A.M. Best Affirms Delaware Life ‘Excellent’ Financial Strength Rating
WALTHAM, MA (March 9, 2016)—Insurer ratings service A.M. Best has affirmed its financial strength rating of “A- (Excellent)” and the issuer credit rating of “a- (Excellent)” for Delaware Life Insurance Company and Delaware Life Insurance Company of New York (collectively, “Delaware Life”). The outlook for all ratings is “stable.”
The ratings report, released by A.M. Best on February 24, 2016, cited Delaware Life for:
- “Strong risk-adjusted capitalization,”
- “Evolving business profile as it begins to grow its annuity business and reinvigorate its distribution channels,” and
- “Strong persistency within its large acquired block of variable annuity business.”
This announcement affirms A.M. Best’s November 2014 raise in its Delaware Life outlook to “stable.” Since that time, the company has seen customer assets in Pinnacle MYGASM fixed annuity grow to more than $2.5 billion and has launched two fixed index annuities: Retirement Chapters 10SM and Retirement Stages 7SM. Combined sales for the three annuities were $1.2 billion in 2015.
Financial strength ratings as of March 1, 2016
| ISSUING COMPANY | A.M. BEST | STANDARD & POOR’S | MOODY’S |
|---|---|---|---|
| Delaware Life Insurance Company | A- (Excellent) | BBB (Good) | Baa2 |
| Delaware Life Insurance Company of New York | A- (Excellent) | BBB (Good) | Not rated |
The complete text of A.M. Best’s release may be found here.
About Delaware Life Insurance Company
Delaware Life, through its insurance subsidiaries, is a leading provider of annuity and life insurance products in the United States, currently managing approximately $32 billion of in-force annuity and life insurance policies. The Company was established in August 2013, in connection with the purchase by Delaware Life Holdings, LLC of the domestic U.S. annuity business and certain individual life and corporate markets insurance businesses of Sun Life Financial Inc.
Delaware Life Insurance Company is authorized to transact business in all states except New York, as well as in the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Delaware Life Insurance Company of New York is authorized to transact business in New York and Rhode Island. Both companies are members of the Delaware Life group of companies. Each company is responsible for its own financial condition and contractual obligations.
DLPC 0488 05/19 (Exp. 05/20)