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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 07, 2024 01:37 PM (EST)
AM Best has assigned a Financial Strength Rating of A++ (Superior) and a Long-Term Issuer Credit Rating of “aaa” (Exceptional) to NYLIFE Insurance Company of Arizona (NYLAZ) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.
NYLAZ is a member of the New York Life Insurance Group and is important to its overall strategy; it is also fully integrated, sharing certain senior management, branding, investment management and back-office support.
The ratings of NYLAZ reflect New York Life Insurance Group’s balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management (ERM).
NYLAZ is offering core retail term life products to policyholders outside of New York state. The company will also leverage New York Life Insurance Company’s strong brand recognition along with a very strong and established career agency distribution channel. NYLAZ shares New York Life Insurance Company’s ERM, which maintains a very disciplined enterprise-wide approach to risk management.
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.