OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” of U.S. Financial Life Insurance Company (USFL) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect USFL’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Effective April 1, 2020, USFL was acquired by Heritage Life Insurance Company (HLIC) from AXA Equitable Holdings, Inc. USFL was placed in runoff in 2007, and HLIC has indicated that it does not anticipate writing new business out of the entity. Risk-adjusted capitalization remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), but operating performance continues to contract as business runs off.
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