One of the nation’s biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.
As a result, Aflac — also known as American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.
The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.
In addition, Aflac agreed to pay a $64,000 fine to settle the matter.
“This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers,” said Scott White, commissioner of the bureau.
“When we discovered these supplemental health products weren’t delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them,” he said.
It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.
In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.
They found four of the six policies they reviewed weren’t meeting a basic test of fair pricing.
The percentage of premium income Aflac was paying out in claims was low.
That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.
As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits. When policies pay less than a minimum loss ratio, it means premiums are too high.
In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.
Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.
In one year, the loss ratio on one so-called dread disease policy, covering organ transplants, heart attacks, strokes and coma, was as low as 14% and averaged 23% from 2019 through 2024. A vision policy’s loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought, it ranged from 23% to 24% for three years.
Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies’ rates by 20%.
Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare supplement coverage has to have at least a 65% loss ratio.
Aflac Senior Vice President Thomas McDaniel said the company is cutting premium rates and paying the fine “solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law.”
In a statement, the company added: “As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met.”
The following information was released by the Credit Union National Association (CUNA):
Leaders from across the credit union movement and broader policy community are welcoming incoming America’s Credit Unions Chief Advocacy Officer Kathleen Coulombe, sharing excitement for her leadership and advocacy experience as she joins the organization at a critical time for the industry.
“We’re thrilled to welcome Kathleen as Chief Advocacy Officer. Her deep experience, strong relationships in Washington, and proven ability to lead through complex policy environments make her exceptionally well-suited for this role,” said America’s Credit Unions Board Chair Karen Harbin. “At a critical time for our industry, Kathleen brings the strategic vision and leadership needed to strengthen and elevate the credit union voice.”
“Kathleen’s track record as an effective advocate and coalition builder speaks for itself. She understands how to navigate the challenges of today’s policy landscape while bringing people together around a shared mission,” added America’s Credit Unions Board Vice Chair and Chair of the Association’s Advocacy Policy Committee Jim Morrell. “We’re confident she will be a strong leader for our advocacy efforts and a powerful champion for credit unions of all types and sizes to serve their members.”
Several league system members and Brad Miller, president of the American Association of Credit Union Leagues, also offered sentiments of support and excitement.
“On behalf of AACUL and the League System, I am excited to congratulate Kathleen Coulombe on her appointment as Chief Advocacy Officer at America’s Credit Unions,” said Miller. “Kathleen has a proven ability to bring diverse stakeholders together in ways that strengthen alignment and advocacy impact. I look forward to working with Kathleen as we continue to advance coordinated efforts between the League System and America’s Credit Unions to protect and advance a vibrant credit union system.”
Former colleagues and members of the broader policy community shared positive words about Coulombe’s strategic vision, political acumen, and mastery of developing key relationships. That includes Susan Neely, former CEO of the American Council of Life Insurers, where Coulombe currently serves as Senior Vice President of Federal Relations.
“America’s Credit Unions has gotten a real pro in Kathleen Coulombe. She is a seasoned advocate and skilled strategist who knows how to win in the legislative and regulatory arenas,” said Neely. “She is also a master at developing partnerships that will augment ACU’s impact.”
Coulombe’s first day as America’s Credit Unions’ Chief Advocacy Officer is April 20. America’s Credit Unions announced Coulombe’s hiring on March 31, following a national search led by Korn Ferry.
ST. PAUL, Minn.–(BUSINESS WIRE)–
Securian Financial today announced the elections of Stephanie Lundquist and D. Bryan Jordan to its board of directors, further strengthening the company’s governance with two accomplished leaders who bring deep expertise in human capital strategy, financial services and corporate leadership. They assumed their director roles on April 1, 2026.
