AM Best Affirms Credit Ratings of ReliaStar Life Insurance Group Members

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of ReliaStar Life Insurance Company of New York (Woodbury, NY) and ReliaStar Life Insurance Company (Minneapolis, MN), collectively known as ReliaStar Life Insurance Group (ReliaStar). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect ReliaStar’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 (ERM).

The ratings also reflect ReliaStar’s very strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and a trend of generally favorable yet volatile operating results from its health business. AM Best notes that recent reductions in surplus levels in past years are primarily driven by dividends paid up to the parent organization as risk-based capital (RBC) levels are managed across entities. A large part of this was excess capital from a 2021 reinsurance transaction. ReliaStar’s RBC remains above the company-stipulated minimum level and will continue to be supported by strategic movements into less capital-intensive products. ReliaStar’s parent, Voya Financial Inc., remains well-capitalized and has a well-diversified set of income sources. Voya has exited the individual life and annuity segments in recent years, lowering its overall product risk and required capital. In addition, Voya is a well-known brand with competitive market positions across various business segments including employee benefit, retirement, and investment services.

ReliaStar’s strengths are offset partially by a less-diversified business profile due to exiting markets via the sale of in-force life and annuity blocks of business. This creates a condensed business profile and a reliance on highly competitive, lower-margin, fee-based business. The ceding of in-force blocks has created an elevated reinsurance dependence. However, its remaining product lines, stop-loss, supplemental health, life and disability and annuities, are diversified across geographies and market segments. ReliaStar’s ERM functions remain in line with its industry peers and are fully integrated with its parent, Voya.

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.

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