Insurance Company Ratings Chart
| Annuity Company | A.M. Best Rating | Comdex Score |
|---|---|---|
| New York Life Insurance | A++ | 100 |
| Mass Mutual | A++ | 98 |
| Allianz Life Insurance Company | A+ | 97 |
| Western & Southern | A+ | 96 |
| Columbus Life Insurance Company | A+ | 96 |
| Penn Mutual Life Insurance Company | A+ | 93 |
| Principal | A | 91 |
| Lincoln Financial Group | A+ | 90 |
| Nationwide | A+ | 90 |
| Mutual of Omaha | A+ | 90 |
| North American Company | A+ | 89 |
| Pacific Life | A+ | 89 |
| Midland National | A+ | 89 |
| Reliance Standard | A+ | 87 |
| The Standard | A | 85 |
| Jackson National | A | 84 |
| Symetra | A | 82 |
| Great American Life Insurance Compnay | A | 82 |
| AIG | A | 82 |
| American National Life Insurance Company | A | 79 |
| Athene Annuity and Life | A | 78 |
| Global Atlantic Financial Group | A | 75 |
| American Equity | A- | 60 |
| Fidelity & Guaranty Life | A- | 59 |
| Oxford Life | A- | |
| Sagicor Life | A- | |
| Atlantic Coast Life | B++ | |
| Equitrust | B++ | |
| Guaranty Income Life | B++ | |
| Guggenheim Life and Annuity | B++ | |
| SILAC Life Insurance Company | B+ | |
| UpStream Life Insurance | B++ |
What are Insurance Companies Ratings?
Insurance company financial ratings are assigned by one of five NSRO Certified third-party rating agencies and indicates an insurance company’s financial strength, solvency, and ability to pay policyholder claims.
Insurance Company Rating Agencies
Below are the four main rating agencies that assign insurance companies financial ratings. When you look at an insurance company rating chart you will see the financial rating assigned by one or all of these rating agencies.
Each of these rating agencies is a Nationally Recognized Statistical Rating Organization (NRSRO).
The SEC allows NRSROs to offer ratings to insurers that demonstrate the strength of the various insurance companies’ reserves. These rating agencies have a high standard to live up to, which should give you some peace of mind about your final decision.
If you have been evaluating an insurance company’s financial strength you have likely noticed financial ratings vary from rating agency to agency. We created this insurance company financial ratings overview to help you more easily evaluate an insurance company’s financial strength.
A.M. Best
The only global credit rating agency with a unique focus on the insurance industry. Best’s Credit Ratings, which are issued through A.M. Best Rating Services, Inc., are a recognized indicator of insurers’ financial strength and creditworthiness. You can search for an insurance company’s A.M. Best Rating on this page of the A.M. Best website.
Standard & Poors:
In 28 countries around the world and a history that dates back more than 150 years, S&P Global Ratings provides high-quality market intelligence in the form of credit ratings, research, and thought leadership. S&P Global Ratings has rated over 1,000 insurers; you can search the complete list at standardandpoors.
Moody’s
Moody’s is an essential component of the global capital markets, providing credit ratings, research, tools, and analysis that contribute to transparent and integrated financial markets. Visit Moody’s to learn more about their insurance industry ratings and market research.
Fitch Ratings
A Global Leader in financial information services with operations in 30 countries. Visit Fitch’s Insurance ratings page on their website to read a comprehensive explanation of their rating process by clicking here.
Kroll Bond Rating Agency (KBRA)
Kroll Bond Rating Agency, LLC and its affiliates (KBRA) is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings.
KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. Would be the least established of NSRA Insurance Company Rating Agencies and we would put the least amount of importance on their rating.
An insurance company's financial rating is an opinion (not a fact) and is issued by an independent agency. An insurance company credit rating indicates an insurance company's financial strength, solvency, and ability to pay policyholder claims. Each rating agency has its own rating scale so the same insurance company can receive different ratings among the four agencies. An insurance company rating chart may not include a rating from every agency.
Insurance Company Ratings Chart
Each of these rating agencies uses its own proprietary scale to rate an insurance company. Their rating refers only to the financial strength of the insurance company and is not a recommendation of an annuity product.
