OLDWICK: Global rating agency AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa+” from “a” of Life Insurance Company of North America and Cigna Life Insurance Company of New York.
The outlook assigned to these Credit Ratings (ratings) is stable. The ratings of LINA and CLICNY reflect their balance sheet strength assessment, which AM Best categorizes as strong, as well as its strong operating performance, favorable business profile, appropriate enterprise risk management and the financial strength of the new parent, New York Life Insurance Company.
The rating actions reflect AM Best’s expectation that these companies will maintain their strategic importance to the parent and their financial fundamentals as they fully integrate into the New York Life Group.
The ratings of the companies could see more favorable ratings movement after the companies are successfully integrated into the new organization.