Stephanie Lundquist, Securian Financial board member and Cargill chief human resources officer
Lundquist is chief human resources officer at Cargill and a member of its executive team, where she leads global human resources strategy for more than 155,000 employees across 70 countries. A seasoned business and HR leader, she has extensive experience aligning people, culture and strategy to drive growth and innovation. Prior to joining Cargill in 2022, Lundquist spent more than 15 years at Target, where she held several senior leadership roles, including chief human resources officer and president of the company’s food and beverage business.
Jordan is chairman, president and chief executive officer of First Horizon Corporation, a financial services company with approximately $83 billion in assets and the parent company of First Horizon Bank, which operates more than 400 branches in 12 states in the southeastern U.S. He has led the organization since 2008 and previously served as chief financial officer at Regions Financial Corporation. His career also includes positions at First Union Corporation and KPMG. Jordan brings extensive experience in banking, capital markets and risk management, along with a strong track record of community and industry leadership.
“We are thrilled to welcome Stephanie and Bryan to Securian Financial’s board of directors,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “Stephanie’s expertise in building high-performing, inclusive cultures and Bryan’s deep financial services leadership and strategic insight will be invaluable as we continue to grow and deliver on our purpose. Their perspectives will further strengthen our ability to serve customers and position our company for long-term success.”
Lundquist currently serves on the boards of Concordia College in Moorhead, Minnesota, the Cargill Foundation and the CHRO Association, and she previously served as an independent director for Sysco, where she contributed to committees focused on compensation, technology and corporate social responsibility. Lundquist holds a bachelor’s degree in business and communication from Concordia College, and she has completed executive education in board governance at Harvard Business School.
Jordan serves on multiple corporate and nonprofit boards, including Memphis Tomorrow, Operation HOPE, the Mid-Size Bank Coalition of America (MBCA), the Memphis Medical District Collaborative (MMDC) and the University of Tennessee Health Science Center College of Medicine Board of Visitors. He is a member of the Bank Policy Institute (BPI) and the Tennessee Business Leadership Council (TBLC), and he is a co-chair of the Concordance First Chance Campaign. Jordan holds a bachelor’s degree in finance and accounting from Catawba College in Salisbury, North Carolina.
ABOUT SECURIAN FINANCIAL
To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 145 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer.
The following information was released by the Credit Union National Association (CUNA):
WTAS: What They Are Saying
Leaders from across the credit union movement and broader policy community are welcoming Kathleen Coulombe as Chief Advocacy Officer, highlighting the strength of her leadership and advocacy experience:
“We’re thrilled to welcome Kathleen as Chief Advocacy Officer. Her deep experience, strong relationships in Washington, and proven ability to lead through complex policy environments make her exceptionally well-suited for this role. At a critical time for our industry, Kathleen brings the strategic vision and leadership needed to strengthen and elevate the credit union voice.”
Jim Morrell, America’s Credit Unions Board Vice Chair and Chair of the Association’s Advocacy Policy Committee:
“Kathleen’s track record as an effective advocate and coalition builder speaks for itself. She understands how to navigate the challenges of today’s policy landscape while bringing people together around a shared mission. We’re confident she will be a strong leader for our advocacy efforts and a powerful champion for credit unions of all types and sizes to serve their members.”
Brad Miller, President, American Association of Credit Union Leagues:
“On behalf of AACUL and the League System, I am excited to congratulate Kathleen Coulombe on her appointment as Chief Advocacy Officer at America’s Credit Unions. Kathleen has a proven ability to bring diverse stakeholders together in ways that strengthen alignment and advocacy impact. I look forward to working with Kathleen as we continue to advance coordinated efforts between the League System and America’s Credit Unions to protect and advance a vibrant credit union system.”
Susan Neely, former CEO of the American Council of Life Insurers:
“America’s Credit Unions has gotten a real pro in Kathleen Coulombe. She is a seasoned advocate and skilled strategist who knows how to win in the legislative and regulatory arenas. She is also a master at developing partnerships that will augment ACU’s impact.”
