CHICAGO, IL - Aug. 2, 2018 - A.M. Best has affirmed the Financial Strength Rating A+ (Superior) rating for Sammons® Financial Group, Inc’s (SFG) member companies, Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance® (North American). In addition, A.M. Best has affirmed the Long-Term ICR of A- and the Long-Term Issue Credit Rating (Long-Term IR) of A- on the $200 million 7.0% senior unsecured notes, due 2043 and the $500 million 4.45% senior unsecured notes, due 2027, of Sammons Financial Group, Inc. (Delaware).
A.M. Best also offered a stable outlook on the credit ratings for SFG. According to A.M. Best, “The ratings reflect SFG’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.”
In its statement, A.M. Best cited SFG’s “prominent market positions in individual life and fixed indexed annuity marketplaces, with plans to grow its business in Sammons Retirement Solutions marketing products.” A.M. Best also noted that, “SFG’s financial and operating leverage is considered well-within an acceptable range at the current ratings level.”
“We are extremely pleased to have received an A+ (Superior) rating from A.M. Best," said Esfand Dinshaw, Chairman and Chief Executive Officer of SFG. “The assessment is a reflection of our ongoing commitment to meet the needs of our customers through our competitive portfolio of life insurance, annuity, and retirement planning products in the market.”
A.M. Best is a large third-party independent reporting and rating company that rates insurance companies on the basis of the company's financial strength, operating performance, and ability to meet its obligations to contract holders. A+ (Superior) is the second highest rating, and was affirmed for Sammons® Financial Group, Inc.) and its member companies, Midland National Life Insurance Company and North American Company for Life and Health Insurance® on August 2, 2018.