CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 05, 2015 08:58 AM (EST)
A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Illinois Mutual Life Insurance Company (Illinois Mutual) (Peoria, IL).
The revised outlook reflects the progress Illinois Mutual has made to strengthen its operations and distribution strategy and the potential for sustained top-line growth through execution of its strategic initiatives. In recent years, the company has generated good profitability and has grown total capital, positioning itself to capitalize on market opportunities.
The affirmation of the ratings continues to reflect Illinois Mutual’s diverse business profile focusing on traditional ordinary life insurance and individual disability income products for the middle income market, its solid overall net operating performance derived primarily from its core disability income segment that has experienced favorable morbidity, and its increasing surplus and solid risk-adjusted capitalization. The ratings also reflect the diversification and improved risk profile of Illinois Mutual’s investment portfolio. A key offset to these positive rating factors is the challenge to grow its core insurance segments, in addition to projected earnings compression, due to the investments in infrastructure and strategic initiatives.
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.