Heather Podesta, CEO of Invariant:
“Kathleen is truly one of the best in Washington, and America’s Credit Unions made an excellent decision in bringing her on board. She’s smart, driven, and widely respected by leaders in both parties. I’m excited to see all she accomplishes in this new role.”
Saat Alety, Partner, Federal Hall Policy Advisors:
“Having been lobbied by Kathleen and having lobbied with Kathleen, I know her to be best-in-class in every manner. Her combined managerial expertise, trade association experience, and deep tax policy knowledge position her well to lead America’s Credit Unions’ membership through current and future legislative campaigns.”
Jen Brydges, Executive Director of Women in Government Relations:
“I’ve had the privilege of working closely with Kathleen and have seen firsthand what an exceptional leader she is. She has a rare ability to see the big-picture vision, build the strategy to support it, and guide the processes needed to bring it to life. Kathleen reads a room with remarkable intuition, adjusts as needed, and leads with a level of emotional intelligence that builds trust and gets results. She is deeply respected, an amazing mentor, and the kind of leader who leaves a lasting impact. America’s Credit Unions has made an outstanding choice.”
Brendan Dunn, President of Phronesis:
“I have had the opportunity to work with Kathleen almost since the moment I left Capitol Hill nearly a decade ago. The combination of personality, policy know-how, strategic vision, and political acumen is hard to come by, and Kathleen has it all.”
Jen Daulby, CEO of Congressional Management Foundation:
“Kathleen is an important thought leader in Washington and a well-respected government affairs professional. She has worked tirelessly to improve Capitol Hill for our female staff and will be an important asset for America’s Credit Unions as they engage with legislative stakeholders.”
Words of Welcome
“Welcome Kathleen Coulombe – the future of credit union advocacy is in strong hands.” – Utah’s Credit Unions
“Congratulations to Kathleen Coulombe on joining America’s Credit Unions as Chief Advocacy Officer. A true advocacy powerhouse, we’re excited to work with her to amplify the voice of credit unions nationwide.” – Nevada’s Credit Unions
“California’s credit unions proudly congratulate Kathleen Coulombe on her new role as Chief Advocacy Officer at America’s Credit Unions. We’re excited to partner with her in supporting and advancing the entire credit union community.” – California’s Credit Unions
“Our League congratulates Kathleen on her new role! We can’t wait to advocate for credit unions together in the weeks and months ahead.” – Maine Credit Union League
“Welcome to the Credit Union Movement, Kathleen Coulombe. Ohio looks forward to working with you to champion credit unions so they can transform lives and communities.” – Ohio Credit Union League
“Looking forward to working together!” – MD|DC Credit Union Association
“Congratulations and welcome to the credit union movement! Our CrossState team looks forward to working with you!” – CrossState Credit Union Association
“Congratulations Kathleen!” – The League of Credit Unions and Affiliates
SALT LAKE CITY–(BUSINESS WIRE)–
Advantage Capital Holdings, LLC (“A-CAP” or “the Company”) an insurance and financial services holding company with over $15 billion in assets, today announced the appointment of Kirk Cullimore as President of Sentinel Security Life Insurance Company, effective immediately. Cullimore brings more than fifteen years of experience in corporate governance, regulatory affairs, and complex financial transactions to the role.
A member of Sentinel’s Board of Directors since 2025, Cullimore has been instrumental in strengthening the company’s governance and compliance framework. His appointment marks a new phase in Sentinel’s growth following A-CAP’s previously announced capital raise, which supports the company’s strategic growth and balance sheet strengthening efforts.
“Kirk’s appointment reflects our commitment to principled leadership, regulatory excellence, and the interests of our policyholders,” said Kenneth King, CEO of A-CAP. “His deep expertise in compliance and governance will accelerate Sentinel’s progress as we embark on the next phase of our long-term growth plan.”
