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Ranking North American Life Insurance Companies, Strongest To Weakest

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 rating Outlook Business risk profile Financial risk profile Holding company rating

Guardian Life Insurance Group

AA+ Stable Very strong Excellent N.A.

Knights of Columbus Inc.

AA+ Stable Very strong Excellent N.A.

Massachusetts Mutual Life Group

AA+ Stable Excellent Excellent N.A.

New York Life Insurance Group

AA+ Stable Excellent Excellent N.A.

Northwestern Mutual Life Insurance Group

AA+ Stable Excellent Excellent N.A.

Teachers Insurance & Annuity Assn. of America

AA+ Stable Excellent Excellent N.A.

Great-West Lifeco Inc.

AA Stable Excellent Very strong A+

Sun Life Financial Inc.

AA Stable Excellent Very strong A+

Globe Life Inc.

AA- Stable Very strong Very strong A

iA Financial Corp. Inc.

AA- Stable Strong Very strong A

Lincoln Financial Group

AA- Stable Very strong Very strong A-

Manulife Financial Corp.

AA- Stable Very strong Very strong A

MetLife Inc.

AA- Stable Very strong Very strong A-

OneAmerica Financial Partners Inc.

AA- Stable Strong Very strong A-

Pacific LifeCorp

AA- Stable Very strong Very strong A-

Primerica Inc.

AA- Stable Strong Excellent A-

Protective Life Corp.

AA- Stable Very strong Very strong A-

Prudential Financial Inc.

AA- Stable Very strong Very strong A

Reinsurance Group of America Inc.

AA- Stable Very strong Very strong A

Royal Bank of Canada Insurance Co. Ltd.

AA- Stable Strong Excellent N.A.

Securian Financial Group Inc.

AA- Stable Strong Excellent A-

Western & Southern Financial Group Inc.

AA- Stable Strong Excellent A

Ameriprise Financial Inc.

AA- Negative Very strong Very strong A

Aflac Inc.

A+ Positive Very strong Strong A-

Ameritas Life Insurance Corp.

A+ Stable Strong Excellent N.A.

BMO Reinsurance Ltd.

A+ Stable Very strong Strong N.A.

Brighthouse Financial Inc.

A+ Stable Strong Very strong BBB+

Dearborn Life Insurance Co.

A+ Stable Satisfactory Very strong N.A.

Equitable Holdings, Inc

A+ Stable Strong Very strong BBB+

Mutual of America Life Insurance Co.

A+ Stable Strong Excellent N.A.

Mutual of Omaha Insurance Group

A+ Stable Strong Very strong N.A.

National Life Group

A+ Stable Strong Excellent BBB+

Penn Mutual Life Insurance Group

A+ Stable Strong Excellent N.A.

Principal Financial Group Inc.

A+ Stable Very strong Satisfactory A-

Sammons Financial Group Inc.

A+ Stable Strong Very strong BBB+

StanCorp Financial Group Inc.

A+ Stable Strong Very strong BBB+

TruStage Financial Group Inc.

A+ Stable Very strong Strong BBB+

Voya Financial Inc.

A+ Stable Strong Very strong BBB+

Jackson National Life Insurance Co.

A+ Negative Satisfactory Satisfactory N.A.

American Heritage Life Insurance Co.

A Stable Satisfactory Strong N.A.

American National Insurance Co.

A Stable Satisfactory Very strong N.A.

Athene Holding Ltd.

A Stable Strong Very strong BBB+

Pacific Guardian Life Insurance Co. Ltd.

A Stable Satisfactory Strong N.A.

Symetra Financial Corp.

A Stable Strong Very strong BBB

Unum Group

A Stable Strong Strong BBB

Zurich American Life Insurance Co.

A Stable Fair Strong N.A.

American National Life Insurance Co. of Texas

A- Stable Fair Strong N.A.

CNO Financial Group Inc.

A- Stable Strong Satisfactory BBB-

First Penn-Pacific Life Insurance Co.

A- Stable Fair Very strong N.A.

Global Atlantic Financial Group

A- Stable Strong Satisfactory BBB-

National Western Life Insurance Co.

A- Stable Fair Excellent N.A.

Savings Bank Mutual Life Insurance Co. of Massachussets

A- Stable Fair Very strong N.A.

Security Benefit Life Group

A- Stable Satisfactory Strong N.A.

ShelterPoint Life Insurance Co.

A- Stable Fair Very strong N.A.

Standard Life & Accident Insurance Co.

A- Stable Fair Very strong N.A.

Kemper Home Services Group

A- Stable Satisfactory Strong BBB

USAble Life Insurance Co.

A- Stable Satisfactory Very strong N.A.

American Equity Investment Life Holding Co.

A- Negative Satisfactory Strong BBB-

Ohio National Financial Services Inc.

A- Negative Satisfactory Strong BBB-

FGL Holdings

BBB+ CW Positive Satisfactory Satisfactory BB+

Delaware Life Insurance Group

BBB+ Stable Satisfactory Satisfactory N.A.

EquiTrust Life Insurance Co. Inc.

BBB+ Stable Satisfactory Satisfactory N.A.

Lincoln Benefit Life Co.

BBB Stable Fair Satisfactory N.A.

Somerset Reinsurance Ltd.

BBB Stable Fair Satisfactory N.A.

Talcott Resolution Life, Inc.

BBB Stable Fair Satisfactory BB

Genworth Life Insurance Co.

B- Stable Fair Vulnerable B
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
Harshit Maheshwari, Toronto (1) 416-507-3279;
harshit.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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