OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned indicative Long-Term Issue Credit Ratings of “a-” (Excellent) to senior unsecured issues, “bbb+” (Good) to senior subordinated issues, and “bbb” (Good) to both junior subordinated and preferred stock to the recently filed shelf registration of The Hartford Financial Services Group, Inc. (The Hartford) (Delaware) [NYSE: HIG]. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings on the previous shelf registration, which expired. The existing ratings of The Hartford and its insurance subsidiaries are unchanged.
The Hartford’s adjusted financial leverage, as calculated by AM Best, was at 20.3% at year-end 2021, which remain well within the company’s targets. Earnings before interest, preferred dividends and taxes interest coverage has been within AM Best’s expectations. The company’s 2021 net operating earnings results were favorable to prior year, despite some impact from the COVID-19 pandemic on mortality within its Group Benefits segment.
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