AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of North American Insurance Company (Madison, WI). The outlook of these Credit Ratings (ratings) is stable. These companies are owned by the group’s ultimate parent, U-Haul Holding Company [NASDAQ: UHAL], which is also the parent of U-Haul International, Inc., North America’s leading “do-it-yourself” household moving and self-storage operator.
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The ratings reflect Oxford Group’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.
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The ratings are supported by Oxford’s risk-adjusted capitalization, which AM Best considers to be at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as steady capital levels. Investment income and positive earnings in its annuity and Medicare supplement lines of business continue to drive the group’s consistent operating performance. Oxford is a multi-state, multi-line writer offering multi-year guaranteed annuities, fixed annuities, final expenses and Medicare supplement products. Due to significant growth in the group’s annuity business, primarily in its multiyear guaranteed annuity product in recent years, approximately 85% of total reserves are interest sensitive, exposing Oxford to more interest rate and market risk.
The ratings reflect North American Insurance Company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
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