The insurance company rating chart outlines each of these four rating agencies’ letter grade scales and their meaning.
| Possible Ratings | A.M. Best | Standard & Poor's | Moody's | Fitch Ratings |
|---|---|---|---|---|
| 1 | A++ | AAA | Aaa | AAA |
| Superior | Extremely Strong | Exceptional | Exceptionally Strong | |
| 2 | A+ | AA+ | Aa1 | AA+ |
| Superior | Very Strong | Excellent | Very Strong | |
| 3 | A | AA | Aa2 | AA |
| Excellent | Very Strong | Excellent | Very Strong | |
| 4 | A- | AA- | Aa3 | AA- |
| Excellent | Very Strong | Excellent | Very Strong | |
| 5 | B++ | A+ | A1 | A+ |
| Good | Strong | Good | Strong | |
| 6 | B+ | A | A2 | A |
| Good | Strong | Good | Strong | |
| 7 | B | A- | A3 | A- |
| Fair | Strong | Good | Strong | |
| 8 | B- | BBB+ | Baa1 | BBB+ |
| Fair | Good | Adequate | Good | |
| 9 | C++ | BBB | Baa2 | BBB |
| Marginal | Good | Adequate | Good | |
| 10 | C+ | BBB- | Baa3 | BBB- |
| Marginal | Good | Adequate | Good | |
| 11 | C | BB+ | Ba1 | BB+ |
| Weak | Marginal | Questionable | Moderately Weak | |
| 12 | C- | BB | Ba2 | BB |
| Weak | Marginal | Questionable | Moderately Weak | |
| 13 | D | BB- | Ba3 | BB- |
| Poor | Marginal | Questionable | Moderately Weak | |
| 14 | E | B+ | B1 | B+ |
| Under Supervision | Weak | Poor | Weak | |
| 15 | F | B | B2 | B |
| In Liquidation | Weak | Poor | Weak | |
| 16 | B- | B3 | B- | |
| Weak | Poor | Weak | ||
| 17 | CCC+ | Caa1 | CCC+ | |
| Very Weak | Very Poor | Very Weak | ||
| 18 | CCC | Caa2 | CCC | |
| Very Weak | Very Poor | Very Weak | ||
| 19 | CCC- | Caa3 | CCC- | |
| Very Weak | Very Poor | Very Weak | ||
| 20 | CC | Ca | CC | |
| Extremely Weak | Extremely Poor | Extremely Weak | ||
| 21 | C | C | ||
| Lowest | Distressed |
Chart of Possible Insurance Company Ratings
In addition to the four agencies covered above you may also come across financial ratings issued by KBRA or Weiss. The table below lists the 5 highest potential ratings from all 6 of the potential rating agencies. As you can see the financial ratings vary a fair amount.
For example, the fifth-highest rating from A.M. Best is a B++ while the 5th highest rating assigned by Fitch and KBRA is an A+ while KBRA’s fifth-highest rating is a B+.
Comdex Score
The Comdex Score is not a rating, but a composite of all the ratings a company has received. It ranks companies on a scale of 1 to 100, showing you at a glance where a company is ranked among all rated insurers.
In order to take those reviews from A.M. Best, Moody’s, Fitch, Weiss, and Standard & Poor’s and put them all on a level playing field, the Comdex was born.
The idea here is to take a sort of ‘average’ number, then find out where the carrier ranks among the others based on that ‘average.’
Composite Index
Comdex stands for composite index; rightly so, as the Comdex compiles the scores from the four major credit raters, presenting you with a composite score of all the evaluations a life insurance company has available.
It then puts each company into one single, 100-point scale.
This method, in essence, creates a percentile in which to place each company.
The higher the percentile, the higher the company’s overall rankings from the other private rating companies.
As an example, an insurer with a 97 Comdex Score is in the 97th percentile of all ranked companies, or put another way, has financial strength superior to 97% of ranked companies.
Many insurance seekers find it far simpler to look at a score on a scale of 1-100 than to try to understand four or five different rating scales and their methodology.
A.M. Best Ratings Scale
A.M. Best is the most widely accepted rating agency. Many insurance company rating charts have only one financial rating assigned; when that is the case, almost always it is assigned by A.M. Best.
AM Best is the leading provider of insurance company ratings, news, analysis, and financial information for the Life/Annuity insurance industry. Best’s Credit Ratings are independent opinions regarding the creditworthiness of an issuer or debt obligation.
An A.M. Best rating is more than a balance sheet strength assessment and includes valuations of operating performance, business profile, and enterprise risk management.
The economy and related economic cycles drive the level of life and annuity insurance activity, revenue, and income.
Typical business dynamics such as competition, consumer demands, and regulatory changes combined with economic forces have resulted in significant changes in the life and annuity insurance industry with changing risk profiles, market participants, and products.
A.M. Best’s Credit Ratings are based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance, business profile, and enterprise risk management or, where appropriate, the specific nature and details of debt security.
Understanding Best Capital Adequacy Ratio (BCAR)
The BCAR depicts the quantitative relationship between a rating unit’s balance sheet strength and its key financial risks that could impact such strength. As the foundation of financial security, balance sheet strength is critical to the determination of a rating unit’s ability to meet its current and ongoing obligations.
By establishing a guideline for the net required capital needed to support balance sheet strength, BCAR can assist analysts in differentiating among the financial strength of insurers and in determining whether a rating unit’s capitalization is appropriate for its risk profile.
