WALTHAM, MA (April 20, 2016)—Insurer ratings service Standard & Poor’s has raised its counterparty credit and financial strength ratings on Delaware Life Insurance Company and Delaware Life Insurance Company of New York (collectively, “Delaware Life”) to BBB+ from BBB. The outlook is stable.
The ratings report, released by S&P on April 20, 2016, stated, “The upgrade reflects Delaware Life’s progress on executing the company’s strategic goals, as shown by consistent operating performance and very strong capital and earnings.”
Regarding its outlook for Delaware Life, S&P stated, “The company’s strong financial risk profile reflects the prospective strength and stability of capital and earnings. We believe that Delaware Life will maintain a capital adequacy position supportive of an ‘AA’ confidence level as measured by our capital model.”
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+ (Stable)||Baa2|
|Delaware Life Insurance Company of New York||A- (Excellent)||BBB+ (Stable)||Not rated|
The complete text of the S&P release release may be found here.
About Delaware Life
Delaware Life, through its insurance subsidiaries, is a leading provider of assets under management in the United States, currently managing approximately $36 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 0530 05/19 (Exp. 05/20)