Based in Salt Lake City, Cullimore will reinforce Sentinel’s position as a leading Utah-based life insurance company with a renewed focus on enterprise risk management, balance sheet optimization, and partnership with regulators and community stakeholders.
“It’s an honor to lead Sentinel Security Life into its next chapter,” said Kirk Cullimore, President of Sentinel Security Life. “With a strong foundation in Utah and the confidence of our regulatory partners, we are well positioned to grow responsibly, support policyholders, and deliver on our long-term commitments.”
Cullimore is an attorney and business executive whose private-sector career spans regulatory compliance, corporate governance, and complex financial transactions. He also serves in the Utah State Senate, where he has held leadership roles for six of his eight years in office, including his current position as Senate Majority Leader. In addition, he serves on the Utah Board of Community Advisors for CommonSpirit Health. Cullimore earned his Juris Doctor with honors from the University of Oklahoma College of Law and holds a Bachelor of Arts in Music from Brigham Young University.
About Sentinel Security Life
Founded in 1948 and headquartered in Salt Lake City, Sentinel Security Life Insurance Company offers life insurance and annuity products designed to help policyholders achieve financial security and peace of mind. Sentinel is a member of the A-CAP family of companies.
About A-CAP
A-CAP is a holding company owning multiple insurance and financial businesses on its unique and synergistic platform. These businesses include primary insurance carriers, an SEC registered investment adviser, reinsurance vehicles, and marketing organizations. With broad knowledge across the insurance and investment sectors, A-CAP’s management team has diverse experience and provides comprehensive services to policyholders, insurance company clients and capital partners. Launched in 2013, A-CAP is a privately held company with offices located in New York, Charleston, Miami, and Salt Lake City. For more information, visit http://www.acap.com/.
COLUMBUS, Ohio – Entering its 100th year of operation, Nationwide is in its strongest financial position to date after a fifth consecutive year of record growth.
Nationwide’s 2025 financial performance strengthened the enterprise’s position as a modern mutual built for long-term stability, disciplined growth and customer value, driven by robust performances from both its financial services and property & casualty businesses. At the same time, as one of the nation’s largest, most diversified insurance and financial services companies, Nationwide paid more than $20.2 billion in claims and benefits to its members.
“Years like 2025 demonstrate the power of our modern mutual approach, which takes a long‑term view while staying relentlessly focused on delivering for customers today and into the future,” said Kirt Walker, Nationwide Chief Executive Officer. “Our diverse portfolio, strong capital position and iconic brand allow us to grow with intention, navigate volatility and remain strong and stable for those who rely on us.”
Strong foundations for future growth
Nationwide recorded $73.2 billion in total sales and premiums for 2025, up 7% from 2024’s $68.5 billion sales record. Much of the growth reflects an extension of sales through institutional partners, along with an expansion of Nationwide’s portfolio through strategic transactions, said Nationwide Chief Financial Officer Tim Frommeyer. The company’s key measurement of profitability, net operating income, surpassed $4.29 billion, up from $3.13 billion in 2024. Total adjusted capital rose to its highest level ever, $32.8 billion, well above what’s required for a AAA-level rating, providing a strong foundation that will benefit customers well into the future.
“Our capital position reflects strong performance and disciplined use of capital across our business portfolio,” Frommeyer said. “All of our business lines delivered strong earnings, driving further diversification across our portfolio and fueling significant benefit to our capital position. Our performance rests on the foundation of Property & Casualty’s world-class underwriting capabilities, and the sophisticated risk management and consistent, disciplined performance of Nationwide Financial.”
Despite a year marked by severe wildfires and convective storms across the industry, Nationwide Property & Casualty delivered favorable underwriting results through disciplined execution. While financial markets experienced volatility early in the year, Nationwide Financial accelerated growth across its portfolio of businesses, notching its highest levels of sales and earnings. Nationwide Financial is a top 10 writer across its portfolio of income and protection solutions.
