Effective November 20, 2014, A.M. Best has revised the outlook to stable from negative and affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Delaware Life Insurance Company and Delaware Life Insurance Company of New York (collectively, Delaware Life).
This represents Delaware Life’s second favorable outlook revision by a major ratings agency in recent months. In July 2014, Standard & Poor’s Ratings Services raised their outlook on Delaware Life to positive from developing.
These actions reflect Delaware Life’s ability to articulate and manage its emerging business strategy that includes sound financial and capital management of current obligations, coupled with the re-establishment of new business capabilities.
Delaware Life is compiling a credible record of earnings growth and stability. The organization is among America’s largest annuity and insurance providers, managing a stable base of approximately $40 billion on behalf of existing policyholders and successfully raising over $1 billion in new customer assets through the sale of Pinnacle MYGASM,
a multi-year guaranteed fixed annuity launched in November 2013.
The complete text of A.M. Best’s release may be found at www.ambest.com.
About Delaware Life
Delaware Life, through its insurance subsidiaries, is a leading provider of annuity and life insurance products in the United States. It was established in connection with the purchase by Delaware Life Holdings, LLC of the domestic U.S. annuity business and certain U.S. life and corporate markets insurance businesses of Sun Life Financial Inc. The acquired companies included both Delaware Life Insurance Company (formerly, Sun Life Assurance Company of Canada (U.S.)) and Delaware Life Insurance Company of New York (formerly, Sun Life Insurance and Annuity Company of New York).
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. Variable contracts are distributed through Clarendon Insurance Agency, Inc. All three companies are members of the Delaware Life group of companies.
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