WOBURN, Mass.--(BUSINESS WIRE)--SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) today announced that it has been rated A- for financial strength by Standard & Poor’s (S&P) for 2023, with a stable outlook. SBLI has received an A- financial strength rating from S&P for 13 consecutive years.
“The landscape of the life insurance industry has been rapidly reshaped by changes in technology, the receding COVID-19 pandemic, and new demographic and customer trends and expectations,” said Jim Morgan, SBLI president and chief executive officer. “Our team’s focus at SBLI to meet that shifting landscape, in addition to our prudent management of capital, is reflected in S&P’s updated outlook and reasserted rating of our business. We look forward to continuing to deliver on our promises to our customers for many years to come.”
S&P offered the following detail on its outlook: “The outlook revision stems from our view that SBLI will maintain 'AAA' level capitalization going forward. Management has taken several action steps such as reducing policyholder dividends, freeing capital from captive redundant reserves, repositioning equity exposure and schedule BA assets, and working with reinsurance partners to de-risk and moderate the previous deterioration of capital. Furthermore, earnings and net premiums have exceeded plan expectations, as SBLI continues to roll out new products and make enhancements to its current term-life product offering.”
“The stable outlook reflects our expectation that SBLI will maintain 'AAA' level capitalization, and that management will execute its diversification plans while maintaining underwriting and investment discipline,” said S&P.
For more on SBLI’s products, history, and company, visit SBLI.com.
For more than 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing simple and affordable life insurance solutions. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection at a fair price. For more information, visit SBLI.com.
SBLI is a registered trademark of The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA. NAIC #70435. Licensed in 49 states and DC (excludes NY). Products and features may not be available in all states © 2023 All rights reserved. (09/23)
SBLI is in no way affiliated with SBLI USA Life Insurance Company, Inc.