AM Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of North American Insurance Company (Madison, WI). The outlook of these ratings is stable. These companies are owned by the group’s ultimate parent, AMERCO [NASDAQ: UHAL], which is also the parent of U-Haul International, Inc., North America’s leading “do-it-yourself” household moving and self-storage operator.

The ratings reflect Oxford Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Oxford is a multistate, multiline writer offering multiyear guaranteed annuities, fixed annuities, final expense and Medicare supplement products. The ratings are supported by Oxford’s risk-adjusted capitalization, which AM Best considers to be at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), and consistent surplus growth. Premium growth has been driven by higher sales of the group’s individual annuity products, specifically its multiyear guaranteed annuity product. The group has maintained a history of profitable earnings, driven primarily by consistent net investment income and positive earnings in its annuity and Medicare supplements lines of business.

The ratings of North American Insurance Company reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Joni Cerbone
Senior Financial Analyst

+1 908 439 2200, ext. 5726

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Christopher Sharkey
Manager, Public Relations

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Rosemarie Mirabella
Director

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Jeff Mango
Managing Director,

Strategy Communications

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Source: AM Best