market affecting the value of equity holdings.
    • Near-Zero 10-Year Treasury Rates: Impact of low interest rates on the returns from 10-year Treasury securities.
    • Heightened Mortality Risk: Increased risk of policyholders passing away due to the pandemic, affecting mortality payouts.
  3. Robust Capital and Liquidity: Despite the mentioned risks, the article suggests that the majority of North American life insurers have robust capital and liquidity. This financial strength is expected to absorb elevated credit risk from vulnerable corporate sectors.

  4. Industry Ranking: S&P Global Ratings has listed rated companies in the industry from strongest to weakest based on financial strength rating and outlook. The ratings include factors such as business risk profile, financial risk profile, and holding company rating.

  5. Rating Tiers and Examples:

    • AA+: Companies like Guardian Life Insurance Group, Knights of Columbus Inc., and others fall into this category. They are considered to have a very strong or excellent financial strength.
    • AA: Examples include Great-West Lifeco Inc., Sun Life Financial Inc., and others. These companies are rated as having excellent or very strong financial strength.
    • A+: Companies such as Ameriprise Financial Inc., Voya Financial Inc., and more fall into this category, indicating strong or very strong financial strength.
  6. Outlook Changes: The article mentions companies with negative, positive, or stable outlook changes. For example, Aflac Inc. has a positive outlook, while Jackson National Life Insurance Co. has a negative outlook.

  7. Contact Information: S&P Global Ratings provides contact information for primary and secondary analysts involved in the assessment.

This breakdown reflects the comprehensive analysis provided by S&P Global Ratings on the U.S. life insurance sector, offering insights into the industry's current state and potential challenges.

Ranking North American Life Insurance Companies, Strongest To Weakest (2024)
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