The rating reflects the strength of the CNO’s balance sheet, which AM Best assesses as very strong, strong operating results, a neutral business profile and good corporate risk management.
The rating confirmation is based on CNO’s strong assessment of favorable and consistent operating margins, leveraging the diversification of its product line offerings across the Washington National, Bankers Life and Colonial Pen insurance brands. Additionally, returns from investment income have contributed significantly to earnings stability since 2018. These gains underpin the strong valuation of the Group’s risk-adjusted capital as measured by AM Best’s Capital Adequacy Ratio (BCAR) and its regulatory capital. AM Best announced that its latest reported cash and cash equivalents for the third quarter of 2022 were
CNO’s business profile is diversified across providing retirement, life, accident and health insurance. Product sales and distribution are well-positioned through CNO’s diverse distribution channels, including direct-to-consumer sales, exclusive distributors, and workplace opportunities. All of this was achieved despite CNOs operating in an environment of formidable competition and external pressures, including product sales strains during the COVID-19 pandemic. CNOs have managed their risks well and have maintained their positions within their target markets over the past few years.
An A (excellent) FSR and an ‘a’ (excellent) long-term ICR are confirmed with stable outlooks for the following major life/health subsidiaries:
Bankers Life and Casualty Company
Colonial Penn Life Insurance Company
Bankers Conseco Life Insurance Company
Washington National Insurance Company
The following long-term IRs have been confirmed with a stable outlook.
— “bbb” (good) on
— “bbb” (good) on
–“bbb-” (good) on
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Source: AM Best