AM Best, the global credit rating agency for the insurance industry, recently upgraded the financial strength rating of CNO Financial Group and its life and health subsidiaries from A- (Excellent) to A (Excellent). The ratings reflect CNO’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, and appropriate enterprise risk management (ERM). In conjunction with the upgrade, the credit rating outlook was revised from positive to stable.
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AM Best stated, “The rating upgrades reflect the group’s improved earnings profile. More precisely, the group’s quality and diversification of earnings have improved over the years and it has consistently delivered favorable and diversified operating results on a statutory and GAAP basis.” The agency added, “CNO has a high-quality investment portfolio, a good liquidity profile and good financial flexibility… The group is well-diversified and offers a wide array of retirement, life and accident/health products, and markets through a broad set of distribution channels, including direct to consumer, exclusive agents and worksite marketing. CNO continues to nurture its formal ERM program and encourage a strong risk culture.”
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“We are very pleased that AM Best has recognized the improvement in CNO’s financial profile,” said Gary C. Bhojwani, chief executive officer. “The upgrade acknowledges our focus over the past several years to diversify our business model, put in place sustainable growth initiatives, maintain our strong investment performance, and strengthen our balance sheet. We will continue to build upon our progress to deliver long-term growth and value creation for our shareholders.”
AM Best ratings are based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance, business profile, and enterprise risk management.
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