2025 highlights
Becoming a leader in employer stop loss insurance – Nationwide acquired Allstate Benefits’ group health business in July 2025, expanding its ability to offer self-funded and stop loss solutions to small and mid-sized employers. Stop loss insurance protects employers who self-fund their health insurance plans from excess losses.
Protecting customers with “predict and prevent” solutions – In 2025, P&C elevated how its claims, actuarial, product and distribution teams work together so insights move quickly through the business, enabling more “predict and prevent” risk management, stronger underwriting discipline and proactive protection for members.
Innovating products to meet evolving needs – Nationwide Financial expanded its suite of hybrid long-term care solutions with CareMatters® Annuity, a customer-centric solution that combines guaranteed tax-deferred earnings with flexible long-term care benefits. The business also introduced RetireAssistSM, a new retirement plan suite for the small market 401(k)/403(b) space.
Bringing technology solutions to home and commercial members – Programs that detect and alert policyholders before small problems become major losses were expanded for home and commercial members, supporting Nationwide’s “predict and prevent” risk management strategy. Nationwide’s commercial and agribusiness units now provide solutions that include continuous motor vehicle record monitoring, equipment tracking and cyber safety tools, while technology like Ting electrical system monitoring and LeakBot water leak detectors are protecting Nationwide home policy members.
Sharpening the customer experience – Reflecting Nationwide’s vision to be the most trusted, most caring and most customer focused protection company, Nationwide’s deep commitment to customer experience and relationships helped drive 2025 growth, improving customer satisfaction scores across the businesses and enabling 12 Nationwide Financial partners to each sell $1 billion or more in Nationwide Financial products.
Investing in the future – Continuing its history as an industry innovator and leader, Nationwide announced a $1.5 billion technology investment through 2028, with $100 million annually dedicated to advancing AI. This commitment will enhance customer experiences, strengthen risk management and efficiency and support long-term, sustainable growth.
Serving communities –
The Nationwide Foundation—the 501(c)(3) private foundation to which Nationwide is the primary donor—contributed more than $41 million to nonprofit organizations.
Nationwide Mutual company and employees donated an additional $13.7 million to nonprofit organizations.
Company employees logged nearly 73,000 hours of volunteer time across the country.
Nationwide’s next 100 years
As Nationwide celebrates its 100th anniversary in 2026, Walker emphasized that the decisions being made today are laying the groundwork for a protection company that will serve its members for another century.
“Our centennial marks more than a milestone, it’s a foundation for the next chapter of Nationwide’s growth,” Walker said. “Thanks to the dedication of our employees and partners, we are well positioned to protect people, businesses and futures with extraordinary care for generations to come.”
Walker noted that Nationwide employees are helping to celebrate its centennial in 2026 by giving 100,000 hours of volunteer service.
Additional information about Nationwide’s business results and community impact can be found in Nationwide’s 2025 Annual Report.
OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa” (Superior) from “aa-” (Superior) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Federated Mutual Insurance Company (Federated Mutual) and its pooled subsidiaries, Federated Service Insurance Company, Federated Reserve Insurance Company, and Granite Re, Inc. (Oklahoma City, OK). These companies are collectively referred to as Federated Mutual Group (Federated) and are domiciled in Owatonna, MN. The outlook of the Long-Term ICRs has been revised to stable from positive, while the outlook of the FSR is stable. Additionally, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of Federated Life Insurance Company (Federated Life). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Federated Specialty Insurance Company (Federated Specialty) (Dover, DE). The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Owatonna, MN unless otherwise specified.
The ratings of Federated reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The upgrade of the Long-Term ICR reflects a revision of Federated Mutual’s operating performance assessment to strong from adequate based on the organization’s solid and consistent financial results achieved through a methodical and disciplined approach to underwriting. This careful and strategic focus has not only ensured the stability of the group but also has paved the way for profitable growth over time. Furthermore, the key operating metrics clearly illustrate a strong performance across various segments of the business. These metrics provide compelling evidence that the positive trends seen in recent years are not temporary but are expected to continue in the near to medium term. Strong underwriting profitability is augmented further by sizeable and growing investment income. Federated Mutual’s consistent performance reinforces confidence in the effectiveness of the company’s underwriting practices and its overall business strategy.
