ratings - Phoenix
RATINGS
For over 165 years, Phoenix has been helping people protect their families and provide for the income they will need in retirement. And, as needs change, we are right there with new solutions. Phoenix’s life insurance and annuities are designed to address of range of concerns like providing predictable and lasting retirement income, preparing for the high cost of long term care, protecting families in the event of a death, and leaving a legacy when the time comes.
In 2016, Phoenix became a wholly owned subsidiary of Nassau Re and serves as its U.S. life insurance and annuity platform. Nassau Re contributed significant new equity capital that increased our financial strength and liquidity. We know ratings are an important consideration, but they represent only one way to evaluate a company’s financial condition. Consumers should also consider key insurance company metrics.
CURRENT RATINGS • A.M. Best affirmed its ratings of our life insurance subsidiaries and assigned a stable outlook on February 10, 2017. A.M. Best said it expects a general improvement in our operating performance over the near- to medium-term.
FINANCIAL STRENGTH RATINGS Agency Rating
• S&P upgraded PLIC’sTM and PHL Variable’sTM ratings to BB on August 25, 2017 and assigned a stable outlook. These actions reflect a favorable view of the progress Phoenix has made on our business and financial plans.
Outlook
Most Recent Action
Ranking
A.M. Best
B
Stable
2/10/2017
7th of 14 ratings levels
S&P
BB
Stable
8/25/2017
12th of 22 ratings levels
These company ratings apply to Phoenix Life Insurance Company and PHL Variable Insurance Company. In some cases these ratings apply to our other life insurance subsidiaries. Ratings are current as of August 25, 2017. Ratings are a third-party measure of an insurer’s claims-paying ability. They do not indicate or guarantee any Phoenix Variable Annuity or Phoenix Variable Universal portfolio’s credit rating or performance.
PHOENIX METRICS AT A GLANCE PHOENIX’S STRENGTH 1 Total Statutory Assets of $19.0 billion
TOTAL GAAP INVESTED ASSETS 1 $16.6 Billion
Total Statutory Reserves and Other Liabilities of $18.4 billion Statutory Surplus & Asset Valuation Reserve (AVR) of $754.6 million Bonds 73%
Solvency Ratio of 103.2% PHOENIX’S SIZE 2 $86.9 billion of Gross Life Insurance in Force
Policy Loans 14%
$5.4 billion of Annuity Funds Under Management that includes both fixed and variable annuities sold over our long history Nearly 380,000 life insurance policies and annuity contracts in force Established selling agreements with Independent Marketing Organizations representing more than 18,200 independent producers
Limited partnerships & other investments Cash & cash equivalents Fair value investments Available-for-sale equity securities Derivative instruments Short-term investments Mortgage loans
4% 3% 3% 1% 1%
For over 165 years, Phoenix has been helping people protect their families and provide for the income they will need in retirement. And, as needs change, we are right there with new solutions. Phoenix’s life insurance and annuities are designed to address of range of concerns like providing predictable and lasting retirement income, preparing for the high cost of long term care, protecting families in the event of a death, and leaving a legacy when the time comes.
In 2016, Phoenix became a wholly owned subsidiary of Nassau Re and serves as its U.S. life insurance and annuity platform. Nassau Re contributed significant new equity capital that increased our financial strength and liquidity. We know ratings are an important consideration, but they represent only one way to evaluate a company’s financial condition. Consumers should also consider key insurance company metrics.
CURRENT RATINGS • A.M. Best affirmed its ratings of our life insurance subsidiaries and assigned a stable outlook on February 10, 2017. A.M. Best said it expects a general improvement in our operating performance over the near- to medium-term.
FINANCIAL STRENGTH RATINGS Agency Rating
• S&P upgraded PLIC’sTM and PHL Variable’sTM ratings to BB on August 25, 2017 and assigned a stable outlook. These actions reflect a favorable view of the progress Phoenix has made on our business and financial plans.
Outlook
Most Recent Action
Ranking
A.M. Best
B
Stable
2/10/2017
7th of 14 ratings levels
S&P
BB
Stable
8/25/2017
12th of 22 ratings levels
These company ratings apply to Phoenix Life Insurance Company and PHL Variable Insurance Company. In some cases these ratings apply to our other life insurance subsidiaries. Ratings are current as of August 25, 2017. Ratings are a third-party measure of an insurer’s claims-paying ability. They do not indicate or guarantee any Phoenix Variable Annuity or Phoenix Variable Universal portfolio’s credit rating or performance.
PHOENIX METRICS AT A GLANCE PHOENIX’S STRENGTH 1 Total Statutory Assets of $19.0 billion
TOTAL GAAP INVESTED ASSETS 1 $16.6 Billion
Total Statutory Reserves and Other Liabilities of $18.4 billion Statutory Surplus & Asset Valuation Reserve (AVR) of $754.6 million Bonds 73%
Solvency Ratio of 103.2% PHOENIX’S SIZE 2 $86.9 billion of Gross Life Insurance in Force
Policy Loans 14%
$5.4 billion of Annuity Funds Under Management that includes both fixed and variable annuities sold over our long history Nearly 380,000 life insurance policies and annuity contracts in force Established selling agreements with Independent Marketing Organizations representing more than 18,200 independent producers
Limited partnerships & other investments Cash & cash equivalents Fair value investments Available-for-sale equity securities Derivative instruments Short-term investments Mortgage loans
4% 3% 3% 1% 1%
