A.M. Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries
The ratings of Penn Mutual reflect its balance sheet strength, which
The rating affirmations of Penn Mutual reflect its maintenance of the strong level of risk-adjusted capitalization and its well-managed and diverse investment portfolio. Additionally, the company has demonstrated favorable liquidity and financial flexibility. Penn Mutual’s favorable business profile is anchored by its position as a key mutual insurer operating primarily in the life and annuity space, targeting the affluent market. Penn Mutual’s GAAP and statutory operating results have benefited historically from the diversity of its products and distribution, although new business strain has impacted statutory profitability in recent years. Additionally, fee income derived from its broker/dealer operations has added increasingly to operating profitability.
Vantis’ ratings reflect its balance sheet strength, which
The ratings also reflect A.M. Best’s view that Vantis benefits from its new position as a subsidiary of Penn Mutual, a larger and financially stronger mutual insurance organization. However, to date, Vantis has not been fully integrated into the overall Penn Mutual operation. The positive outlooks assigned to Vantis’ Long-Term ICRs reflect A.M. Best’s belief that the company’s ratings could be enhanced further as it integrates into the Penn Mutual organization.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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