Federated Mutual’s balance sheet assessment is well-supported by its risk-adjusted capitalization, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Additionally, Federated Mutual maintains favorable levels of liquidity, modest underwriting leverage and low dependence on reinsurance, which further solidifies its balance sheet strength. Federated Mutual’s strong market position and geographic and product diversification support earnings generation and surplus expansion.
The ratings of Federated Life reflect the company’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. Federated Life has been an important part of the operations and offers comprehensive protection solutions to small commercial clients. However, Federated Life remains a relatively modest contributor to the organization’s overall revenue and earnings.
The ratings of Federated Specialty reflect the company’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. Federated Specialty’s business growth has been behind the initial projections, but management is committed to taking advantage of specialty market opportunities and adding diversification to the organization.
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.
HONG KONG–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CMB Wing Lung Insurance Company Limited (CMBWLI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect CMBWLI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
CMBWLI’s very strong balance sheet strength assessment is underpinned by its robust risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capital and surplus recorded mid-to-high single-digit increase in 2024 and 2025, benefiting from partial retention of its sustained and stable operating profits. CMBWLI maintains a prudent investment strategy, which continues to enhance the credit quality of the bond portfolio, while keeping the cash and cash equivalents as its largest asset types. Other supporting factors include its strong regulatory solvency position, positive liquidity, and comprehensive reinsurance program with moderate reinsurance dependency.
CMBWLI’s overall operating performance has been consistently strong, as evidenced by high-single-digit average returns on equity over the past five years (2021–2025). Despite a slight decrease of topline in 2025 due to rate reductions driven by soft and competitive local market environment, the company achieved a net/net combined ratio that was consistently lower than 90%, which outperformed the market. The company’s investment performance further enhanced in 2025, thanks to its stable interest and dividend income, fair value gain on listed securities, as well as recovery of impairment loss.
As a medium-sized non-life insurer in Hong Kong, CMBWLI is one of the major market players in the employees’ compensation (EC) segment. The company’s product mix remains diversified, with EC, motor and property damage making up the bulk of its business. Leveraging on the collaboration and solid support from China Merchants Group Limited, the company expects further growth in the marine segment. Also, considering the local soft market environment, CMBWLI is seeking opportunities in terms of inward property damage outside Hong Kong.
Negative rating actions could occur if there is a continued deteriorating trend or an increased level of adverse volatility in CMBWLI’s operating performance, due to adverse underwriting results or investment losses. Negative rating actions also could arise if there is a significant deterioration in the company’s risk-adjusted capitalisation. Although it is unlikely in the near term, positive rating actions could occur if there is a material and sustained improvement in CMBWLI’s balance sheet strength fundamentals, while the company maintains its strong operating performance.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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 specialising 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.
OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) of Mutual of Omaha Insurance Company’s surplus notes. (Please see below for a detailed listing of the Long-Term IRs.) The outlook of these Credit Ratings (ratings) is stable. The group (collectively referred to as Mutual of Omaha) is domiciled in Omaha, NE, unless otherwise specified.
The ratings reflect Mutual of Omaha’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Mutual of Omaha’s balance sheet strength is supported by its strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The organization has good liquidity with access to an unsecured credit facility, as well as facilities available to the insurance entities from the Federal Home Loan Bank. Operating leverage has been steadily increasing over the past few years due to the company’s Funding Agreement Backed Notes program. Operating leverage metrics are expected to remain within AM Best’s guidelines. Financial leverage, as calculated by AM Best, was 22.6%, at year-end 2025 and interest coverage was considered strong at 10x. Mutual of Omaha maintains a highly diversified investment portfolio with good credit quality.