The analysis of BCAR alone does not decide the balance sheet strength assessment. Other factors that can impact the balance sheet strength analysis include:
- liquidity
- quality of capital
- dependence on reinsurance
- quality and appropriateness of reinsurance
- asset/liability matching reserve adequacy
- stress tests
- internal capital models
- the actions or financial condition of an affiliate and/or holding company
Similarly, a rating is more than a balance sheet strength assessment and includes evaluations of a rating unit’s operating performance, business profile, and enterprise risk management.
The BCAR model calculates a rating unit’s net required capital at different confidence levels, resulting in a BCAR score for each of these levels. Since the difference between a rating unit’s available capital and its net required capital is expressed as a ratio to available capital, a BCAR score expresses the extent of the excess or shortfall as a percentage of available capital.
A positive score at a particular confidence interval indicates the rating unit’s available capital is in excess of its net required capital, whereas a negative score indicates the rating unit’s available capital has fallen short of its net required capital. State Guaranty Associations are in place should an insurer become insolvent.
Tips for Evaluating an Annuity Company's Financial Strength
Below are 3 helpful items to look for when trying to make sense of an insurance company’s financial ratings.
1. Comdex Score:
The Comdex gives you a quick summary of a carrier’s ratings and shows you how they stack up. If you see a score in the 80’s that is typically a very solid insurer. For instance, a Comdex Score of 85 means the insurance company is more financially solid than 85% of all rated insurers.
2. Numerical Equivalent
A number in parenthesis next to each rating quickly tells you where that rating fits on the scale for that rating service. A+ (2) tells you this is the second-best rating for AM Best.
3. A.M. Best Rating
A.M. Best is by far the gold standard when it comes to insurance company rating agencies so when in doubt it doesn’t hurt to default to their rating when evaluating potential insurance companies. In general, an A- A.M. Best rating, or better, indicates a financially solid insurance company.
Annuity Company Ratings
A+ Rated Annuity Companies
| Lincoln Financial Group | Rating |
|---|---|
| 1300 South Clinton St., Fort Wayne, IN 46802 | |
| A.M. Best Rating (15 possible ratings) | A+ (2) |
| Moody's (21 possible ratings) | A1 (5) |
| Fitch (21 possible ratings) | A+ (5) |
| Standard & Poor's (Financial Strength, 20 Ratings) | AA- (4) |
| Comdex (percentile of all rating companies) | 90 |
| North American Company for Life and Health Insurance | Rating |
|---|---|
| Mailing Address | P.O. Box 79905, Des Moines, IA 50325-0905 |
| A.M. Best Rating (15 Possible Ratings) | A+ |
| Fitch Ratings (Financial Strength, 21 Ratings) | A+ (5) |
| Weiss | B(5) |
| Comdex Score (Percentile of All Rated Companies) | 89 |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Pacific Life Insurance Company | Rating |
|---|---|
| 700 Newport Center Dr, Newport Beach, CA 92660 | |
| A.M. Best Rating (15 possible ratings) | A+ (2) |
| Moody's (21 possible ratings) | A1 (5) |
| Fitch (21 possible ratings) | AA- (4) |
| Standard & Poor's (Financial Strength, 20 Ratings) | AA- (4) |
| Comdex (percentile of all rating companies) | 93 |
| Allianz Life | Rating |
|---|---|
| 5701 Golden Hills Dr., Minneapolis, MN 55416 | |
| A.M. Best Rating | A+ |
| Moody's (21 rankings) | A1 (5) |
| Comdex (percentile of all rated companies) | 94 |
| Standard & Poor's (20 Possible Ratings) | AA (3) |
| Nationwide Life & Annuity Company | Rating |
|---|---|
| One Nationwide Plaza, Columbus, OH 43215 | |
| A.M. Best Rating (15 possible ratings) | A+ (2) |
| Moody's (21 possible ratings) | A1 (5) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Comdex (percentile of all rating companies) | 90 |
A Rated Annuity Companies
| Athene Financial Ratings | Rating |
|---|---|
| 7700 Mills Civic Parkway, West Des Moines, IA 50266 | |
| A.M. Best Rating (15 possible ratings) | A (3) |
| Fitch Ratings (21 possible) | A (6) |
| Comdex (percentile of all rating companies) | 78 |
