Insurance Company Ratings Chart

An insurance company rating chart lists the insurer’s financial ratings issued by the four primary insurance rating agencies and their Comdex Score (if applicable). Insurance company financial ratings are important because they are an indicator of an insurer’s ability to honor its commitments to its policyholders.  The table below lists the AM Best Rating and Comdex Score for most of the Top Life Insurance and Annuity Companies you’ll encounter. You can sort by company name, AM Best Rating, Comdex Score, and also search the table.

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 RatingsA.M. BestStandard & Poor'sMoody'sFitch Ratings
1A++AAAAaaAAA
SuperiorExtremely StrongExceptionalExceptionally Strong
2A+AA+Aa1AA+
SuperiorVery StrongExcellentVery Strong
3AAAAa2AA
ExcellentVery StrongExcellentVery Strong
4A-AA-Aa3AA-
ExcellentVery StrongExcellentVery Strong
5B++A+A1A+
GoodStrongGoodStrong
6B+AA2A
GoodStrongGoodStrong
7BA-A3A-
FairStrongGoodStrong
8B-BBB+Baa1BBB+
FairGoodAdequateGood
9C++BBBBaa2BBB
MarginalGoodAdequateGood
10C+BBB-Baa3BBB-
MarginalGoodAdequateGood
11CBB+Ba1BB+
WeakMarginalQuestionableModerately Weak
12C-BBBa2BB
WeakMarginalQuestionableModerately Weak
13DBB-Ba3BB-
PoorMarginalQuestionableModerately Weak
14EB+B1B+
Under SupervisionWeakPoorWeak
15FBB2B
In LiquidationWeakPoorWeak
16B-B3B-
WeakPoorWeak
17CCC+Caa1CCC+
Very WeakVery PoorVery Weak
18CCCCaa2CCC
Very WeakVery PoorVery Weak
19CCC-Caa3CCC-
Very WeakVery PoorVery Weak
20CCCaCC
Extremely WeakExtremely PoorExtremely Weak
21CC
LowestDistressed

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+.

Insurance company ratings chart showing financial ratings that are combined using the comdex score

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. BestMoody’sFitch, 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 raterspresenting 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.

Am best 5 step rating methodology

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.

Understanding am best financial rating process bcar illustration

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 GroupRating
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 InsuranceRating
Mailing AddressP.O. Box 79905, Des Moines, IA 50325-0905
A.M. Best Rating (15 Possible Ratings)A+
Fitch Ratings (Financial Strength, 21 Ratings)A+ (5)
WeissB(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 LifeRating
5701 Golden Hills Dr., Minneapolis, MN 55416
A.M. Best RatingA+
Moody's (21 rankings)A1 (5)
Comdex (percentile of all rated companies)94
Standard & Poor's (20 Possible Ratings)AA (3)
Nationwide Life & Annuity CompanyRating
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 RatingsRating
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 CompanyRating
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 Ratio120.59%
American General Life Insurance CompanyRating
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 CompanyRating
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 EquityRating
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 AffiliationOxford Group
Home Office Phone Number602-263-6666
Mailing Address2721 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 Liabilities110.20%

B++ Rated Annuity Companies

Guaranty Income Life Insurance CompanyRatings
Mailing Address 2638 S Sherwood Forest Blvd, Suite 200
Baton Rouge, LA 70816
Group AffiliationKuvare US Group
A.M. Best RatingB++
State of DomicileIowa
NAIC Company Code 64238
Assets$1,790,698,511
Liabilities$1,334,805,081
Assets to Liabilities Ratio134.15%
Websitehttps://www.gilico.com/
EquiTrust Life Insurance CompanyRating
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 Ratio106.29%
Atlantic Coast Life Insurance CompanyRatings
Mailing Address1565 SAM RITTENBERG BOULEVARD
CHARLESTON, SC 29407
Group AffiliationAdvantage Capital Group
A.M. Best RatingB++
State of DomicileSouth Carolina
NAIC Company Code 61115
Assets$466,382,649
Liabilities$425,333,973
Website https://aclico.com/
Upstream Life Insurance Company 
Mailing Address265 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 Liabilities178%
InsurerGuggenheim Life and Annuity
Mailing Address401 Pennsylvania Parkway, Suite 300 Indianapolis, IN 46280
Group AffiliationSammons Enterprises Group
A.M. Best RatingB++
State of DomicileDeleware
NAIC Company Code 83607
Assets$11,688,959,539
Liabilities$10,974,895,598
WebsiteGuggenheim Life and Annuity Website

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