On April 1, 2026, the organization converted to a mutual holding company structure with the formation of Mutual of Omaha Holding Company. The new holding company structure can provide the organization with additional financial flexibility and the potential to issue debt instruments via capital markets.
Mutual of Omaha has experienced improving trends in both earnings and return metrics in the past few years, as well as steady premium growth. AM Best notes that earnings have been improving despite the impact of strain from new sales. The organization’s earnings are well-diversified across all business segments with no reliance on any one segment or line of business.
Mutual of Omaha’s favorable business profile is supported by its well-diversified product portfolio and strong brand name recognition. The company is a leading writer of Medicare Supplement and has a top 10 market position in a number of products including group benefits, pension risk transfer under $50 million segment, indexed universal life, traditional life and reverse mortgage lender. AM Best acknowledges that while Medicare Supplement remains Mutual of Omaha’s largest product as a share of revenue, the percentage of revenue has been declining as the company grows other product lines.
Mutual of Omaha maintains a formal ERM program, which AM Best assesses as appropriate. The company utilizes capital modeling to assess risks and allocate capital, and to support business decisions. Mutual of Omaha has clear risk appetite statements that guide the program and are embedded within its ERM policy and program. Furthermore, the company maintains an ongoing focus on cyber risk capabilities and expansion of its risk culture throughout the organization.
The following Long-Term IRs have been affirmed with stable outlooks:
Mutual of Omaha Insurance Company—
— “a” (Excellent) on $300 million 6.144% surplus notes, due 2064
— “a” (Excellent) on $300 million 6.80% surplus notes, due 2036
— “a” (Excellent) on $300 million 6.95% surplus notes, due 2040
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.
OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the members of Metropolitan Life Insurance Group (collectively referred to as MetLife or the group). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of MetLife, Inc. (headquartered in New York, NY) [NYSE: MET]. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies and Long- and Short-Term IRs.)
The ratings reflect MetLife’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM).
MetLife’s strong balance sheet strength assessment is supported by AM Best’s view of the consolidated holding company’s capital adequacy that is enhanced by the financial flexibility and the liquidity of its ultimate parent (MetLife, Inc.), which historically has maintained significant and steady levels of excess liquidity. Additionally, there has been a longer-term trend toward reduced liability risk on MetLife’s balance sheet, related to equity and interest rate risk as its product portfolio changes over time. MetLife’s financial leverage and interest coverage levels are at appropriate levels for the ratings. Mortgage exposure remains materially higher than peers; however, it continues to perform within management expectations and is managed within the organization’s asset and liability framework.
The group has a history of consistently positive operating performance with consistent growth metrics on a statutory and GAAP basis. Earnings are well-diversified by geography, business line and distribution channel. The group benefits segment has strong earnings and moderate growth with low earnings volatility. AM Best views the group’s operating performance as strong, with its focus on expanding its product offerings, concentration on higher margin product lines with steadier returns and lower expenses. AM Best views the group’s ERM as appropriate, as it continues to focus on improving its overall program, capital modeling and stress testing.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following subsidiaries of MetLife, Inc.:
Delaware American Life Insurance Company
Metropolitan Life Insurance Company
Metropolitan Tower Life Insurance Company
SafeGuard Health Plans, Inc. (TX)
SafeGuard Health Plans, Inc. (FL)
SafeGuard Health Plans, Inc. (CA)
MetLife Global Benefits, Ltd.
