OneAmerica Companies Affirmed by A.M. Best Co.
Contact:
Beth King, APR, Media Relations Manager
(317) 285-4168 or beth.king@oneamerica.com
For Immediate Release:
Indianapolis (June 22, 2009) – A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a+” of American United Life Insurance Company® (AUL) and its affiliates, The State Life Insurance Company and Pioneer Mutual Life Insurance Company. A.M. Best also affirmed the debt rating of “a-” on the surplus notes of AUL and the issuer credit rating and senior debt rating of “bbb+” of OneAmerica Financial Partners, Inc. The outlook for all ratings is stable.
OneAmerica’s affirmation by A.M. Best is notable given the current economic environment. Since January 1, 2008, more than 80 percent of large life insurance groups have received a negative rating action by at least one of the major rating agencies.
“This affirmation reflects OneAmerica’s continued financial strength and keeps us among a small number of companies with positive ratings momentum,” said OneAmerica Chairman, President and CEO Dayton H. Molendorp. “Our high retention and outstanding sales growth show that customers value a strong company that is well-positioned to deliver on its promises, even in uncertain times.”
In a statement released by A.M. Best, the agency noted OneAmerica’s sound capital position, above-average enterprise risk management and diversified sources of revenues and earnings. In addition, A.M. Best cited the OneAmerica companies’ growth in its core market segments, including retirement plans, employee benefits, life insurance and asset-based long-term care, and noted the enterprise’s double-digit sales in 2008. A.M. Best’s affirmation also mentioned that “OneAmerica’s investment portfolio has performed significantly better than most of its life/annuity peers with respect to realized and unrealized losses. Furthermore, OneAmerica’s mutual holding company structure facilitates a strategy focused on long-term financial strength.”
“As a mutual organization controlled by our policyholders, we serve our customers first,” continued Molendorp. “We’re committed to unquestioned financial strength because it fuels growth, enables continuous improvement and allows us to provide long-term value to those we serve.”
-END-