| Standard & Poor's (20 possible ratings) | A (6) |
| Global Atlantic Financial Group | Rating |
|---|---|
| A.M. Best Rating (15 possible ratings) | A (3) |
| Moody's (21 possible ratings) | A3 (7) |
| Fitch (21 possible ratings) | A (6) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- (7) |
| Comdex (percentile of all rating companies) | 75 |
| Great American Life Insurance Company | Rating |
|---|---|
| 301 E Fourth St., Cincinnati, OH 45202 | |
| A.M. Best Rating (15 possible ratings) | A+ (2) |
| Moody's (21 possible ratings) | A2 (6) |
| Standard & Poor's (20 possible ratings) | A+ (5) |
| Comdex (percentile of all rated companies) | 82 |
| American National Insurance Company (ANICO) | Rating |
|---|---|
| A.M. Best Company (Best's Ratings, 15 Ratings) | A (3) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A (6) |
| Comdex Ranking (Percentile in Rated Companies) | 79 |
| Assets | $20,369,533,167 |
| Liabilities | $16,891,805,681 |
| Assets to Liabilities Ratio | 120.59% |
| American General Life Insurance Company | Rating |
|---|---|
| A.M. Best Company (Best's Ratings, 15 Ratings) | A (3) |
| Moody's (Financial Strength, 21 Ratings) | A2 (6) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Fitch Ratings (Financial Strength, 21 Ratings) | A+ (5) |
| Weiss (Safety Rating, 16 Ratings) | B (5) |
| Comdex Ranking (Percentile in Rated Companies) | 82 |
| Jackson National Life Insurance Company | Rating |
|---|---|
| 1 Corporate Way, Lansing, MI 48951 | |
| A.M. Best Rating (15 possible ratings) | A (3) |
| Moody's (21 possible ratings) | A1 (5) |
| Fitch (21 possible ratings) | A+ (5) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A+ (5) |
| Comdex (percentile of all rating companies) | 84 |
A- Rated Annuity Companies
| American Equity | Rating |
|---|---|
| 6000 Westown Pkwy, West Des Moines, IA 50266 | |
| A.M. Best Rating (15 possible ratings) | A- (4) |
| Fitch (21 possible ratings) | A- (7) |
| Standard & Poor's (Financial Strength, 20 Ratings) | A- (7) |
| Comdex (percentile of all rating companies) | 60 |
| Oxford Life Insurance Company | |
|---|---|
| Group Affiliation | Oxford Group |
| Home Office Phone Number | 602-263-6666 |
| Mailing Address | 2721 North Central Avenue Phoenix AZ 85004-1172 |
| A.M. Best Rating (15 possible ratings) | A- (6th) |
| Weiss(Safety Rating, 16 ratings) | B+ (4) |
| Assets | $2,377,064 |
| Liabilities | $2,153,800 |
| Assets to Liabilities | 110.20% |
B++ Rated Annuity Companies
| Guaranty Income Life Insurance Company | Ratings |
|---|---|
| Mailing Address | 2638 S Sherwood Forest Blvd, Suite 200 Baton Rouge, LA 70816 |
| Group Affiliation | Kuvare US Group |
| A.M. Best Rating | B++ |
| State of Domicile | Iowa |
| NAIC Company Code | 64238 |
| Assets | $1,790,698,511 |
| Liabilities | $1,334,805,081 |
| Assets to Liabilities Ratio | 134.15% |
| Website | https://www.gilico.com/ |
| EquiTrust Life Insurance Company | Rating |
|---|---|
| A.M. Best Company (Best's Ratings, 15 Ratings) | B++(6) |
| Standard & Poor's (Financial Strength, 20 Ratings) | BBB+(6) |
| Comdex Ranking (Percentile in Rated Companies) | 41 |
| Assets | $20,029,531,512 |
| Liabilities | $18,843,499,043 |
| Assets to Liabilities Ratio | 106.29% |
| Atlantic Coast Life Insurance Company | Ratings |
|---|---|
| Mailing Address | 1565 SAM RITTENBERG BOULEVARD CHARLESTON, SC 29407 |
| Group Affiliation | Advantage Capital Group |
| A.M. Best Rating | B++ |
| State of Domicile | South Carolina |
| NAIC Company Code | 61115 |
| Assets | $466,382,649 |
| Liabilities | $425,333,973 |
| Website | https://aclico.com/ |
| Upstream Life Insurance Company | |
|---|---|
| Mailing Address | 265 North Lamar Blvd, Suite A, Oxford, MS 38655 |
| A.M. Best Rating (15 possible ratings) | B++ (5th) |
| Assets | $64,762,999 |
| Liabilities | $36,279,702 |
| Assets to Liabilities | 178% |
| Insurer | Guggenheim Life and Annuity |
|---|---|
| Mailing Address | 401 Pennsylvania Parkway, Suite 300 Indianapolis, IN 46280 |
| Group Affiliation | Sammons Enterprises Group |
| A.M. Best Rating | B++ |
| State of Domicile | Deleware |
| NAIC Company Code | 83607 |
| Assets | $11,688,959,539 |
| Liabilities | $10,974,895,598 |
| Website | Guggenheim Life and Annuity Website |
