AM Best Upgrades Credit Ratings of Members of Manhattan Insurance Group

A.M. Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb-" (Good) of ManhattanLife Assurance Co. of America (Little Rock, AR), Manhattan Life Insurance Co. (Great Neck, NY), Family Life Insurance Co.y (Houston, TX) and Western United Life Assurance Co. (Spokane, WA). These companies collectively are known as the Manhattan Insurance Group (MIG). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

Concurrently, AM Best has upgraded the FSR to B+ (Good) from B (Fair) and the Long-Term ICR to "bbb-" (Good) from "bb+" (Fair) of Standard Life & Casualty Insurance Co. (Standard Life and Casualty) (Salt Lake City, UT). The outlook of these ratings is positive.

MIG's ratings reflect its balance sheet strength, which A.M. Best assesses as adequate, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades are driven primarily by a trend of improving risk-adjusted capitalization over the previous several years, coupled with continuing favorable operating performance despite the challenges of the COVID-19-fueled environment. AM Best expects MIG to continue its trend of improving risk-adjusted capitalization over the near term.