AM Best Upgrades ManhattanLife and Affiliated Companies
AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb-" (Good) of ManhattanLife Insurance and Annuity Company (Houston, TX), The Manhattan Life Insurance Company (Great Neck, NY), Family Life Insurance Company (Houston, TX) and Western United Life Assurance Company (Spokane, WA). These companies are collectively known as the Manhattan Insurance Group (MIG). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
"Our underpinnings over a long period of time have been our consistency, stability and financial strength and this upgrade acknowledges that performance," said David Harris, Chairman and Chief Executive Officer. "Our performance is historically strong and navigating through the past couple of years underscores our reliability and affirms our sound strategic management systems."
AM Best ratings are based on a company's financial strength, operational performance over several years, business profile, innovation, and risk management practices. According to AM Best, ManhattanLife's rating upgrade reflects the group's strong operating performance and sustained growth, with all major lines of business being profitable and seeing direct written premium growth, providing the group with favorable earnings diversification.
In a statement released by AM Best, it said that Manhattan Insurance Group, overall, is well diversified from both a product and geographic perspective being licensed in all 50 states and offering a wide range of products including various annuities, voluntary worksite benefits, health coverage, and ordinary life insurance.
About ManhattanLife
ManhattanLife is a group of five operating life and health insurance companies: Manhattan Life Insurance Company, ManhattanLife Assurance Company of America, Western United Life Assurance Company, Family Life Insurance Company and Standard Life and Casualty. Since 1850, these companies have provided secure and innovative life and health insurance products and services throughout the United States and Puerto Rico.
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