Kroll Bond Rating Agency has upgraded the insurance financial strength ratings to AA from AA- of Penn Mutual Life Insurance Co. and subsidiaries Penn Insurance & Annuity Co., Vantis Life Insurance Co. and Vantis Life Insurance Co. of New York.

The issuer rating of Janney Montgomery Scott LLC, Penn Mutual's broker/dealer unit, was also upgraded to A+ from A. The rating is bolstered by an experienced management team, a long history of profitable operations, a conservative risk appetite, a low-risk business mix and 100% ownership by Penn Mutual, Kroll said.

The outlook for all ratings is stable. That outlook on Penn Mutual and its subsidiaries reflects Kroll's expectation that the companies' strategic positioning will continue to place an emphasis on mutuality, and that they will hold a leadership position in life insurance and focus on risk management as a core competency.