Metropolitan General Insurance Company
The following Short-Term IRs have been affirmed:
MetLife Funding, Inc.—
— AMB-1+ (Strongest) on commercial paper
MetLife, Inc.—
— AMB-1 (Outstanding) on commercial paper
The following Long-Term IRs have been affirmed with a stable outlook:
MetLife, Inc.—
— “a-” (Excellent) on JPY 25.2 billion 0.495% senior unsecured notes, due 2026
— “a-” (Excellent) on JPY 64.9 billion 0.769% senior unsecured notes, due 2029
— “a” (Excellent) on JPY 7.1 billion 1.009% senior unsecured notes, due 2029
— “a-” (Excellent) on USD 1.0 billion 4.55% senior unsecured notes, due 2030
— “a-” (Excellent) on JPY 23.1 billion 1.415% senior unsecured notes, due 2031
— “a-” (Excellent) on JPY 10.7 billion 0.898% senior unsecured notes, due 2031
— “a-” (Excellent) on USD 600 million 6.50% senior unsecured notes, due 2032
— “a-” (Excellent) on USD 1.0 billion 5.375% senior unsecured notes, due 2033
— “a-” (Excellent) on JPY 16.7 billion 1.67% senior unsecured notes, due 2034
— “a-” (Excellent) on USD 750 million 6.375% senior unsecured notes, due 2034
— “a-” (Excellent) on JPY 26.5 billion 1.189% senior unsecured notes, due 2034
— “a-” (Excellent) on USD 750 million 5.3% senior unsecured notes, due 2034
— “a-” (Excellent) on USD 1.0 billion 5.70% senior unsecured notes, due 2035
— “a-” (Excellent) on JPY 24.4 billion 1.385% senior unsecured notes, due 2039
— “a-” (Excellent) on JPY 11.2 billion 1.953% senior unsecured notes, due 2039
— “a-” (Excellent) on USD 750 million 5.875% senior unsecured notes, due 2041
— “a-” (Excellent) on USD 750 million 4.125% senior unsecured notes, due 2042
— “a-” (Excellent) on USD 1.0 billion 4.875% senior unsecured notes, due 2043
— “a-” (Excellent) on JPY 15.5 billion 2.195% senior unsecured notes, due 2044
— “a-” (Excellent) on USD 500 million 4.721% senior unsecured debentures, due 2044
— “a-” (Excellent) on USD 1.0 billion 4.05% senior unsecured notes, due 2045
— “a-” (Excellent) on USD 750 million 4.6% senior unsecured notes, due 2046
— “a-” (Excellent) on USD 1 billion 5.0% senior unsecured notes, due 2052
— “a-” (Excellent) on USD 1 billion 5.25% senior unsecured notes, due 2054
— “a-” (Excellent) on JPY 23.5 billion 2.39% senior unsecured notes, due 2054
— “a-” (Excellent) on JPY 15.2 billion 2.448% senior unsecured notes, due 2059
— “bbb+” (Good) on USD 1 billion 6.35% senior unsecured notes, due 2055
— “bbb+” (Good) on USD 1 billion 5.85% subordinated notes, due 2056
— “bbb” (Good) on USD 1.25 billion 6.40% junior subordinated debentures, due 2066
— “bbb” (Good) on USD 500 million 10.75% junior subordinated debentures, due 2069
— “bbb” (Good) on USD 600 million floating rate non-cumulative preferred stock, Series A
— “bbb” (Good) on USD 500 million 5.875% non-cumulative preferred stock, Series D
— “bbb” (Good) on USD 805 million 5.625% non-cumulative preferred stock, Series E
— “bbb” (Good) on USD 1.0 billion 4.75% non-cumulative preferred stock, Series F
— “bbb” (Good) on USD 1.0 billion 3.85% non-cumulative preferred stock, Series G
MetLife Capital Trust IV—
— “bbb” (Good) on USD 700 million 7.875% exchangeable surplus trust securities (junior subordinated), due 2067
Metropolitan Life Global Funding I— “aa-” (Superior) program rating
— “aa-” (Superior) on all outstanding notes issued under the program
The following indicative Long-Term IRs have been affirmed stable outlooks:
MetLife, Inc. —
— “a-” (Excellent) on senior unsecured debt
— “bbb+” (Good) on subordinated debt
— “bbb” (Good) on preferred stock
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.
